How the currency exchange procedure works
Unlike your bank, each customer is assigned a dealer who can handle all aspects of the transaction and onward payments.
Your dealer will be familiar with your transaction types and procedures and be on hand to provide advice on strategy, market timing and assistance with administrative issues.
Here’s an example of how a currency broker might convert £1m into USD.

When you want to convert money you either go online call and request to convert £1m into USD
The broker converts £1m GBP into USD at an agreed rate a fixed percentage from the mid-market.
The broker sends a contract note with the breakdown o...