If you need to bring a large amount of money back to the UK from abroad use a currency broker to make sure the funds arrive cheaply and quickly.
The major pitfall of repatriating funds back to the UK is the exchange rate provided by your bank.
For example if you are sending Euros from a European bank to your GBP bank account in the UK through the banking system you will have no control over the timing of the transaction or the exchange rate.
Your European bank will send Euros to the UK bank and that will be converted into GBP at the banks standard exchange rate set for the day.
But if you use a currency broker to convert the Euros to GBP, you have complete control over both the timing of the conversion and therefore the rate at which is gets done.
You can also request quotes from all the brokers at the same time here. Fees relate to how far exchange rates are from the mid-market. Learn about how brokers are ranked...
Here are the key reasons to use a currency broker for the repatriation of funds:
- Get better exchange rates
- Complete control over when you do the transaction
- Lock in exchange rate for a year with a currency forward
- Same day (spot) international transfers
Here are some key questions and answers when comparing brokers to repatriate funds:
How do I compare exchange rates?
Just ask a broker this simple question: "What is your mark up on the conversion?"
You can read our guide on how to compare exchange rates here. It explains why currency brokers and foreign exchange specialists offer much better rates than banks, plus the importance of personal service.
What fees are involved?
There shouldn't be any extra fees involved other than the exchange rate. All fees should be included in the exchange rate which will be a fixed % from the mid-market.
How can I transfer money?
Only by bank transfers as currency brokers deal in large amounts and due to money laundering regulations funds must be sent from a bank account in the account holders name.
You can transfer money same day or lock in an exchange rate for up to a year in advance with a currency forward.
When will I get the money
Payments can be made the same day so as soon as your foreign funds arrive in we can send them out in your home currency.
The cheapest way of receiving large amounts of money from overseas is to use a currency broker.
Here are 3 reasons why using a currency broker for repatriation of funds is better than using the banks.
- Get better exchange rates - If you are receiving a large amount of money from abroad then a currency broker will provide a much better exchange rate than your bank. If you send USD to your GBP bank account then the bank will do the conversion automatically at very poor exchange rates. You may get a letter some days later telling you what rate it was, but that's about it. By using a currency broker for receiving a large amount of money you could be thousands better off.
- Fixed and transparent pricing - As currency brokers specialise in foreign exchange they are able to provide fixed and transparent exchange rates. This means that when you do a conversion you should see the live mid-market price and also your exchange rate when you trade.
- Convert funds when you want to - If you have a large amount of foreign currency coming in from abroad you can have complete control over when you do the conversion. This means that not only do you control costs but you also control the price at which you execute your large currency conversion. In fact with the use of currency forwards (which most banks don't provide) you can also do a conversion before you have the money to send up to year in advance. So you can lock in favourable exchange rates and not worry about the exchange rate moving against you.