To many people the world of currency brokers feels understandably alien. On this page we hope to address any questions you may have and provide an explanation of who they are and what they do.
Transferring money into other currencies has always been seen as an opportunityby banks to add a margin onto the exchange rate, sometimes as much as 5% on top of the actual exchange rate. This means you lose 5% of the funds you are transferring.
The growth of currency brokers has put an end to this with many brokers charging as little as 0.5% for exactly the same service offered by your bank. Equally your money is just as safe when you use a broker as they are regulated by the FCA and adhere to the same rules that the big banks abide by.
It is also worth noting that rices are becoming more and more competitive, with brokers setting the size of their margin dependent on your transaction amount, the currencies you are transferring between (currency pairs) and more.
No single currency broker is the cheapest all the time so depending on the frequency of your transactions and the volumes we recommend signing up with two or three of the below which allows you to compare quotes from multiple brokers each time you trade and negotiate with them to find a better deal.