Today, there’s always a better deal to be had if you shop around, no matter what you’re buying. And with most businesses operating online, you can do all your shopping around without leaving the sofa!
This holds true for moving money from one currency to another, and it’s great to be able to compare rates from a few different brokers, so that you don’t feel you’re just taking the available option to save time.
The reason it’s possible to do this now is that like the banks, currency exchange brokers have also gone online. And they all want your business, so do their best to make currency transfers simple and easy. Take Hifx.co.uk as an example. You can set up an account online with them within minutes and once you have an account, you can move money with just a few clicks.
To get a quote on a transfer, you just put in the amount of currency you wish to move/buy and you’ll get a real time quote, with the rate clearly shown. If this suits you, you just click to confirm the transfer and the price is guaranteed for you. As soon as you’ve made the payment into HiFX, your money will be on its way, and you receive emails to let you know of the transaction progress until it is completed.
It’s a good idea to have another currency account set up so that you can double check you’re getting the best rate when you are ready to move money. So you can get a quote from HiFX and check that another broker won’t give you a better deal. It’s unlikely you’ll beat the HiFX rates though. They offer great rates because they move so much currency on a daily basis and have no storefronts and the overheads attached to that. However, it’s always good to check elsewhere and be sure you’re getting the best deal!