Private Clients - Foreign Exchange Brokers
Below you can view a comparison of foreign exchange specialists who can offer the very best exchange rates available. Whether you need to set up a regular overseas payment or simply need to carry out a fast, secure and low-cost international transfer these companies are able to provide a one-to-one service, rates within 1% and 3% of the central market rate and no additional costs such as commission. Whatever your foreign exchange requirements you will be able to find a service to suit your currency needs. In the table below you can compare important factors of different foreign exchange services, including whether any fees apply, what is the latest currency exchange rate offered, transfer speed and whether there are any requirements. With better exchange rates you will get more for your money.
The main reason why many people decide to use the service of a foreign exchange broker is they can get you the best exchange rates, far better than if you were to go to your bank. This is because these foreign exchange brokers can get closer to the interbank rate and they work with live rates. As currency exchange is the main focus for foreign exchange brokers they can get customers a rate that is as close to the interbank rate as possible. They also have lower overheads in comparison to the banks and usually do not charge a commission fee. Please note that the exchange rates change on a daily basis so it is worth checking them regularly to get a good rate.
Foreign exchange brokers offer a variety of services that can help protect your money against the volatility of the currency market. Most foreign currency brokers offer hedging services to help you manage your exposure to the fluctuation of exchange rates. You might want to do this if you want to set up a payment now to be put into action in the future. For example you may want to pay an overseas mortgage in six month's time. With one of the services listed below you are not limited to banking hours and you will be offered an online account so you can manage all your transactions and payments whenever is convenient for you. You can also book future transactions in advance.
You may need to pay an overseas property mortgage, purchase international goods /products or simply send money to a friend or family. If your transfer amount is over around Rs. 360,000 and over then these currency exchange brokers can provide the best service. In general, they offer their services entirely free of charge for larger transfers, but may take a flat fee of around $15 for smaller amounts - if you need to make a smaller transfer then you could consider the services in our Money Transfers area.
Compare Foreign Exchange Brokers
International money transfer can be made easy by using a foreign exchange broker.
Why use a foreign exchange broker?
Foreign Exchange brokers offer the most competitive exchange rates available, so you are most likely to save money when using this sort of service to transfer money abroad.
Most foreign exchange specialists will offer lower transfer fees than many banks. If they don’t it is important to ask why as they are likely to provide savings elsewhere. If a foreign exchange broker can’t offer you better rates than your bank you should contact one that will.
Foreign Exchange Specialist can nearly always transfer your money more quickly than many banks so if you are in a hurry this service could certainly benefit you. In general Foreign Exchange Brokers do not charge commission so it is worth using them to transfer your money abroad.
A Foreign Exchange Broker can also protect you from adverse currency movements, allowing you to lock in to favourable exchange rates, thereby fixing exchange rates for settlement in the future. Foreign Exchange specialists offer a personalised service so that you can be sure that you will always be able to get hold of someone regarding your money.
Foreign Exchange brokers can offer other services
Foreign Exchange brokers offer extra services such as ‘forward Contracts’ whereby you fix an exchange rate so that you aren't affected adversely by currency fluctuations in the future. If this is something you are interested in speak to a broker directly and they will explain how this arrangement is made.
Spot Contracts are also available and with a spot contract you purchase currency 'on the spot', at the exchange rate of the day. However, if you think a spot contract is something you are interested in then it is worth speaking to a foreign exchange specialists for more information.
If you are looking to make regular payments then a regular payment plan is also likely to be useful to you and these can be arranged for up to two years. It is worth looking into these if you want to make regular international money transfers and obtain the best foreign exchange rates.
How do people get the best exchange rates with an international money transfer?
There are so many ways of transferring your money abroad. Many people think that transferring money through their bank is the best way to send money abroad. Actually, international bank transfers can be a very expensive way of sending money from one country to another. A bank is unlikely to give you a good exchange rate and they will probably charge you an expensive fee.
The other form of money transfer which is often used is a Remittance service such as Western Union. This is more commonly used for smaller sums of money up to €1000 although they can do more. Traditionally Remittance Services were used by migrant workers to send money home but nowadays they are more commonly used for many different purposes by people around the world. However, the use of a remittance service to transfer money can be proportionally expensive and the real benefit of this sort of service is that you don’t necessarily need a bank account and they can transfer to exotic locations.
If you are looking to get the best exchange rates on international money transfer then you should contact a Foreign Exchange Specialist / currency broker. Foreign Exchange Specialists have a serious level of expertise when it comes to transferring money abroad and dealing with currency. The companies in the list above are international experts in the foreign exchange market. The purpose of a foreign exchange broker is to provide you with the most cost effective way of transferring your money abroad.
29 May 2014
India born Abu-Dhabi based billionaire B R Shetty is acquiring leading foreign exchange specialist firm Travelex Holdings for one billion pounds
12 September 2013
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The Indian currency has hit a record new low against the US dollar amid growing concerns on the nation's foreign exchange reserves
30 July 2013
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Banks have limited cash to lend to customers who want to take out a loan, resulting in a major setback for individual borrowers.
19 July 2012 23:30
Against the US Dollar the Euro made some headway in Asian trading as the ‘Greenback’ takes a pummelling due to poorer than expected economic data and higher risk appetite from traders.