Listed below are some of the currency brokers who can offer you a better currency exchange rate when transferring money abroad. Or search our list of approved FSA brokers
All the forex brokers listed below provide better exchange rates than your high street banks, By using a currency broker you could save hundreds if not thousands of pounds when you transfer money abroad. The main difference between the foreign exchange companies below is the rates they can offer you, Money transfer fees, service and timescales of when your money transfer can be done.
Money Transfer Trading Brokers
To be able to transfer any currency you must first open an account with a registered foreign currency service provider.
The main purpose of opening a foreign currency account is to ensure that you obtain competitive exchange rates not just on large currency trades but all types of money transferred as and when you need to. The staff from the FX companies should be experienced and be able to advise you on currency
fluctuations
and strategies in the currency you wish to transfer.
Foreign Exchange Brokers have been able to reach a larger target audience and become more competitive with margin rates through the internet plus supply many tools such as market updates and daily currency updates as people want to understand how to secure the best rate and not just rely on a
specialist
currency broker.
Who to Choose? Which Foreign Exchange Broker to Use?
First ensure that the money transfer broker is registered with the FSA, this ensures your funds are protected incase the company runs in to trading
difficulties. If in doubt, ask for their FSA number to check online.
Ensure they
operate segregated
bank accounts, this means that your money is in a
separate
bank account so if the company goes under your money is protected.
Word of mouth is one of the best ways to find you a good foreign exchange broker or the use of comparison sites, you will find that most comparison sites; like ours, sendmoneyhome.com and whichwaytopay.com all generally list the same providers. Considering we are all independent we can't all be wrong. Search forums and see what other consumers say about the brokers and what is their reputation like and what others say about them? You may want to read reviews such as above to get an idea of the level of customer service that they offer.
Avoid comparison sites only listing one company these are generally not comparison sites and are usually done by foreign exchange companies posing as a compare site.
See if there are any fees when doing a money transfer, what
spread
are they offering and what is the current market like on movement is it fast moving are rates expected to go up?
Please remember these are just a few of the factors you should consider before choosing a global money services broker.
