When buying holiday money or sending money abroad, many banks and brokers include hidden fees and or a mark-up in the exchange rate. Not surprising, a recent study into international money transfers and payments found that 75% of consumers do not know about, or do not understand currency exchange rate mark-ups.
In recent years specialised currency exchange companies have broken the monopoly on the supply of currency exchange services. Banks and high street exchanges are no longer the go to choice for changing currency.
These currency exchange companies deliver much more competitive exchange rates to consumers, more personalised service, and faster transfer times than banks offer. It’s no surprise than savvy overseas property buyers and expats choose these companies to get a better deal.
A high street bank may seem like the easy or convenient option, and may be your choice through habit, however using a specialist foreign currency exchange company is just as easy and more importantly works out much cheaper!
Currency Exchange – Transfering Money From UK to Spain
EXCHANGING & TRANSFERING LARGER AMOUNTS
Exchange rates, commissions and fee’s can make a big difference when you’re talking about larger transactions, for example, when buying a home in Spain. Comparing the deals offered by some foreign exchange companies and high street banks, to the best deals on the market, shows you can literally get 1000’s more extra when changing money, if you do it the right way.
A comparison 27/9/2018 gave the following results on exchange of £100,000 to EUR.
High Street Bank
This is a difference of nearly 8000 EUR between the best and the worst!
INCOME TRANSFERS & REGULAR PAYMENTS
When you need to receive income, such as your pension, or make regular payments, to pay mortgage payments, bills or other household expenses, rather than being at the mercy of your pension provider exchanging and sending you money regardless of what the rate is, or suffering the transfer fees and poor exchange rates offered by your bank.
Apart from offering better rate, a specialist currency and transfer provider puts you in control and can eliminate transfer fees altogether. Many offer online accounts where you can book your trades through an app or platform, and telephone or email service if that’s how you prefer to do things.
Currency Exchange – Spending Money in Spain
As we move towards a cashless society, so currency exchange is evolving. Travellers cheques are all but a thing of the past, as technology provides either and cheaper ways to access foreign currency be that for living, travel or holidays.
Currency cards provide convenient, safer, and a much cheaper alternative to high street exchange or ordering holiday money through your bank.
This area has become very competitive, therefore if you do your research and shop around, you’ll find card that works for you, and get a better deal compared to the traditional options.