FX Providers - Find the cheapest Foreign Exchange Providers

Bank Beating Foreign Exchange Providers?

Advantages of using a foreign exchange provider?
With continued economic instability in the marketplace and the collapse of well-known and smaller financial firms. (Lehman Brothers and most recently - Crown Currency Exchange). It is understandable that many people are reluctant to move away from traditional methods. (i.e. their local banks) for making international payments.

It is a common misconception that using your local bank. Is the safest and most efficient way to transfer your monies abroad and one should always explore and research the various options available.

Major banks are in place to service the immediate needs of a client i.e. Current accounts, credit facilities and savings. Foreign exchange is merely an additional service on offer to the client and like most add-on services. These come at a price. Not only will you be subject to an unfavourable exchange rate. But you will more than likely receive charges for every foreign transaction that you make through your bank.

Bank Beating Foreign Exchange Providers

Using a specialist foreign exchange provider will give you access to traders. Whose sole focus is transferring your money from one currency/country to another? These specialists are well informed in terms of the market movements for the particular currencies. You are looking at and will be able to offer preferential rates of exchange and free of charge transactions on amounts over £5,000.

Well established foreign exchange specialists are FCA regulated for payment services. And hold client monies in partnering bank ‘client accounts’ ensuring that your funds are secure. It is important to ensure that the foreign exchange company that you use, has both these elements in place and that your in order to ensure that your funds are held and transferred safely

Best Foreign exchange providers?
The benefits don’t just stop there. Many of the established foreign exchange providers make the process of transferring money abroad. A great deal simpler removing the hassle and worry. Whilst ensuring that the required funds will arrive in time for the destination account. In addition to this, many firms will watch the rate on your behalf and notify you when it is moving in the direction of your required rate. Allowing you to budget and maximise the value of your base currency. There a number of services offered by foreign exchange providers to suit your individual requirements and budget. Assisting you to manage your overseas payments effectively.

Foreign exchange provider reviews?
Foreign exchange providers are available in the UK, depending on your requirements really depends on who you chose thereafter. There are not as many FX providers as before. This is due to high street banks closing this facility on the currency exchange companies forcing them out of business.

Find the cheapest FX Providers

Due to this extreme move by banks to increase their profit share. Market share and reduce competition plus ultimately forcing consumers and businesses. To use the bank's foreign exchange service which will over time increase in rates and there is nothing anyone can do about it.

This year 2017 banks in the UK have made record profits from currency exchange service to give you an idea of the sort of money we are talking about. One bank made 183 million just on the transfer fee it charges to send money overseas. To give you an idea of the volume they are dealing with. 
One single bank will do 7,320,000 international payments a year. Where an average charge is £25.00 which will average at 183 million in PROFIT.
That is not including the margin rate which is around 3 to 5%. Which would mean £3000 to £5000 on a £100,000.00 money transfer?

Consequently, As there are over 50 top banks in the UK all making around 100 million to 200 million in transfer fees alone. So, Maybe its time to change and see who is on offer to transfer your money for free.