Currency Exchange
16/11/2010 by Daybase.
Would I criticise the banks?…. well, probably I would!
Do I believe the banks give us a good deal when it comes to sending money abroad?……. Absolutely not!
For those of you lucky enough to be getting ready to send the purchase money to France, Italy, Spain, Canada or whichever little part of the world is to become yours stop and think before you do. Do not simply rely on your bank to transfer the money on your behalf no matter how helpful and friendly your local branch may be - it could be a decision that could cost you hundreds if not thousands of pounds on the exchange rates alone.
When we are changing £100 into euros for a day trip to Malaga then a percentage point or two may be relatively insignificant and convenience may be more important - “what is a couple of quid here or there anyway?”. What if that £100 is £100,000 that “couple of quid” could be a “couple of grand” or that £200,000 villa could cost you an extra £4,000.
Banks, like most of the high street offer (despite my personal bias) good general middle of the road, usually, convenient and hopefully reliable service but there are times you need a specialist. The local newsagent deals with money all day every day but you would be unlikely to ask him to prepare your tax returns!
There are companies like Foremost that specialise in foreign exchange transactions and offer commercial exchange rates, lower commission charges and can transfer money around the world with all the efficiency and security of your local Royal Bank of Halifax West plc. So if you are thinking of transferring money overseas (or back here for that matter) or if you have dollars that you want to convert to euro or any other foreign exchange transaction let us know - we can probably help (or we know a man that can!)
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