Peter Lavelle at foreign exchange specialist Pure FX, Buckinghamshire, U.K.
07.10.2011

As a member of the GlobeDweller community, you probably spend a lot of time changing currencies between different countries and sending money abroad. But how do you find better exchange rates? This can be an absolute minefield, given the hundred different things that are affecting the rates at any one time.

To help you secure better rates then, enjoy the 3 tips beneath.

1. Never transfer with your high street bank

Most people sending money abroad use their high street bank as their natural choice, believing that because the bank handles their other financial dealings it can help when transferring money. In fact though banks are non-specialists in foreign exchange - and frequently provide worse exchange rates than specialist exchange brokers like Pure FX.

For instance on a recent €200k transfer into euros Pure FX offered an exchange rate more than €6k better to our client than their bank - meaning you could receive substantial savings.

2. Plan in advance

Perhaps the next most important tip to get better exchange rates is to plan in advance. For instance, if you look into changing currencies months before you need to make the transfer, you can find out where the markets are at and avoid receiving a poor rate at the last minute.

In addition, to protect you against declines in the exchange rate closer to your transfer date, Pure FX can help to fix your exchange rate with a forward contract. This means you’ll receive the best possible rate for the highest savings.

3. Avoid companies that charge commission

The last thing to receive better exchange rates is to avoid companies that charge commission. Commission is when the business takes a percentage of your transfer total when transferring your funds. It is completely needless.

More honest companies like Pure FX for instance charge 0% commission, meaning there are no hidden fees or transfer costs when you transfer with us.

Find out more

To find out more about getting better exchange rates, feel free to go to the Pure FX website and contact one of our specialists’ dealers. We’re directly authorised with the Financial Services Authority in the UK no. 504354, meaning we deliver total transfer security, in addition to exchange rates guaranteed to beat your bank.

About Pure FX

A UK based company, registration number 5990857.
A registered Money Service Business regulated by Her Majesty’s Revenue and Customs, registration number 12253231.
Directly authorised by the FSA 504354 and also a member of the UK Money Transmitters Association.
Regulated under the Data Protection Act for the processing of information relating to individuals and businesses, registration number Z9876027.
Our principle Bank is Lloyds TSB and we have a designated ‘client account’ for client transactions.

Testimonials

“Thanks for the notification, the funds have landed in my account today. Without hesitation I would be happy to recommend Pure FX to friends or colleagues with similar needs. I have found the service to be helpful, efficient and effective. Many thanks for your help.” - Patrick McMahon, Essex

“Thank you for all your help over the transfer of money. It has all been seamless and we would be very happy to recommend your services to friends and colleagues.” Mr. and Mrs. Moore