If you are looking to buy foreign currency or transfer money overseas, you may, like many others, choose to go to your local bank. People do this for many reasons, often having the misconception that banks offer the best exchange rates. This, however, is not the case. Not only do banks often have some of the worst rates of exchange, they also often charge hefty fees and commission. Specialist currency brokers monitor and investigate exchange rates, making them able to have the best rates at all times. They also charge much less for the services that they provide.
Unlike the banks, currency brokers don’t offer anything except foreign exchange and money transfers. This means that they are able to completely focus all their attention on the foreign markets, becoming experts in that field. They study rates of exchanges, noting what causes fluctuations and when they occur. This means that they will be able to advise you as to when will be the best time to transfer money overseas or buy your foreign currency, in order to get the best possible exchange rates.
During the course of your money transfer, it’s possible to build up a relationship with your broker. They will be able to advise you with what’s occurring at every stage of the transfer process, and help you with any problems that may occur. Should you need to make any more transfers in the future, you will be able to use the same broker who will be familiar with you and your needs.