Foreign Currency Exchange

If you have ever exchanged currency you will know that rates fluctuate every second and the rate you see in the morning may not be the same rate later in the day. Many businesses, holiday makers and property buyers can feel left out in the cold when dealing with small currency exchanges and local banks. To save yourself time and money we have listed our top ten tips to save you from overpriced currency exchange.

1. If you know that you will be exchanging Sterling or another currency on a regular basis open an account with a foreign exchange specialist as they will obtain you better rates than you can find on the high street.
2. Make sure you do not pay to open an account with your foreign exchange specialist and understand that you are under no obligation to use it.
3. Whether for business or personal use, you can lock into exchange rates for up to 2 years into the future, helping with budgeting for either suppliers or property purchases.
4. Ensure you deal with a dedicated Account Manager, you don’t want to be listening to music on the telephone all day!
5. Make sure transactions are supported with a banking Receipt - Proof of Payment (POP)
6. You should not have to pay any fees or commissions with a foreign exchange specialist, again saving you money against the banks.
7. Transfer costs are cheaper than the banks. Generally speaking you will pay £20-£40 with a bank as opposed to £0-£20 with a foreign exchange specialist.
8. Take advantage of a Regular Payment Plan if sending money on a regular basis. Transfer costs will be cheaper and the rate will also be better than you will find elsewhere.
9. Transfers sent by a foreign currency specialist are sent via SWIFT, the quickest way of sending money in the currency markets. Thus ensuring your funds arrive quickly.
10. Using a foreign currency specialist means that you will have someone working for you, watching the markets and most of all, making sure you make the most of your money!