Foreign
Currency & Money Transfers
Certainly, if all you need is
five hundred pounds worth of holiday money, the convenience
of your local bank is worth that little bit extra.
If however, you need to purchase and transfer a larger amount of foreign currency,
the deposit for an overseas property for instance, you will be surprised by the
savings offered by the use of a specialist company.
We are pleased to recommend a
company with a proven track record for customer service
and the best exchange rates available, indeed, one
of the foremost exchange houses in the UK.
Specialising in the purchase and international transfer
of foreign currency as cheaply and efficiently as
possible, Sterling
Exchange represents your one-stop solution for
all matters relating to currency exchange.
Based in London, the brokerage
handles the purchase and sale of all major currencies,
guaranteeing to beat the exchange rates of any high
street bank and offering their services on a no commission
basis.
Below, you will find a typical example of the savings
offered by using the services of Sterling
Exchange.
For this example we will
assume you need to purchase and transfer £1,000
worth of Cyprus pounds abroad.
Please note that the currency of the destination country
is immaterial, as the figures remain the same regardless
of whether you need Euros, Dollars, Rupees or indeed
anything else.
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Banks
and Foreign Currency
But we digress.
Firstly, a bank will offer a weaker rate of exchange than you would be able to
achieve on the international money market, typically around half a percent
lower. Based on a transaction value of £1,000, you will lose £5
through this poor exchange rate.
Secondly, most banks will charge a commission, normally around two percent, which
amounts to another £20.
Since you need to transfer your money abroad, the bank will charge you a transfer
fee of around £25 to relocate your funds to their destination.
Once these rates, commissions and charges are added up, you will find that you
have lost around £50 or five percent of your initial £1,000 before
your money has even left the country.
Having seen this example, imagine if you
will the costs incurred by the exchange and transfer
of £10,000
worth of foreign currency for a property deposit or
even £100,000
to fund the entire purchase. The savings you can make
on a lump sum transfer are even bigger than those
illustrated above.
Moreover, if you need to transfer foreign currency
on a regular basis, to fund mortgage payments for
instance, the use of Sterling Exchange’s services could save
you thousands of pounds in transfer fees alone.
Please click here to contact Sterling
Exchange.
For Frequently Asked Questions about foreign
currency exchange, please click
here.
A little more information about Sterling Exchange's foreign
currency exchange services may be found here.
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