How to get the best exchange rate

Ensuring you get the best possible exchange rate at the time of the transaction is imperative to cost-effective foreign exchange. When you request a foreign exchange quote a broker or bank will usually quote a price based on a percentage from the mid-market. This is generally known as the spread, margin, markup, basis points, pips or clean/dirty price.

Whatever terminology is used, the principle is the same, the cost to you is the difference in price between where your bank or broker buys or sells money and the price at which you as a client send or receive it.

When you convert funds with a foreign exchange broker such as you are able to see in real-time where the underlying currency mid-market is as well as your price.

By providing client exchange rates a fixed percentage from the mid-market we are able to provide total transparency in our fees and rates, which will be at a significant discount to the banks and competition.

The price of one currency against another can move significantly over the days, weeks and months leading up to a currency conversion so timing your transfer correctly can make a big difference to the amount that you’ll pay and the value of the foreign currency you end up getting especially if you are exchanging large sums of money.