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Compare Currency Exchange Rates

Compare BrokersCompare the best currency exchange rates on offer from leading FX brokers, companies and high street banks.

Foreign Currency Brokers

We spot checked a selection of high street banks and foreign exchange brokers to see who was offering the best deal on transferring £100,000 into euros and sending to our bank in France. See the results below.

Remember that rates can change during the process of our test calls so always check for the best rate on the day.


Halo Financial

Provider:
Halo Financial

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Excellent rates and jargon free service.

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No commission charges or hidden fees

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Fully FSA authorised

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Lots of news and articles on transferring money overseas

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Dedicated FX Consultant assigned to your account

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Constant momitoring of exchange rates fr the best deal available.

Exchange Rate

Varies

Transfer Charges

Nil

Amount you get:

€Varies

Moneycorp

Provider:
Moneycorp

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Free transfers on all amounts

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Online Money transfer account with access to 24/7 live rates

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Competitive and commission free exchange rate.

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Expert Knowledge & Guidance from a dedicated dealer

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Clients can lock in exchange rates for up to 2 years

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FSA regulated & authorised, Trading currency since 1979

Exchange Rate

Varies

Transfer Charges

Nil

Amount you get:

€Varies

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Daily currency market news and updates

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A public limited company authorised by the FCA and registered with HMRC

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Voted best exchange rates by The Sunday Times and Telegraph

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Dedicated, personal account manager

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No commission or hidden fees

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Transfer funds within 24 hours

Exchange Rate

Varies

Transfer Charges

Nil

Amount you get:

€Varies

Torfx

Provider:
Rational FX

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Up to 10% better foreign exchange rates than banks.

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FSA authorised and regulated by HMRC

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Excellent exchange rates, low fees, zero commission

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Manage your account and make payments 24/7 online

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Dedicated FX guidance and support

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Articles, optional market news and currency updates

Exchange Rate

Varies

Transfer Charges

Nil

Amount you get:

€Varies

Torfx

Provider:
Torfx

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Up to 5% better foreign exchange rates than banks.

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Same Day online account opening facility.

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Highly competitive and commission free exchange rates.

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Direct access to your own personal account manager.

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Make Personal & Business transfers.

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Transfer of funds within 24 hours.

Exchange Rate

Varies

Transfer Charges

Nil

Amount you get:

€Varies

IFX

Provider:
IFX

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Access to an experienced FX trader on a live trading floor in the city.

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FSA authorised and regulated service.

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Same day transfers available.

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Zero transfer charges.

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Make Personal & Business transfers.

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Transfer of funds within 24 hours.

Exchange Rate

Varies

Transfer Charges

Nil

Amount you get:

€Varies

UK Forex

Provider:
UK Forex

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Online money transfer account with live rates.

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24/7 access to live transparent exchange rates -

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FSA authorised and regulated service .

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Lots of news and articles on transferring money overseas

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Dedicated FX Consultant assigned to your account

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Constant momitoring of exchange rates fr the best deal available.

Exchange Rate

Varies

Transfer Charges

Nil

Amount you get:

€Varies

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Online money transfer account with live rates.

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24/7 access to live transparent exchange rates -

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FSA authorised and regulated service .

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Lots of news and articles on transferring money overseas

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Dedicated FX Consultant assigned to your account

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Excellent Dun and Bradstreet credit rating of 4A1.

Exchange Rate

Varies

Transfer Charges

Nil

Amount you get:

€Varies

Travelex

Provider:
Travelex

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Online money transfer account with live rates.

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24/7 access to live transparent exchange rates -

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FSA authorised and regulated service .

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Lots of news and articles on transferring money overseas

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Dedicated FX Consultant assigned to your account

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Constant momitoring of exchange rates fr the best deal available.

Exchange Rate

Varies

Transfer Charges

Nil

Amount you get:

€Varies

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24/7 access to live, transparent exchange rates.

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Easy to use – online and telephone services available.

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Priority account opening for ExchangeMoney.co.uk customers.

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Recommended by Which? Money magazine.

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FSA authorised and regulated service.

