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Get a better deal on International Currency Transfers

There are far better ways to handle international currency transfers than your local bank. By using a currency broker, you're getting a better exchange rate, and saving on commission charges.

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International currency transfers are cheaper using a specialist broker

 
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If all you need is a few hundred pounds worth of holiday money, the convenience of your local bank is worth a little extra. If however, you need to purchase and transfer a larger amount of currency, you'll be surprised by the savings offered by currency trading brokerages.

 

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International Currency Transfers FAQ
Using a Currency Trading Brokerage
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Introducing Sterling Exchange

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 handling foreign currency purchases and international currency transfers as cheaply and efficiently as possible, Sterling Exchange represents your one-stop solution for all matters relating to currency exchange. Based in London, this currency 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.

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Below, you’ll find a typical example of the savings offered by using a broker's services

For this example we’ll assume you need to purchase and transfer £3,000 worth of Euros to the Laiki Bank's branch in Protaras to fund a deposit payment. 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 Rubels.

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. Even based on a transaction value of just £1,000, you will lose £15 through this poor exchange rate.

 

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Secondly, most banks will charge a stealth-commission, built into the exchange rate. This is normally around two percent, which amounts to another £60. Since you also need to make an international currency transfer, rather than just move the money to another account within the UK, the bank will charge you a transfer fee of around £50 to relocate your funds to their destination. Once all rates, commissions and charges are added up, you will find that you've lost almost £125.00, well over four percent, of your initial £3,000 before your money has even left the country.

Given the poor exchange rates you're getting for your Pound in the first place these days, it makes sense to save as much as you can on your international currency transfers.

And as the amounts grow, so do the charges...

Having seen this example, it's easy to calculate the spiralling costs incurred by the exchange and transfer of £10,000 worth of foreign currency for a property deposit or even £150,000 to fund an entire purchase. The savings you can make on a lump sum transfer of this size are even bigger than those illustrated above. Moreover, if you need to make international currency transfers 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.

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A Little Tax Information

Whilst you will save money on your foreign currency transactions by using a currency trading brokerage instead of a bank, they will be no help when dealing with the Cypriot Ministry of Finance or the Inland Revenue Department. And if you're contemplating a move to Aphrodite's Isle, there are a few things you should know about tax in Cyprus, despite the Republic having one of the most favourable tax climates in the EU.

 

Disclaimer. Please note that the information given on this website is displayed for guidance purposes only. It does not replace the need for professional advice, either legal or otherwise. E&OE

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