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Advice from a specialist could prove rewarding when transferring money overseas

Using a currency broker can get you the best exchange rates and protect you from market fluctuations when transferring money overseas.

If you are moving overseas, buying a holiday home abroad, or are already based outside the UK, you can usually beat the banks by using a currency broker to move your money. Not only do they generally offer better exchange rates, but you can benefit from lower transfer fees too.

This is particularly important when currency rates are especially volatile, indeed as now with Brexit uncertainty and the on-going debt crisis in various E.U member states. Europe

What are the other advantages?

Specialist currency brokers can use special tools to enable you to avoid getting caught out by exchange rate movements, for example, by enabling you to lock into favourable rates for up to two years in advance. It is worth bearing in mind, however, that if the exchange rate moves to your advantage during the period you have chosen to fix, you won’t be able to benefit from this. In contrast, if you use a high-street bank to transfer money they will usually only be able to buy or sell your currency on the day of transfer. This could mean you end up moving your money on a day when the exchange rate moves against you.

Is it safe using a currency broker?

Larger currency brokers must by law be authorised by the Financial Services Authority, and if you want to check whether a company is regulated by the FSA, you can find out at www.fsa.gov.uk/register/home.do. For instance, a few top Currency Broker Companies holdsan 1A2 Credit Rating from global ratings agency, Dun and Bradstreet. An 1A2 rating shows that the Broker has considerable financial strength and ability to offer financial services. For more information, you can search the Dun and Bradstreet website for Foreign Currency Exchange Ltd with the DUNS no, 34-646-7629

Smaller companies do not have to be authorised by the FSA and so most of these will only be registered. Always ask what safeguards are in place before conducting any transactions so you have complete peace of mind that the company you are dealing with is safe.

How much do fees vary?

High street bank transfer fees typically range from £20 to as much as £40, and, if you are making regular transfers, you will pay this fee each time. Currency brokers usually charge much lower fees, for example F C Exchange charge their registered private clients, no commission and no fees. It is also not unusual to make considerably savings against the typical high street banks.

We have yet to experience a client failing to gain a worthwhile saving using a broker in contrast what the typical High Street Bank will offer. Saving of 2% to 3% is not at all unusual.

The Brokers that Property Europe Online use and recommend are in this elite group of top-rated Currency Companies mentioned above.

Property Europe Online has a special ‘ongoing’ bonus for all ourproperty buying clients andourproperty sellers contact us and well tell you more.

Ask us for a personal introduction, A personal account manager will be appointed to deal with your currency transactions, and offer invaluable guidance once they have details of any special needs.

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