International money transfers often come with a lot of hidden fees. Find out how to save when transferring money abroad by using a foreign currency broker for your expat foreign currency transfers.
Making an international money transfer can often be an expensive endeavour, with your money being slowly chipped away during the exchange by a poor rate and various fees. But by making use of a reputable foreign currency broker, you can make the most of your international money transfer.
It doesn’t matter if you are making a one-off foreign currency transfer or if you make them regularly, you could potentially save a lot of money by taken advantage of the specialised services offered by a leading currency broker. International currency broker TorFX discusses the benefits of using a currency brokerwhen making your foreign currency transfer.
What makes a foreign currency broker a better bet to a bank?
Maybe you’re thinking about emigrating or are planning to buy a little holiday retreat abroad. In either case, you’re likely to be transferring a lot of money, and choosing a foreign currency broker instead of a high-street bank could net you savings of hundreds or even thousands of pounds.
Currency brokers can often offer you more competitive foreign exchange rates than your bank, making sure your money retains as much of its value as possible as it’s transferred into your desired currency. By using a currency broker you can also avoid the transfer fees levied on your transfers by most banks.
This transfer fee is added to each trade, so if you are making smaller regular international money transfers (like moving your monthly pension payments abroad) you may find using a bank becomes cost prohibitive.
Avoiding these fees can result in serious savings over the course of the year.