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Foreign Exchange

Foreign currency exchange
To buy Euros, Sterling or Dollars from your bank to fund an overseas property purchase, to buy a car or to transfer pension payments may be convenient - but it sure is expensive!



The Sunday Times recently said: "Banks levy hefty fees on such foreign-exchange transactions, costing consumers an estimated £1 billion a year."

They went on to calculate that a typical consumer would save over UK£3,000 (over €4,300) by buying €100,000 from a FX specialist rather than from the bank - now that's a lot of money!

If you want to buy a few hundred Euros, Pounds or Dollars for a holiday, maybe the convenience of a high street bank is worth the cost.

But it's a whole other ballgame if you need a big chunk of foreign currency to buy a car, for a deposit on an overseas property, or if you need to make regular transfers abroad for living expenses or to fund a mortgage on an overseas property.

If you are in the market for foreign exchange, either as a one-off transfer of a lump-sum or for regular payments, do find a better option than your high-street bank. Believe me, the savings are well worthwhile and it's much easier than you think!

How to get a better deal

Voltrex are based in London and handle currency exchange to and from all major currencies.

It doesn't matter where in the world you live, how much you want to transfer or what currency you're buying or selling
.

They guarantee to give you a better exchange rate than any bank with no commission or transfer fees whatever.

To see what Voltrex can do for you, click here to email John Paul.

John Paul is very friendly and helpful and very good at explaining how foreign exchange works. And he'll guarantee you a better deal.


Here is an alternative from HSBC Australia.

Is there a better foreign exchange deal?

You bet there is! (see panel at top right).

Businesses don't pay tourist rates for foreign exchange, nor do the majority of people buying property or living abroad - and neither should you. High street banks won't tell you there is a better alternative - why would they? That's how they make record profits year after year!

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Foreign exchange for overseas property

How much can you save on foreign exchange?

Let's look at an example. It doesn't matter whether we are talking about £, $ or € - the figures are the same.

First, the bank will give you a lower exchange rate than they get on the money-market - say 0.5% lower - so you lose 5 per 1,000.

Then they charge you an exchange commission of say 2%, that's another 20 per 1,000. And then, if you want to transfer the money abroad, they'll charge you a currency transfer fee of, typically 25.

So you end up paying the bank 5 + 20 + 25 = 50 just to transfer 1,000 abroad - that's 5% - now that really is expensive - especially if you need to do it every month, or if you want to transfer a 100,000 lump sum payment.

Where do I get a good deal on foreign exchange?

Well, in recent years, a whole new breed of specialist foreign exchange companies have sprung up, precisely because the banks charge so much for this service.

What these companies do is to buy your currency direct from the foreign exchange market at wholesale rates.

Where a bank will charge you about 0.5% more than they can buy it for, a specialist foreign exchange company only charges about one fifth or that - 0.1%. The bank will then add various other charges as mentioned above but these specialist companies typically add no other charges - they make their money from the 0.1%.

We've spoken to about a dozen of them in the last six months and we've found one company, Voltrex, who offer a very good deal, great service and who specialise in dealing with private individuals.

For more details of why we recommend them, see the panel to the right.

We recommend ...

Voltrex guarantee to give you a better exchange rate than any high street bank. In addition, they charge no commission and no transfer fees whatever.

That makes them particularly attractive if you need to make regular transfers such as mortgage payments or pension transfers.

Of course the savings are even bigger when exchanging a lump sum!

To see what Voltrex can do, click here to email John Paul.

One of the things we particularly like about Voltrex is that you are assigned an account manager whose job it is to deal with you throughout, providing advice and assistance on all aspects of your foreign exchange dealings. You probably don't even get that from your local bank!

Disclaimer

Nothing on this site should be construed as financial or legal advice. If in any doubt, we recommend you consult a professional adviser.
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