Whether you need to buy/sell currency for holidays, overseas mortgages, school fees or business trips, it is advisable to use a currency broker as opposed to a bank or bureau de change. Using a specialist broker such as the ones compared on our site can save you up to 10%, meaning that you’ll have 10% more money to spend overseas.
How Does The Currency Exchange Process Work?
An FX specialist or currency broker works in a similar fashion to your bank or money exchange service on the high street, apart from their exchange rates are significantly better.
The process varies depending on which service you need, but it generally involves creating an account with a broker, placing an order with the broker for the amount of currency you require and specifying the recipient details.
You will then send funds to your broker’s segregated client account and the transaction will be carried out.
We would always suggest you use an FCA regulated currency broker or foreign exchange specialist as this provides you with additional safeguards for your funds, including that your money is kept in a segregated account in the event that a broker went bankrupt whilst making an exchange on your behalf.