Foreign Exchange - How to Get the Best Deal
Convenient But More Expensive
To buy Euro, Pounds Sterling or Dollars from your bank to fund an overseas property purchase, to buy a car or to transfer pension payments may be convenient - but it sure is expensive!
If you want to buy 1,000 Euros, Pounds or Dollars for a holiday, maybe the convenience of a high street bank is worth the cost.
It's a whole other ballgame if you need a big chunk of foreign currency for a deposit on an overseas property, or if you need to make regular transfers abroad for living expenses or to fund a mortgage on an overseas property.
If you are in the market for foreign exchange, either as a one-off transfer of a lump-sum or for regular payments, do find a better option than your high-street bank. Believe me, the savings are well worthwhile and it's much easier than you think!
How Much Can You Save?
Let's look at an example. It doesn't matter whether we are talking about £, $ or € - the figures are the same.
First, the bank will give you a lower exchange rate than they get on the money-market - say 0.5% lower - so you lose 5 per 1,000.
Then they charge you an exchange commission of say 2%, that's another 20 per 1,000. And then, if you want to transfer the money abroad, they'll charge you a currency transfer fee of, typically 25.
So you end up paying the bank 5 + 20 + 25 = 50 just to transfer 1,000 abroad - that's 5% - now that really is expensive - especially if you need to do it every month, or if you want to transfer a 100,000 lump sum payment.
It pays to look at other alternatives.
Who Do We Recommend?
We recommend Sterling Exchange. They are based in London and handle currency exchange to and from all major currencies. They guarantee to give you a better exchange rate than any bank. In addition, they charge no commission and no transfer fees whatever.
That makes them particularly attractive if you need to make regular transfers such as mortgage payments or pension transfers. Of course the savings are even bigger when exchanging a lump sum!
One of the things we particularly like about Sterling Exchange is that you are assigned an account manager whose job it is to deal with you throughout, providing advice and assistance on all aspects of your foreign exchange dealings. You probably don't even get that from your local bank!
Why not fill in the form below and ask for a quote and Sterling Exchange will contact you to discuss your requirements
HELPING YOU FIND THAT DREAM PROPERTY, THAT LITTLE BIT CHEAPER
