Knowing the best way to exchange currency is very important, whether you are sending money home, buying a property abroad or setting up an international business. You have two main options: high-street banks or foreign exchange (FX) specialists, also known as brokers.
While your high-street bank may seem like an obvious place to start, it won’t always offer the best foreign exchange rates. Banks can also charge transfer fees of up to £30 per transaction, which quickly add up if you need to make transfers often. Both of these considerations make it worthwhile to look elsewhere for the best value currency exchange service.
Dedicated currency services, on the other hand, specialise in foreign exchange and are therefore equipped to offer the most competitive rates available with low or no transaction fees. If you are sending a large sum of money or making regular overseas payments, you could make significant savings.
The Telegraph Media Group International Money Transfer Service is provided by moneycorp to give you access to just such a service. With a moneycorp account, you’ll be able to access a range of tools and services at your convenience to help you manage your international payments.
Why is the best currency exchange rate important?
If you transfer money abroad at anything other than the best foreign exchange rate, it means you are effectively losing money on every pound. In particular, if you need to make a large transfer, such as payment for a property abroad, even a slight shift in the rate can have a huge impact on the overall cost. This can happen if you don’t time your transfer well or use a currency service that can help you guard against unpredictable FX market fluctuations.
With a currency specialist, you can protect yourself against such a disappointment by locking in a good exchange rate to use for up to two years, meaning you won’t miss out even if the rate shifts out of your favour by the time you’re ready to make your transfer.
Where is the best place to exchange currency?
It’s always worth shopping around for a range of quotes, but an international money transfer specialist is generally the best place to exchange currency because it deals in huge volumes of money every day, meaning it has the economies of scale to offer the most competitive FX rates.
For most specialists, you also don’t need to go to a physical location. Instead, they provide an online money transfer service, with 24/7 access and fast transfers.
When are the best currency exchange rates available?
There is no specific time of the day, week, month or year that can be considered optimal for exchanging currency. This is because many variables, including political and economic factors, notable world events and even extreme weather conditions, can have an impact on currency market fluctuations.
The unpredictable nature of the foreign exchange markets is one reason dedicated currency experts such as moneycorp have designed an array of special tools that allow you to track, target and even lock in an exchange rate for future payments. That way you don’t miss out when the markets move unfavourably or unexpectedly.
Transfer money overseas today
The Telegraph Media Group International Money Transfer Service is provided by international payments specialists moneycorp to offer zero transfer fees at competitive rates in more than 120 currencies.
With their service, you also have access to a team of dedicated currency experts on hand to personally guide you through the process, helping you to navigate the fluctuating FX markets with a focus on your individual needs. Simply open an account today to get in contact with the Moneycorp team.
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Open an account today to find competitive exchange rates, plus no transfer fees via Telegraph Media Group International Money Transfers
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*excludes regular payment plans
Moneycorp is a trading name of TTT Moneycorp Limited which is authorised by the Financial Conduct Authority under the Payment Service Regulations 2017 (reference number 308919) for the provision of payment services.
The above article was created for Telegraph Financial Solutions, a member of Telegraph Media Group. For more information on Telegraph Financial Solutions, click here.
Information correct at date of publication.
