A specialist banking industry has emerged in the last decade which many people remain blissfully unaware of. This industry can enable you to change your money into foreign currency at far better rates than those offered by high street banks and bureaux de change. This industry is specialist currency exchange.
Currency exchange specialists work by buying currency in bulk at money-market rates from banks (the rates at which they trade with each other). They then sell this currency at a rate that is beneficial to their clients, but make a good profit of their own because of their relatively low overheads.
Currency exchange specialists’ strength lies not in changing a few hundred pounds of holiday cash into Euros, but rather in changing the larger sums of money involved in international money transfers. For example, when moving hundreds of thousands of pounds abroad to buy an overseas property, currency exchange specialists can help clients to make savings that could run into thousands of pounds.
Money transfer services offered by currency exchange specialists can be also be beneficial to people who have regular sums of money to move, such as pensioners who live abroad but still receive their pension money in a UK bank account. Currency exchange specialists also get a lot of their business from small and medium-sized companies who have regular overseas bills to pay or international transactions to finance in foreign currencies.
Want to know more about foreign money transfer? Contact us here at Foreign Currency Direct.