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Personal Money Transfers - Transferring Money Abroad

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TorFX
FCA Regualted: FCA Regulated
Margin Rate: 0.7%
Rate Per Single Unit: 1.174
Exchange Rate You Get: 5,871
International Foreign Exchange
FCA Regualted: FCA Regulated
Margin Rate: 1%
Rate Per Single Unit: 1.171
Exchange Rate You Get: 5,853
Excel Currencies
FCA Regualted: FCA Regulated
Margin Rate: 0.7%
Rate Per Single Unit: 1.174
Exchange Rate You Get: 5,871
World First Money Transfer
FCA Regualted: FCA Regulated
Margin Rate: 0.7%
Rate Per Single Unit: 1.174
Exchange Rate You Get: 5,871
FC Exchange
FCA Regualted: FCA Regulated
Margin Rate: 1%
Rate Per Single Unit: 1.171
Exchange Rate You Get: 5,853
Halo Financial
FCA Regualted: FCA Regulated
Margin Rate: 1.5%
Rate Per Single Unit: 1.165
Exchange Rate You Get: 5,824
KBRFX
FCA Regualted: FCA Regulated
Margin Rate: 0.3%
Rate Per Single Unit: 1.179
Exchange Rate You Get: 5,895
Rational FX
FCA Regualted: FCA Regulated
Margin Rate: 0.7%
Rate Per Single Unit: 1.174
Exchange Rate You Get: 5,871
UKForex
FCA Regualted: FCA Regulated
Margin Rate: 1%
Rate Per Single Unit: 1.171
Exchange Rate You Get: 5,853
Foreign Currency Direct
FCA Regualted: FCA Regulated
Margin Rate: 0.9%
Rate Per Single Unit: 1.172
Exchange Rate You Get: 5,859
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Personal Money Transfers - Transferring Money Abroad

When transferring a large amount of currency you need to be careful where you do it to get the best rates. Most people might think the obvious choice would be to go with the traditional high street bank at which they already have their main accounts, but in fact, they could end up costing themselves a lot of money by doing this. So let's say you're looking at investing a large amount of money in buying a property abroad, so you're going to be needing to make a frequent amount of foreign transfers. Think before you act...

Choose Personal Foreign Exchange Specialists

If you are a business or private individual wanting to move large amounts of money abroad, and you are therefore looking to make a purchase of a big amount foreign currency, think before you go looking at the high street bank as your only route to getting that large amount of foreign cash. Think about using a Commercial Foreign Exchange specialist bank. This is because a Commercial Foreign Exchange (CFX) specialist can get you a much better exchange rate and commission free transfers. Their sole focus is on the currency exchange market, and the way they make their profit is the difference between the rate at which they buy currency and the price at which they sell to you, the client. They will also get you a rate lower than the Interbank rate.

Interbank Rates Explained

Interbank is the high-level market for foreign exchange where thousands of banks can interchange different currencies. The high street banks can either exchange with each another or by electronic brokering platforms. Foreign exchange brokers and high street banks buy their currency at wholesale exchange rates close to the Interbank rate and make most of their profit from the difference between the Interbank exchange rate and the rate they offer to their customers.

Compare High Street Banks vs Currency Brokers
Are they Regulated? When choosing a Personal Foreign Exchange specialist, look out for their guarantee that they are authorized as a money service business by HM Revenue and Customs. That way you get protection and peace of mind when moving large amounts of money around. Note brokers are not regulated by the Financial Services Authority (FSA) so it really is essential that they are HM Revenue and Customs approved. Compare the CFX specialists to find the one which really suits your needs.

Which Contract There are different types of contracts when you join a CFX specialist, one of them being a forward contract. This is a useful contract in that if the exchange rate is good, the broker can fix that rate for a longer period of time (for example up to two years) even if you don't want to use that money for a while. Great if you're making plans to buy foreign property but can't guarantee when you will be making the final payment.

Is it worth going to a broker?
If you're looking to transfer money from your account to an overseas account you can save a lot of money and time by using a broker. Once set up it is quick and efficient and you can use it for guaranteeing the long-term rate, ensuring you don't pay over the odds for your property because of currency fluctuations. You can also in some instances use the same account to pay regular amounts (like pension payments or mortgages etc). Because all brokers are regulated you can be sure that your money is safe as houses.

International Personal Money Transfers for Transferring Money Abroad
And if nothing else then it is at least worth going to a broker and getting a quick quote to check the rate high street bank offers - you may be surprised at how much your bank are making from you and how much you can save using a personal foreign exchange broker

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