Foreign currency brokers
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To see our content at its best we recommend upgrading if you wish to continue using IE or using another browser such as Firefox, Safari or Google Chrome. Around four million Britons live abroad — and they all need somewhere to live. As well as a home abroad, many will also want to buy homes back in the UK — if they don't have British bases already.
Those with homes in the UK might have rented them out to boost their income. All this means huge sums of money moving between different countries and currencies to service mortgages, pay for property maintenance and move income from tenants to the owners' new home country. And that means grappling with exchange rate movements — as well as the mechanics of moving money between countries. Often, expats use banks to do this for them. But in recent years, more have turned to currency brokers to move money between countries — especially for big sums such as paying for property.
Find the cheapest way to send money overseas with Telegraph Money's comparison of providers.
Daniel Abrahams of the comparison site Mycurrencytransfer. Options have narrowed once again.
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New broom, same old 0. Currency brokers say there are a number of reasons they are attracting custom: Richard Brown, trader at Smart Currency Exchange , explained: Currency brokers offer a cheaper service than banks, and it's usually quicker, too. Nick Jones of World First said customers "want to be able to manage their finances on the go and send money around the world quickly and efficiently with the help of their own dedicated expert.
But it's not only about rates. David Kerns of Moneycorp said that brokers stand out because "you're unlikely to receive the same personal services at your high-street bank as you would from a foreign-exchange dealer who is familiar with your requirements and would be your point of contact on an ongoing basis if you made regular payments.
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Mark Bodega of HiFX also points out that the fees will be lower and transactions faster than with banks. By using a currency broker, the transfers will in most cases be free and transferred either the same day or within one to two working days, depending on where you're sending the money. However, those new to currency brokers may understandably be concerned about security, especially when large sums of money are being shifted.
Do make sure that the firm you are using is authorised by the Financial Conduct Authority — and don't be afraid to ask the company plenty of searching questions about how much business they do and how long they've been in business.
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Accessibility links Skip to article Skip to navigation. Saturday 17 June When moving large sums, you're better off with a currency broker The mechanics of moving money between countries, and grappling with exchange rate movements need not prompt a headache, as our finance specialist explains.
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