Stop Overpaying Your Bank

Beat the Bank
Exchange Rates

Banks typically charge 3-6% on exchange rates. FCA-regulated specialists often charge under 1%. See how much you could save.

3-6%

Typical bank margin

0.3-1%

Specialist margin

1-2 days

Specialist speed

3-6 days

Bank transfer time

Bank Exchange Rates vs FX Specialists

The comparison below shows why banks are typically not the most cost-effective method of sending money overseas. Bank exchange rates are usually subject to extremely high margins, which can erode a large chunk of the final amount delivered to your recipient.

Feature High Street Bank FX Specialist
Transfer Time 3-8 days Same day / 1-2 days
Exchange Rate Margin 3-6% above mid-market Often under 1%
Transfer Fees GBP 10-45 per transfer Often free above minimum
Customer Service Multiple contact points Dedicated dealer

Real Example: GBP 100,000 Transfer

Based on mystery shopping and independent research for transfers to major currencies:

Provider Type USD EUR AUD Time
FX Specialist 158,075 119,011 159,049 1-2 days
High Street Bank 154,280 114,811 156,600 3-6 days

Source: MyCurrencyTransfer.com mystery shop and independent research

Why Do Banks Charge So Much?

Banks have captive customers. Most people do not realise there are alternatives, so banks have little incentive to offer competitive rates.

Their foreign exchange desks are also not their primary business focus. They are set up to be profit centres, not to offer the best value.

Specialist FX providers, on the other hand, compete purely on price and service. Their entire business model is built around offering better exchange rates than banks.

Hidden Margins

Banks bury their profit in the exchange rate, making it hard to see the true cost of your transfer.

Slow Processing

Legacy banking systems mean international transfers take days, not hours.

Extra Fees

On top of poor rates, banks often charge flat fees of GBP 10-45 per transfer.

Check the Mid-Market Rate

Want to see the "real" exchange rate before comparing providers? Use our live currency converter to check the mid-market rate and benchmark it against what you are being offered.

View Live Exchange Rates

Compare FX Specialists Now

Save up to 5% on bank exchange rates and eliminate transfer fees. All providers are FCA-regulated.

Compare Providers

FCA-Regulated Providers

All providers listed below are authorised and regulated by the Financial Conduct Authority. Click through to see their current rates.

Frequently Asked Questions

Common questions about bank exchange rates and alternatives

Why are bank exchange rates so bad?

Banks add a significant margin to the mid-market exchange rate - typically 3-6%. This is how they make profit on currency exchange. Because most customers do not realise there are alternatives, banks have little incentive to compete on price.

Are FX specialists safe to use?

Yes, when they are FCA-regulated. All providers listed on MyCurrencyTransfer are authorised and regulated by the Financial Conduct Authority. This means they must segregate customer funds and meet strict capital requirements.

How much can I save vs my bank?

The savings depend on the amount you are transferring and the currencies involved. On a GBP 10,000 transfer, you could save GBP 200-500 compared to a high street bank. On larger transfers, the savings are proportionally greater.

What is the mid-market exchange rate?

The mid-market rate (also called the interbank rate) is the midpoint between buy and sell prices on the global currency markets. It is the "real" exchange rate before any provider adds their margin. You can check it on our currency converter.

How do FX specialists make money if rates are so much better?

FX specialists still add a margin to the mid-market rate - it is just much smaller than banks (typically 0.3-1% vs 3-6%). They compensate by processing higher volumes and operating with lower overheads than traditional banks.