Currency Exchange Introduction
We have over the years experienced many currency
converter FX companies and have shortlisted them down to
just
two companies, who in our opinion offer you the best
possible currency exchange rates, the most professional service
and both are authorised and regulated by the FSA. We couldn't decide which one to
use, so we figured that we'd let you choose, after all
free choice and competition are what will ensure you get
the very best currency exchange deals potentially saving
you thousands of pounds. Our chosen
currency exchange partners are World First & Money Corp.
You will find live currency spot rates and conversions
tools from both currency FX companies on this page.
Basic Information for Currency Exchange
When living or moving overseas, it is likely you will
occasionally need to transfer funds from one country to another.
The way you handle these transfers will make a significant
difference to how far your money will go. Many people assume
their bank to be the best place to exchange currency, unaware
that the banks usually offer fairly uncompetitive rates, slower
transfer speeds, increased transfer charges and limited access
to the various foreign exchange products available.By using a specialist currency broker you can significantly
improve the financial efficiency of your overseas payments, and
get access to products that may be hugely beneficial to you.
Benefits of Brokers
- Save clients between 0.5% and 4% on the amount
they transact
- Faster international payments (same day in many
cases)
- No commission and no bank receiving charges
- Bespoke and professional service with a dedicated
broker
- Free rate and market watch service
- Access to products that the banks may not offer
Currency Transaction Types
Spot contracts
If
you already have the funds in place, you could arrange a
spot transaction. This is simply the exchange of one
currency for another at the current market price where the
settlement happens within two working days. A broker should
be able to get you a significantly better exchange rate for
this transaction.
Forward contracts
A forward
contract allows you to fix a rate now for a date in the
future (up to 2 years ahead). This means the rate is fixed
regardless of exchange rate moves, thereby protecting you if
the exchange rate moves against you.
Currency options
A currency option, like a forward contract, allows you to
exchange one currency for another on a future date, thereby
protecting you from negative movements in the exchange rate.
However, with an option, if the rate moves in your favour you
can still take advantage of this. There are very few brokers
that can offer these to clients as it requires special FSA
authorisation. One such broker is World First.
Regular Payments
If you will be exchanging a set amount
of funds on a regular basis for mortgage payments or pension
transfers, you can set up a regular payment order which will
automatically transfer the funds on a regular basis.
It is worth noting that most of the above transactions
cannot be made through the bank, and you would need to talk
to a specialist currency broker to see what would be best
for your specific needs. Using a broker will also allow you
to receive commercial exchange rates, free market updates
and a personal service with professional market knowledge,
otherwise reserved for major global investors.
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MoneyCorp Currency Exchange
Curreny Converter
WorldFirst Currency Converter
Money Corp Currency Exchange Live Spot Rates
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