During his annual Mansion House speech to the City of London last night, the Bank of England governor Mark Carney stated unequivocally that this was the end of ‘the age of irresponsibility’, with the introduction of tougher criminal sanctions for market abuse.
After a host of scandals by big banks such as HSBC, RBS and Barclays where record fines in the billions were dished out for rigging the foreign exchange markets to profit hugely and illegally off of their own clients.
From this you can see there was nothing to particularly move the currency rates in his speech last night. But it is a lesson to those who automatically think of banks as the ‘safest’ institution to complete currency transfers through. It is not simply that their rates are uncompetitive, but they are actively trying to rob you of rates which are easily achievable, and which everyone deserves in a free market.
This blog was written to highlight buying opportunities for those looking to purchase currency. This information is freely available to the public, as are most of the sources of our information. As such this is information is easily accessible to the Banking sector, but they choose not to distribute this to the general public.
Alongside this freely provided information – we can also provide extremely competitive rates of exchange against banks and other currency brokers. So we can not only help you time the transfer, but maximise your returns in CAD or for your CAD at the same time. For more information email me on [email protected]