Beat the Foreign Exchange Trap

Beat the foreign exchange trap: Send money overseas securely and cheaply

Money transfers overseas are big business for banks and make them a nice profit. But if you want to save money, when sending a large sum of money abroad, the best option is to dodge your bank and use a specialist Foreign Exchange (FX) broker.

Particularly for individuals who are buying or selling a property abroad, emigrating or investing in businesses, it is likely to be the biggest foreign exchange transaction they ever make.

In order to get the best deal, it is important to shop around and select the best FX broker. A small percentage difference in the rate can result in large savings. For example, if you are a buying a home for £400,000 and you can find an FX firm offering an improvement of just 1 per cent, you would save £4,000.

Free, Independent advice from companies like www.fxintroducer.com can help you to compare brokers and get the best deal. FX Introducer can also advise on how best to time your transaction and about things to watch out for, such as transaction charges.

How do I find the cheapest way to transfer money?

A good starting point is to ask your bank for a quote. They are unlikely to offer the best rate, but it does give you a benchmark. You should then check the rates and services that are offered from a range of top FX brokers – www.fxintroducer.com is one such website that can help you to do this. It provides an independent and transparent comparison of the best value services. It caters for most currencies and demonstrates the savings that can be made on any value of transaction.