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What is the difference between using a bank or a foreign exc
Updated: 30-Jul-2010
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Head of Private Clients for Moneycorp, one of the UK’s leading foreign exchange and international money transfer providers.
When sending money overseas, most people use their high street bank.
However, people are increasingly using foreign exchange specialists to make their international money transfers. So, what’s the difference?
Timing and guidance. Never underestimate the value of
a good exchange rate.
Currency markets are constantly fluctuating and making your transaction at the right time can make a big difference to the amount of money you end up with. For example, if you needed 20,000 Euros in your Portuguese bank account, transferring your Pounds on the dates specified below would have cost you:
January 28, 2010: 17,209 Pounds Sterling.
March 01, 2010: 18,307 Pounds Sterling.
That’s a difference of 1,098 Pounds in just over one month!
A foreign exchange specialist will offer free information and guidance on the currency markets, helping you decide on the best time to buy.
A forward contract is just one of the services a currency broker can provide. You book to buy or sell your currency in the future, at a rate you fix today. Forward contracts can help protect against adverse currency movements and can be used to lock into favourable exchange rates.
Staff at your high street bank have neither the expertise nor the breadth of market knowledge necessary to monitor the currency markets on your behalf.
When sending money overseas through your bank, you will have to accept the exchange rate on the day of transfer.
Plus, foreign exchange specialists offer more competitive exchange rates, as well as low transfer fees.
Below is an example of savings that you could have made by transferring pounds in bulk with Moneycorp rather than your high street bank.
Moneycorp charges a set transfer fee of 15 Pounds Sterling for a one-off transfer, irrespective of the amount. Transfer fees charged by the banks typically range from 20 to 40 Pounds Sterling.
Using a currency specialist – The main benefits:
• Highly competitive exchange rates
• No commission charges
• Fast transfers, low fees
• Ability to fix exchange rates for a set time period, helping protect from adverse currency movements
• Expert guidance from your own dedicated Account Manager
Moneycorp can take care of all your money transfers to and from Portugal. Our experts make the process quick, easy and highly cost-effective.
Contact Moneycorp in Portugal on 800 863 328 or in the UK on +44 (0)20 7589 3000 or visit their website www.moneycorp.com - please quote the Algarve Resident.
To find out how Moneycorp can help you, save money on your exchange rate, please click on the Moneycorp button on the right hand side.
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