When it comes to managing international money transfers, whether you’re purchasing a property abroad or paying international school fees, choosing between a currency specialist and a high-street bank to make the transaction can significantly impact your finances. While high-street banks are a familiar choice, currency specialists offer distinct advantages that can make a substantial difference, especially for those looking to maximise their money’s value.
So, why do currency specialists outshine banks? Here we look at the key benefits…
Lower transaction fees
High-street banks are notorious for their high transaction fees on international transfers. These fees can include flat charges, percentage-based fees and hidden costs that quickly add up. In contrast, many currency specialists offer fee-free transfers or significantly lower fees for transactions, ensuring that more of your money reaches its destination. This can be particularly beneficial for regular transfers, such as paying for overseas mortgages or sending money to family members.
Advanced currency tools
Currency specialists provide a range of advanced tools that high-street banks often lack. These tools include forward contracts, which allow you to lock in a favourable exchange rate for a future date. This can provide stability and peace of mind for those who do not wish to gamble their money on the unpredictable currency markets. Additionally, currency specialists offer market orders and rate alerts, helping you to make informed decisions and take advantage of favourable market conditions.
Dedicated account managers
Another significant advantage of currency specialists is the personalised service they offer. This is especially true with our partners at Smart Currency Exchange. Unlike high-street banks, which may treat currency exchange as a secondary service, currency specialists focus solely on foreign exchange and the risk associated with trading in a foreign currency. This means you can benefit from dedicated account managers who understand your specific needs and can provide tailored advice. This personalised approach ensures a smoother, more efficient transfer process and can help you navigate the complexities of international finance.
Better exchange rates
One of the primary benefits of using a currency specialist over a high-street bank is the exchange rate. Currency specialists often provide more competitive rates because they operate at higher volumes and have access to better market rates. High-street banks on the other hand, typically offer less favourable rates, using only the daily average, which can result in higher costs for international transfers.
Why choose a currency specialist?
While high-street banks may seem like a convenient option for international transfers, a currency specialist offers numerous benefits that can save you money and provide greater financial stability. From better exchange rates and lower fees to advanced currency tools and personalised service, currency specialists are well-equipped to meet your international transfer needs. By choosing a currency specialist, you can ensure that your money works harder for you, providing peace of mind and financial security, especially in uncertain times.
If you are considering an overseas property purchase, whether for lifestyle or investment, opening a no-obligation account with FCA-authorised Smart Currency Exchange will enable you to benefit from their competitive exchange rates and specialist currency knowledge, ultimately saving you money and time. For more information, download Smart Currency Exchange’s free report or visit the Currency Zone.
Written by PropertyGuides for Rightmove