When you need to transfer money overseas your instinct might be to go straight to the bank. This is a reasonable thing to do, however it is not necessarily the best thing you can do for your money. Instead, you might consider approaching a foreign currency exchange, which, as we shall see, will be most well-equipped to help you.
As foreign currency exchanges are specialist in terms of sending money abroad, they will be able to give you their undivided attention. So, in real terms this means that you will get a personal broker. The advantages here are many, and they will be able to offer you a bespoke service and advise you as to the best time to send money abroad.
The main thing that people want when they send money abroad is a good exchange rate. Specialist foreign exchanges have all the knowledge and expertise required to help you get the best exchange rate. Also, typically they will not take a commission, unlike a bank for example.
These days security is paramount. The threat that bank accounts will be hacked and funds redirected is real, and the threat is getting worse by the day. Modern currency exchanges need to be well equipped against this threat, even if it means using secure bank accounts to receive client funds.
So, don’t necessarily follow your instinct and use a bank when you need money transfer services, and instead consider using a specialist foreign exchange.