Find out how much you can really save with a better exchange rate

One of the key benefits of using a specialist currency broker instead of your bank is the actual exchange rate you get when converting currency and sending it abroad. There are two main ways a currency broker can help you save money:

• Converting money at a better exchange rate. A currency broker will always offer better exchange rates closer to the interbank mid-market rate. A bank may typically charge 5% more than the mid-market* rate whereas a currency broker can offer exchange rates of less than 0.5% from the mid-market. On a conversion of £100,000 that would potentially save a customer £4,500.
• Locking in a beneficial exchange rate up to a year before you need foreign currency

*The mid market rate is the midpoint between two currencies’ buy and sell point. It is used to help calculate the price you will pay to buy one currency with another during a currency transfer. Currency brokers tend to offer transfer rates closer to this mid market rate than most banks. However, it is usually impossible to get a currency exchange at the exact mid market rate.