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Depending on the receiving country and banking system, this means that funds can arrive in foreign bank accounts on the same day they were converted. Same-day international paymentsĬurrency brokers can convert currency and send it abroad the same day. However, a currency broker may offer rates 0.3% from the mid-market, which is exchange rates selling at 1.1964 and buying at 1.2036.Ī currency broker will buy and sell currency through banks, however, as they exclusively deal in currency transfers and executive significant volume, they can negotiate better rates for themselves and their clients than if they were an individual conducting a single transaction. For example, if the GBP EUR exchange rate is 1.20000, a high street bank may let clients sell GBPEUR 4% below the mid-market at 1.1520 and let them buy it at 4% above the exchange rate at 1.248. Fees for converting currency are built into the exchange rate and can be worked out as a percentage from the mid-market. What services do currency brokers offer? Better exchange ratesĬurrency brokers offer better exchange rates than banks because they buy and sell currency on their client’s behalf closer to the live interbank rate. Personal service and advice on market timing.Lock in exchange rates with currency forward contracts.Same day international payments for sending money abroad.Better exchange rates than bank accounts.The key services that currency brokers offer are: Currency exchange specialists – converting physical cash currency.Foreign exchange brokers – speculation on currency movements.Money transfer firms – small international transfers.Currency brokers – large international transfers.The key differences between the different types of service are: FSCS protection: Currency brokers are not covered by the FSCS ( Financial Services Compensation Scheme), so your money is safer at the bank as they have enhanced protection on customer balances.Ĭurrency brokers versus money transfer appsĬurrency brokers are often confused with money transfer companies, foreign exchange brokers and currency exchange specialists.Pricing: It will be more expensive to send money through your bank, but if it is just a one-off small amount, the price may not matter, versus the time it takes to open a currency broker account.
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Convenience: You’ll need to open an account with a currency broker, but you will already have one with your bank.Small transactions: Sometimes currency brokers will only convert £1,000 upwards, you are better off using a money transfer app for those.
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Here are a few reasons why a bank may be more appropriate than a currency broker. Of course, there are sometimes occasions when a currency broker is not better than your bank.
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