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 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|
|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|
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!