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!
