Currency Exchange and Foreign Exchange
Don’t Buy euro From Your Bank – Be a Currency Trader
And definately do not buy any currency from the foreign exchange shops in the high road or through travel agents.
With a little care the rate of exchange you can get can be much better.
The Internet has made the “black art” of money changing simple open and fair.
If you are going abroad, buying property or transfering a pension or salary, most people still change their money through their bank. Even for a small house this is like giving your bank manager a free car in the extra commission you will pay.
The rate of exchange changes constantly – to see this happening look at…
The prices you see listed are what is called the “mid-market” rate. Mid-market rates are derived from mid-point between the buy and sell rates of large-value transactions in the global currency markets.
Since “buy rates” and “sell rates” include overheads and profit margins that are set independently by each foreign exchange provider, they will vary depending on who you’re talking to, and will always be different than the mid-market rate.
So how do I get the best rate of exchange?
One solution is to set yourself up as a foreign exchange dealer, sit in front of a stack of computers and shout into phones buying and selling currencies all over the world. However, this is totally impractical for most people, you need access to a few million euro to start with
A better solution is to register with an independant foreign exchange company.
I have tried several recently and two I recommend are…
First
Pure Fx They come highly recommended and give a similar service – contact them through this link – Pure Fx
I have had a lot of feedback from satisfied cleints and they are giving a fast, relaible and personal service.
Second
Currencies Direct
They will deal with amounts as little as £2,000. I get one personal dealer who I can call anytime and who will also call me if rates change quickly to my advantage. I can also “haggle”, try that with your bank.
They offer good rates and service for smaller regular transfers like pensions and salaries.
To see their services use this link – Currencies Direct
or
Pure Fx
Get competitive quotes, it is your money and you should get the best deal you can. To give you a guideline, you should be able to negotiate a deal for a reasonble transaction which is about 30 points from mid-market rate (about one third of one percent under) compare this to the three or four percent normal with banks or high street dealers