Original Question: Hi, I want to transfer a large amount of money from my bank account (natwest) in the UK to my account in Australia. Would I get a much better rate with a currency broker or is it safer to do it by one of these companies.
GBG: The answer to this is a simple yes.
When you transfer funds internationally with your bank you get very little control over the exchange rate. In many cases you will be given the banks default tourist rate which can be as much as 4% from the interbank exchange rate.
You can read more on how to compare exchange rates here.
A currency broker will almost certainly provide exchange rates less than 1% from the interbank rate and for large amounts, you should be able to get a rate of less than 0.5% from the mid-market.
All the currency brokers in our comparison tables offer discounted exchange rates compared to your bank.
The companies in our money transfer comparison tables are all established currency brokers will good reputations that transfer.
Good Broker Guide Featured Brokers
|XTB||IG Index||Plus 500||ETX Capital||CMC Markets|
CMC CEO Interview
|Visit XTB||Visit IG||Visit Plus 500||Visit ETX Capital||Visit CMC Markets|
|XTB Reviews||IG Reviews||Plus 500 Reviews||ETX Reviews||CMC Reviews|
Looking for institutional broker? Compare prime brokers here
The Good Broker Guide is a London based guide to trading brokers and investment accounts for clients based in the UK, Europe, Asia, Africa, South America and Australia.