Using Currency Brokers Can Save You Thousands. When we bought a house in Spain, we made sure we thoroughly researched the best way to transfer money from the UK. With all the other expenses of moving, such as removal, ferries, etc, we wanted to be absolutely sure we found the best rate possible: and, also, we certainly didn't want to pay transaction costs.
After reading about currency brokers, we thought we'd probably found the solution, and decided to enquire further. As we didn't have an enormous amount of money, there was the possibility that currency brokers were only interested in corporate customers - the big cheeses! However, we soon discovered that this is not the case. The brokers that we spoke to expertly answered all our questions, and assured us that they dealt with tens of thousands of private clients like us every year and so dealings with them would be stress-free - which it was!
Fluctuating exchange rates can make a huge difference to the amount of Euros you receive in return for your pounds. Therefore, ideally, if you've got the time, it's best to follow the currency rates on Microsoft Network (MSN), for example, a few months before you actually need to transfer funds (the brokers can also monitor the market on your behalf). But, even if you haven't got the time to do this, it's a good idea to phone a few brokers when you want to transfer money, tell them how much you want to transfer, and see who will give you the best deal.
The larger the amount you want to transfer, the better the rate you'll receive. But, whatever amount you are transferring, independent research shows that the rates offered by the dealers are better than the lowest rates given at High Street banks. For example, one survey found that by using a broker £3000 could be saved when transferring £100,000.
In addition, there are no fees, no commissions, and no UK transfer costs. Also, one broker (HIFX) also guarantees no transfer costs to any bank in Spain (and will refund you if charges are incurred). The other brokers recommend which banks to use to ensure there are no charges. (Spanish bank accounts can be accessed from the UK over the internet).
With most currency brokers you can set up a trading facility free of charge. You will need two forms of identification in order to comply with Money Laundering Regulations - a photo ID (driving license or passport) and a utility or bank statement dated in the last three months. Make sure that you do this whilst still in the UK - as it saves a lot of hassle.
HIFX Private Client Brokerage
Tel: +44 (0) 1753 859159
Fax: +44 (0) 1753 859169
Email: info@hifx.co.uk
Web: http://www.hifx.co.uk
Currency Solutions
Tel: +44 (0) 20 8850 2266
Fax: +44 (0) 20 8850 6163
Web: http://www.currencysolutions.co.uk
Travelex Ltd
Tel: +44 (0) 207 400 4000
Web: http://www.travelex.co.uk
Currencies Direct
Tel: +44 (0) 20 7813 0332
Fax: +44 (0) 20 7419 7753
Email: london@currenciesdirect.com
Web: http://www.currenciesdirect.com
