Personal Money Transfers

Personal and Private Money Transfers payments over £5000.

Business Money Transfers

Make currency exchange payments for your business. Better rates than a bank.

Banking Exchange Rates

High St Banks or Currency Brokers? Cheapest way to send money overseas.

Cheapest Way to Transfer

Cheapest Way to Transfer Funds Internationally secure and safe transfers

Types of Currency Exchange Options Alternatives Available

FC Exchange

FC Exchange

Minimum Transfer
Max Transfer Fee
Margin Rate
Rate Per Single Unit
250000 GBP
gets you
FCA Regulated
£5000
15
0.7%
1.169
292,264.73 EUR
FCA Regulated

RationalFX

RationalFX

Minimum Transfer
Max Transfer Fee
Margin Rate
Rate Per Single Unit
250000 GBP
gets you
FCA Regulated
£500
0
0.7%
1.169
292,264.73 EUR
FCA Regulated

Foreign Currency Direct

Foreign Currency Direct

Minimum Transfer
Max Transfer Fee
Margin Rate
Rate Per Single Unit
250000 GBP
gets you
FCA Regulated
£5000
0
1%%
1.166
291,381.75 EUR
FCA Regulated

EigerFX

EigerFX

Minimum Transfer
Max Transfer Fee
Margin Rate
Rate Per Single Unit
250000 GBP
gets you
FCA Regulated
£5000
Free
1%
1.166
291,381.75 EUR
FCA Regulated

Quick Quote

Get a quick quote

What are the different types of currency exchange options available? And why does the high street bank not make these available? Well, the main reason your bank so not offer various currency exchange options. Is that they want to maximise the money they get and the only reserve these for special business clients.

Most noteworthy, different Types of Foreign Exchanges Services for Private Individuals. Consequently, the below is a basic outline of the services offered. By most non-bank providers for Individuals looking to make international payments or transfer money overseas.

Currency Exchange Options Available

Currency Spot contract?

A currency spot contract is a one-off payment usually used by clients with an immediate requirement to transfer funds. Clients are offered the rate of exchange at the time they wish to conduct their transaction. A legally binding contract is set-up with the agreed rate of exchange and as soon as the funds are received in full. The money is transferred to the beneficiary account.

Most non-bank providers send the money as express payments via SWIFT. (Society for Worldwide Interbank Financial Telecommunications). A highly-specialized and secure messaging service. Ensuring monies are deposited as quickly and as securely as possible into the required account.

Currency Forward contract?

Currency Forward contract is the buy now. Pay later option of the foreign exchange. It allows you to fix an exchange rate for up to two years and protect yourself against any movement in the market rates. Clients are offered a rate of exchange to which they agree on a specified timeline. (Options include 6 months and 1 year).

A deposit (usually 10%) is required up front. And a maturity date will be set based on the agreed timeline of the client requirements upon which full settlement of funds is expected. This option is popular with clients who would like to remain within a set budget. And have international payments due on set dates in the future.

Currency Time Option?

Currency Time Option is similar to a forward contract but allows you the flexibility to draw down some or all of your funds up to three months prior to the maturity date you have set. So offering the ability to make staged payments for a property purchase or require more flexibility than a forward contract allows. Most of all offering flexibility and more control.

Rate Watch Facility?

Rate Watch Facility. Most foreign exchange providers offer a rate watch facility. Whereby an individual can notify their dealer of the rate they are looking for. Consequently, the private dealer will watch the rate and notify by text or email as soon as the specified rate of exchange is achieved.

Currency Limit order?

Currency Limit order is if time is on one's side. Enabling the ability to hold out for a really good foreign exchange rate.  So individuals are able to specify the rate of exchange they would like. A contract is agreed for the provider to purchase the funds on your behalf as soon as the specified rate is achieved. The provider will then transfer the funds when the level is reached. So this option is ideal for when payments don’t have to make an immediate payment or alternatively a specific budget is only available.

Therefore individuals with monthly or quarterly payment requirements are able to set up a direct debit for their regular transfers. So the rate of exchange is based on the set day of the direct debit. And removes the hassle of sending payment instructions on a monthly/quarterly basis for those who have regular commitments that need to be met. In addition, certain providers will conduct regular payments for their clients free of charge. But there is usually a minimum requirement for this service.

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