Get the Best Exchange Rates. Currency Exchange, Foreign Exchange, Money Transfer

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Whatever your reason for transferring money abroad, currency brokers will look to find you the best deal. When most people think about transferring money abroad their first instinct is to go to their bank. However, more and more people are now using foreign exchange currency brokers for international money transfer services. This is because currency brokers will not only look for the best ways to minimise risk when transferring money, they will also try to find the best exchange rates and transfer money to your the foreign account on the same day. When banks perform international money transfer payments they can often take a long period of time to clear and there is no guarantee that you are getting the best rate. Banks will also often add various different charges and fees to money transfer payments which foreign exchange currency brokers will avoid. It is almost always more profitable to make international money transfer payments through foreign exchange brokers rather than through a bank.

Company	Spread	Charges	Min Transfer	Transfer Methods	Transfer Options	Curencies	Banking	FSA Reg	HM Rev & Cust	Apply
World First Foreign Exchange	0.1-0.7%	£0 > £5000, £15 < £5000	£1000	Regular Payments, Spot & Forward Contracts, Stop Loss & Limit Orders, Hedging Strategies, Currency Options	Bank to Bank Transfer	47 CCY		Yes	Yes
	World First is hailed as the UK’s fastest growing foreign exchange company. They offer an extremely efficient personalized service and extremely competitive rates. Their philosophy revolves around retaining their clients not just for one trade but for a life time. With World First currency brokers you will never speak to an automated machine and there will always be someone there to answer your questions. Whether your money transfer needs are corporate or private World First will find you the best ways to exchange and the best deals. In 2010 the World First exchange transaction volume was more than £1.8 billion.
TorFX Foreign Exchange Broker	1% Max	£0 > £5000	£250	Spot & Forward Contacts, Regular Payments, Stop Loss & Limit Orders	UK Bank to Foreign Bank - Telegraphic Transfer / CHAPS / BACS	68 CCY		Yes	Yes
	TorFX is one of the UK’s leading foreign exchange companies. They do their utmost to provide the best exchange rates and expert advice in a simple and friendly manner. In 2011 TorFX transacted over £600,000,000 and in 2008 TorFX achieved 2nd place in the Sunday Times Fast Track 100 list, for being one of the UK's fastest growing independent companies. In 2010 TorFX achieved 23rd place in the Sunday Times Fast Track 100 list, for being one of the UK's fastest growing independent companies. TorFX are highly experienced in the money transfer business and can help you transfer your money.
Smart Currency Exchange	0.1-1%	£10 < £3000	£500	Spot and Forward Contracts plus Regular Transfers	UK <--> Foreign Bank	27 CCY		Yes	Yes
	Smart Currency aims to find you the most cost effective, safe and easy way to move your money. They do not charge any fees or commission on amounts over £3000. They will also do their best to eliminate overseas bank receiving charges when they transfer money aboad. The traders at Smart Currency are not paid on commission which means that the trader will be working for you not for commission when they look for the best way for you to transfer your money.
Currencies Direct Currency Exchange Broker	0.2-1%	£0	£1000	Regular Payments, Forward Contacts, Spot Contracts, Stop Loss Orders, Limit Orders	UK Bank to International Bank or vice versa	33 CCY		Yes	Yes
	Currencies Direct was the original pioneer of the non-bank foreign exchange market and is now firmly established as one of the UK's leading foreign exchange providers. With over 80,000 registered clients they are trusted to send billions of pounds overseas each year. Core to their business is the ability to offer private and corporate client's exceptional foreign currency rates that banks rarely beat.
Moneycorp Foreign Exchange Broker	0.25-1%	£0 > £5000	£5000	Regular Payments, Forward Contacts, Spot Contracts, Stop Loss Orders, Limit Orders	International Money Transfers	76 CCY		Yes	Yes
	Moneycorp is a foreign exchange and international payments specialist. They will monitor the currency markets on your behalf – achieving the best possible rates of foreign exchange, no matter how complex your requirements. Moneycorp offer free information and guidance on the markets, helping you decide on the best time to buy your foreign currency.

Warning About Foreign Exchange Brokers

Before you transfer money abroad there are a few things worth knowing. When you look at a foreign exchange company's rates or use a currency converter they will usually use the "interbank" rates. These are the true market rates – the rates which banks use when dealing with each other in amounts of over £5 million. For any amount under that the rates received will be slightly lower. When you change cash at a bureau de change for example the rates will often be 2% - 4% under the interbank rate due to increased processing costs. There is also likely to be commission on top of that. The foreign exchange brokers listed on this site will provide interbank rates for indication purposes only but they are likely to be from an external source and therefore the brokers will not guarantee their accuracy and won't be liable for any loss due to reliance on the interbank rates listed.

Warning About Trading Currency

It is important to realize that there is always a risk involved when trading currency. Trading currency is not the same as doing a money transfer. Trading currency involves investing in the Foreign Exchange (Forex) market. Over the past year there have been some record breaking highs and some serious lows. Any investment in the foreign exchange market should not be made with money that you can't afford to lose. The Forex market's average daily trading volume is over $3.2 trillion which makes it the largest financial market in the world. There is a high level of risk involved in trading foreign exchange. Before you trade think about what you are trying to achieve, your level of experience and risk appetite. It is likely that you may sustain a loss on your initial investment so don't invest money you can't afford to lose.

Currency Exchange

If you are simply looking to exchange currency then a money transfer service is not for you. You are best off looking for a foreign exchange company who will let you purchase holiday money or foreign currency in cash to take with you abroad. It is almost always cheapest to purchase foreign exchange online but do shop around as all of the companies are in competition with each other and some may offer better rates than others. It may also be worth looking into FX cards which work like prepaid credit cards which you can top up with £GBP which will buy you Euros or US Dollars which can then be spent in the countries which you visit. FX cards are good for security reasons and can be used just like a normal credit or debit card when you are abroad.

Money Transfer - Smaller Transfers

Money transfer or remittance services are used to send relatively small amounts of money (below £10,000) overseas. Payments can usually be made electronically, through a bank transfer or by debit or credit card, over the phone and online. The money can be picked up in a store, a bank and sometimes made directly into the recipients banks account. Money transfer or remittance services of this sort can often aid you transferring money to countries which other foreign exchange brokers would not operate in. There are likely to be fees on the transactions and the exchange rates may seem a bit more expensive than what you would get with currency brokers but these companies specialize in sending smaller amounts to countries currency brokers would not have access to.