Over the past 8 years of writing on this site we have had thousands and thousands of people getting in contact with us asking both if we can help them with the timing of an upcoming currency exchange and on top of this can we get them a better rate than they are currently being offered.
The answer to both of these questions is generally yes. All of the writers on this site work for a foreign exchange brokerage that has now been in operation for coming up to 18 years and has a turnover of over half a billion Pounds per year, assisting clients moving money around the world for business requirements, property purchases/sales, emigration and many other reasons.
What most people do not realise is that there are a number of mistakes that clients make when choosing how to buy their foreign currency which actually ends up costing them a lot more than they need to pay. here are just a handful of them:
I have used this company for years. Just because you have used a brokerage or been with your bank for a long time this does not mean you are going to get a fantastic rate of exchange. There are companies out there that will take advantage of the fact that you have the relationship with them and take a larger margin the longer you deal with them. Because of this it is always sensible to check your price every so often. If you would like a quick email comparison to what you are being offered today then contact me on firstname.lastname@example.org and i will be happy to provide one.
My estate agent recommended I use their broker. This is a major error a lot of people make when buying or selling an overseas property. They feel like they would prefer to have everything under one roof or buy into everything their agent tells them. This actually can be really costly as the agent will be getting paid a commission by the broker so that broker then will have to take a wider margin in order to cover paying the agent extra. You are more often than not better off finding your own broker for the currency transaction, this will not cause any issues with the property purchase/sale going through as long as you find a good and efficient one and it may make the difference of thousands of pounds. email@example.com if you would like to discuss how I can help you.
They have an online platform and it is easy. Ease of use doesn’t always mean that you are getting the most for your money. These online platforms work on set margins where as if you actually speak with a broker on the phone they can negotiate the rate for you and squeeze a little more out of the market for you. Do not fall into the trap of being lazy as you will be throwing money away. firstname.lastname@example.org to speak with a real person that can save you money.
These are only a few things to avoid but there are plenty more of pitfalls out there that can make a big difference on larger transactions or over the course of a year.
If you have even the slightest suspicion you are not getting the best rate of exchange then feel free to contact me for a free, no obligation chat and I can let you know what our prices are and whether or not it may be worth you reconsidering who you are going to use for your pending transaction. You can email me on email@example.com or fill in the enquiry form on the right hand side of this page.