Currency Exchange Agencies in the UK
Online Currency Agencies, better know as Currency Brokers have now taken over as the most used service when Buying Property Abroad. Traditionally it was the High Street Bank that was used to transfer currency abroad. Their reputation was second to none and generation after generation used them to Transfer Money Abroad. However in our competitive world we have seen Building Societies command more of the banking market by issuing ‘bank accounts’; and also Currency Brokers who originally were formed to transfer large amounts of currency in moments for the Forex Trade Market, have now engulfed the transfer of large funds by being able to beat the processing costs of High Street Banks.
Currency Brokers as do High Street Banks buy their Foreign Currency at wholesale prices. But the one redeeming factor in the brokers favour is the percentage of profit added to each deal. The banks tend to add between 3% to 4%; whereas the Currency Broker will add up to 1%.
For the unsuspecting client this can be all confusing. When the High Street Banks are offering 0% commission why aren’t they the best option? There isn’t a simple explanation other than saying that over the past 4 decades a commission payment for the transfer of currency has been the normal process. The High Street Banks play heavily on this factor; as I may say do some Currency Brokers.
But … What we need to establish is what will our money get us when transferred? Forget the 0% commission or any other special offer … it is the bottom line that counts. If we have £100,000 what will we get?
For those who read this article and have their reservations about using a currency broker allow me to give you a few examples:
Currency Exchange Case Study – In September 2007 Jason and Helen wanted to buy an Apline ski home in Austria. The property was valued at £295,000. They hadn’t gone to the bank as they had both heard that the banks weren’t always the best choice. A broker will be fully aware of what the banks charge at what rates they work with: Barclays on this day was working with an exchange rate of €1.35 / £1; the broker on the other hand could get €1.38 / £1. Using Barclays, Jason and Helen would have received €398,250; whereas the broker actually secured him €407,100 which has a difference of €8,850 (£6,400).
Currency Exchange Case Study – In August 2007 there was Ellie from Southampton, she was buying a property in Almeria, Spain. Her transfer was for a villa at £325,000; a superb 5 bedroom villa with sea views. Her bank had frightened her with the exchange rate, so she decided to look elsewhere; fortunately she came to a Currency Broker’s website. She was offered an exchange rate of €1.39 / £1; we were able to offer €1.41 / £1. This meant had she continued with the bank Ellie would have realized €451,750 – however fortunately the broker service could manage €458,250; saving Jayne €6,500 (£4,600)
Currency Exchange Case Study – Paul and Debbie from Bootle in Cheshire had taken 9 months to purchase a villa in Pescara in the Abruzzo region of Italy for €650,000; January 2008. Sadly when a house purchase takes so long there can be fluctuations in the currency rate, and on this occasion it wasn’t in Paul and Debbie’s favour. So it became even more important to save on the currency exchange. Had they gone to a bank they would have paid €8,100 more than what they paid a Currency Broker. They successfully managed to save them £6,090.
I hope that showing these examples have helped in your understanding. Do not be afraid to get a quote from an Online Currency Broker; they can provide testimonials should you be concerned.
Each and every step of the process is done through a traditional bank; and account is setup for each transaction and such transaction history can be supplied should you need it.
Online Currency Brokers can save you up to £15,000 on some transactions. If you look after the pennies the Currency Broker will look after the £’s.
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Aug 4th, 2008
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