If you need to make an international payment of a significant amount, it’s very likely that you can save money by going to a specialist online exchange company. It’s certainly easier than doing it the old-fashioned way – queuing at a bank’s foreign exchange desk. You don’t even need to wait on the phone with an international currencies broker. Instead, you can do it for yourself at the click of your mouse.
With companies like HiFX and other similar companies which have invested in the technology necessary to enable quick and easy international money transfers, an account is quite quick and easy to set up. Once you’ve done this, you can deal immediately wherever you have access to the web. This doesn’t have to be on your own PC as there’s no need for specialist software.
But the main benefit of changing money in this way is the rates you should get. HiFX, for example, continually has an independent company check its exchange rates against the mainstream building societies and banks to ensure it is always competitive.
Such companies are able to keep their overheads to a minimum thanks to their previous investment in technology. Also, with a large turnover of foreign exchange trades, these companies are able to keep their margins between the buy and sell prices very tight – and to pass these savings on to us. This, in turn, means they get more business still, which means the margins can be tighter still.
The main benefits from such companies are for people who have a need to exchange money regularly. So people with a property abroad, or who take regular trips for business or pleasure – or companies s paying staff overseas etc., can all benefit hugely. But even for small one-off transactions, it can still pay you to have an account. For transactions above £3k, there are no charges whatsoever, whilst for lesser amounts there’s a one-off flat rate charge of just £9. And it’s all quick and easy.