FOREIGN CURRENCY EXCHANGE OPTIONS

There are many ways to buy foreign currency today. From traditional Travel Money purchases such as cash and Travellers' Cheques to large Foreign Exchange Transfers – even if you need to send money to family and friends based in another country – there are many services to choose from. In general, normal credit cards providers and traditional banks can end up being a worse value option as they may incur fees for carrying out a foreign exchange service.

Whatever your Foreign Exchange needs, we have compared and listed expert companies offering highly competitive exchange rates and services so that you may choose far better deals than via standard channels.

Foreign Currency Exchange for Corporate Clients

Whether your corporation runs import and export of international goods, requires a fast and secure way to pay for overseas suppliers or needs a high performing and efficient international investment platform, a specialist foreign exchange brokerage can handle those needs. Foreign exchange brokers are highly trained professionals within the currency exchange market and handle large volumes of international currencies each day.

Most foreign exchange specialists offer a separate corporate and private client service, so you know your orders are carried out to the right standard and with someone who has your firm’s best interests in first place. The requirements of a corporation are usually vastly different to those of a retail investor and your personal trader will discuss a wide range of hedging strategies with you, from forward contracts and options, from high tech to straightforward vanilla.

The exchange rates and spreads you and your firm will be offered are highly competitive and hard to beat; you can choose from an execution-only service or hand over the reins to your trader with a full dedicated advisory option. Regardless of the size or frequency of your firm’s currency exchange activity, let your broker discuss a tailor-made service with you – and no call centres to deal with, ever.

Corporate Clients - Foreign Exchange
Corporate foreign exchange services for companies

Foreign Currency Exchange for Private Clients

If you are planning to send a significant amount of money (around $10,000 and over) abroad, then you should consider the services provided by Foreign Exchange banks. These institutions specialize in offering the best currency rates available. They provide a far superior method of transferring money than using your regular bank.

Foreign Exchange banks offer services for both individuals and companies. You might want to buy an overseas property or perhaps you are emigrating to a new country and will need to transfer your bank balance abroad in the most economically efficient way possible. As well as offering an exceptional exchange rate there is rarely any commission attached to the transfer – unlike traditional banks. The only fee which may apply on smaller transfers could be around $15 (the Foreign Exchange bank will state the minimum amount for free transfer).

Commercial Foreign Exchange banks make their money because they access currency at the Interbank rate. They take a small margin on this when the money is bought by the consumer or business. However, unlike a traditional bank, the large majority of the rate is passed directly on to the customer – resulting in big savings.

Private Clients - Foreign Exchange
Private foreign exchange services for private clients.

Money Transfer Online for Smaller Transfers

Which Way To Pay Australia lists a wide range of good Money Transfer companies. They allow you to send money abroad to family and friends in the cheapest, safest and fastest way possible. These are best used for smaller transfers – if you want to send over around $15,000 then a Foreign Exchange specialist service might be a cheaper and better way to go. However, for smaller amounts then a Money Transfer company can offer a range of options, from online transfers to traditional branch-to-branch services.

When you pick a Money Transfer company, there are some things to bear in mind – for one, think about where your recipient is. Does the transfer company service that destination? Does your recipient have the same capabilities as you (such as email/internet connection)? If they don’t, then a branch service would be better suited to them. Using a Money Transfer service like the ones listed in this section is a much more cost-effective way to send money to other countries than the method offered at your normal bank.