Listed below are some of the money transfer brokers who can offer you a better currency exchange rate when transferring money abroad. Or search our list of approved FSA brokers
See our reviews on foreign exchange broker, all money transfer providers should be regulated by the FSA as from 01 November 2009. Note not all reviews conducted on foreign exchange brokers are FSA approved. Confirmed FSA foreign exchange brokers are listed on our comparison tables, just click on the link above.
Foreign Exchange Reviews
Looking for a Foreign Exchange Broker? Just select which type of broker you require to see a full review conducted by our editors. All Foreign Exchange reviews consist of overview, application criteria and process, benefits and most importantly any fee structure.
The old conventional way of using your high street bank to send money overseas is no longer considered to be the cheapest way to sending money abroad. Doing foreign exchange transfers were mainly used by businesses looking to save money, but now more and more consumers who are buying property abroad are using a foreign exchange broker.
Most people transfer money abroad when buying a property or when paying the deposit but if you have an overseas mortgage or bills to pay set up a direct debit with your money transfer broker it is easy and will save you hundreds of pounds a year just in transfer costs and the currency exchange rate.
Want to budget and know what you want to spend every month? book your rates in advance foreign exchange brokers allow you to book your rates in advance from 12 months to up to 24 months giving you the options to budget and keep a tight control of your finances,
Not sure who to use
Aall you need to do is compare the money transfer companies, All offer you no commission fees, and some FX companies offer no transaction fees and no charges (some based on a minimu transfer amount).
How do the Money transfer companies makle their money?
All of the foreign exchange brokers on our comparison site make their money by the margin rates, to give you an idea banks will give you a margin rate of about 4% when doing a money transfer abroad where as foreign exchange companies will offer you a margin rate of around 1 - 2%, and most will improve this based on the amount you transfer abroad.
By offering you a smaller margin rate they still make money from you but as they are transferring hundreds of thousands and in some cases millions a day they make a bit off every trade they do and still beat bank exchange rates.
To do a money transfer is simple choose the foreign exchange broker, complete the application form and provide identification to confirm proof of your identity, confirm the terms and conditions to ensure you comply with the money laundering act and your account will be set up in minutes once verification is completed and approved. Once your account is set up you can then transfer as often as you like. Including buying travel money for your next holiday.
Buying an Overseas Property?
If you are sending money abroad, you will have to pay for the property in the currency of the country you are buying in. Use compare money transfer to select the FX company to do that foreign currency exchange and make your regular international payments abroad to the overseas bank account you have nominated. Alternatively, if you are selling your overseas property, also they can help you repatriate the sale proceeds back to your domestic currency.
