cheap accountants - foreign exchange

It can be difficult to secure the best foreign exchange deals especially when currency rates are constantly moving and global events weigh down on the global economy increasing the rate of change within the currency market. We will here focus on getting the best value for those make regular currency transfers throughout the year and this could be for either business or personal use. Anyone who is seeking to purchase holiday currency will also benefit from the following advice.

No Fees or Zero Commission

When searching for the best currency exchange deals you should look beyond the obvious “no fees” or “zero commission” as these always contain hidden costs that impact the real rate you receive. These deals are often well below the market rate and you will lose cash compared to the best available options. This can amount to a considerable sum if you are transferring a large amount overseas such as a deposit for or down payment on a foreign property.

The High Street Bank

The second place to avoid is your high street bank. The majority of deals offered by banks do not represent value for money and offer low exchange rates when compared to the market rate. This is how the banks make large profits. There are a number of alternatives to the high street bank who offer far better exchange rates which results in more cash for you.

TransferWise

One of the best and most simple options we found when comparing a number of foreign exchange providers is TransferWise. This company offers a handy app that can be used on your smart phone and the rates offered are the best around and very hard to beat. You will find that TransferWise is very simple to use with all currency transfers completed reliably and very quickly. We like transfer wise so much that we now use this for all of our own foreign exchange transfers. TransferWise don’t send money overseas but complete transfers via a network of local bank accounts in each country which allows for very low-cost bank account transfers. These savings are then passed on to you. The exchange rate you receive could result in 10% to 15% more cash in your pocket.

MoneyCorp

Another great option is MoneyCorp who offer very competitive rates to business and personal users. The rates offered by MoneyCorp are very similar to those offered by TransferWise and this is our second choice option for the currency transfers we complete. You will need to transact all transfers either via your online account or over the telephone. An online account is fairly easy to open although slightly more onerous than using the app provided by TransferWise.

Other Options

If you are more concerned about speed and need money to reach an overseas destination instantly you may want to consider Western Union, MoneyGram or even PayPal. These services are more expensive and you won’t receive a market leading exchange rate but they could be useful for low value currency transfers. PayPal was in fact the most expensive option that we could find so we would certainly advise against using PayPal to transfer money overseas and only use this as a last option.