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Dedicated currency specialist assigned to your account.

Exchange Rate

Varies

Transfer Charges

Nil

Amount you get:

€Varies

Barclays

Provider:
Barclays

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Online money transfer account with live rates.

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24/7 access to live transparent exchange rates -

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FSA authorised and regulated service .

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Lots of news and articles on transferring money overseas

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Dedicated FX Consultant assigned to your account

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Constant monitoring of exchange rates fr the best deal available.

Exchange Rate

Varies

Transfer Charges

£25.00

Amount you get:

€Varies

No matter what you need to transfer money overseas for; overseas property payments, pensions, salaries or simply topping an overseas bank account up, the biggest mistake you can make is to simply go into your nearest bank or post office. The plain fact is that professional money brokers can save you a fortune on such transfers -- the high streets don't give you the best exchange rate, the specialist providers do. This guide explains how you can shop around these providers; how you can get the best deal.

What are the charges associated?

When transferring money overseas or making international payments there are two costs; fees and the exchange rate. In order to get the best deal you must separate the two and find out the exact cost of both from all providers.
• Fees - transfer charges and the receiving bank fees if any – look out for these two.
• Exchange rates – getting hold of the exact exchange rate is not always possible. Beware of some companies claiming commission free then hiking the exchange rate up to compensate.

By finding out the costs you can work out the bare bones question, how many pounds will I need to fork over in order to send the amount of money I need to transfer -- or some such variation of that theme. The biggest problem is the fact that the exchange rate will often be changing by the minute, the hour, the day, so all the "shopping around" needs to be done as quickly as possible and when you find the best deal you have to take it there and then.

Where are the best deals?

We are not saying don't use your local high street bank, because on some larger bank-to-bank transfers they will often come in with the best deal; making up for their worse exchange rate by what they save you in fees. We are simply saying compare their exchange rates with specialist brokers before taking the plunge.

How are exchange rates calculated?

Most first-timers making international payments are shocked when offered a different rate to what they find on the provider's website. This is because the rate you will actually receive will depend on various factors including:
• The amount being transferred
• Timing, for example if you are trying to lock in an exchange rate for a prolonged period of time.
• The actual exchange rate at the time of buying
• The specific currencies involved and the volatility of those currencies

Why Would Volatility Affect my Rate?

When it comes to moving money overseas timing is everything. For example:

f you bought a €100k property in Spain at the end of September 2010 it would have cost you £84,890, but if you waited just one month the same €100k Spanish property would have cost you £89,285 because the pound weakened against the euro -- that is £4,395 of real money wasted because of a one month delay. So now you can see why it is important to time transfers correctly.

Too many people pay too little attention to the exchange rate, because they feel it is pointless worrying about it until they have the funds to make the purchase or transfer -- others purposely ignore the rate fluctuations for the same reason. Little do they know that the minute the need arose for them to transfer money abroad (when they decided to buy an overseas property for example) they and their money became exposed to adverse moves in the currency markets -- whether they like it or not. Whether you have all the funds in place or not, you can still save yourself from losing out to exchange rates.

What are your options?

Choosing which option is right for you is relatively straightforward as it depends on three key factors:
• The time frame you are working to
• What level of funds you have available at the time of the transfer
• What protection you want for your money

Your options are as follows:

Scenario One: I have all the funds in place
If you have all the funds in place when you decide to make a move, you can buy at the spot rate. This is a one-off transaction where you need to arrange an immediate transfer to cover the currency purchased.

Scenario Two: I do not have access to all of the funds
When you do not have all the funds in place when deciding to go ahead, you can buy what is called forward contracts.

Choosing the right currency specialist

When you have bought an overseas property, you should already have done due diligence on the seller or developer, but I'm afraid you need to do more when choosing a forex broker. Here are just some of the questions you need answers to: • Have they been around long – when were they established?
• Are they authorised by the Financial Services Authority (FSA)
• *MUST* Are your funds held in a separate client accounts, completely separate from the company finances
• Do they have adequate professional indemnity?
• Are they registered with HM Customs as an overseas money service business?

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