Steps alone

Bank Exchange Rates

Bank Foreign Exchange Rates - Price Compare and Save Today by using an FCA regulated Foreign Exchange Specialist. Our Verdict - Don’t get stung by Bank Exchange Rates!

As the comparison table below shows, banks will typically not be the most cost-effective method of sending money overseas. Bank exchange rates are usually subject to extremely high margins and when sending larger amounts of money overseas, will often erode a large chunk of the final amount delivered to a beneficiary. Thus, whereas bank exchange rates are usually expensive, this can often be reduced and largely eliminated by using an FCA regulated foreign exchange specialist. Above a minimum amount, foreign exchange brokers will not charge a fee for the privilege of using their service. Furthermore, in terms of the time taken to send money overseas, it is far quicker to use a currency broker (most have access to SWIFT) to ensure same day delivery on international money transfers.

If you want to check the mid-market exchange rates, check out our live exchange rates tool. It's a great way to benchmark against the sell rate you are offered by a money transfer company.

Bank Exchange Rate Comparison

Bank Exchange Rates and Service Foreign Exchange Broker
Can take between 3-8 days to reach beneficiary destination Same day international money transfers on most major currency pairings
Often quote between 3-6% bank exchange rates spread Often quote under 1% margin
Expensive Wire Transfer Fees (between £10-£45 sterling equivalent irrespective of money transfer size No Transfer Fees above a minimum amount
Impersonal service - often 2-3 points of call A dedicated foreign exchange specialist for each individual client with only 1 point of call

Source: MyCurrencyTransfer.com mystery shop and independent research based on a £100,000 to USA, Spain, Australia and Canada.
On a £100,000 Transfer USD EURO AUD CAD Transfer Time
FX Broker 158,075 119,011 159,049 156,167 1-2 day
High Street Bank 154,280 114,811 156,600 152,367 3-6 day

Compare Foreign Exchange. Don’t get hit by Bank Exchange Rates

Save up to 5% on bank exchange rates today and eliminate money transfer fees. Pick a foreign exchange specialist below and start saving on your international payments TODAY!

  • Moneycorp medium
  • Smart currency exchange medium
  • Venstar exchange medium
  • International foreign exchange medium
  • Ukforex medium
  • Fxfirm medium