An American friend recently came over to visit and on a brief sojourn around the London streets, she decided the couple of hundred dollars in her purse were of little use to her and decided to undertake a spot of currency exchange. Visiting a dedicate foreign exchange bureau, she thought that she would get as good a rate as anywhere else, and it wasn’t until she walked away that she realised she had actually effectively given away nearly one hundred dollars.
Very few places dealing in foreign exchange will actually clearly explain the charges involved and many also hide them under terrible exchange rates and confusing jargon. But if one person can lose nearly half of her money in a single transaction at an apparently reputable and dedicated place, it is a pretty damning indictment as to just what happens every time you convert money.
Changing holiday money is one thing, but when it comes to making transfers to other countries or buying large quantities of currency for purchases abroad, getting the wrong exchange rate and paying huge fees can suddenly make a huge difference. So just how can you make such transfers or buy currency without fear that the money coming out the other end is going to be far less than the money you put in?
Currency exchange on a large scale is usually based around buying certain products, and should the amount that comes out the other end have had hidden fees subtracted from the amount, you could find yourself with some very disgruntled sellers or actually end up missing out on a purchase altogether.
Instead of going via banks or high street exchange bureaus, try specialist companies online such as Pure FX who effectively broker transactions and let you know exactly how much you are getting for your money and the cost of any fees right from the start. In turn, you will get a far better rate, far lower fees and a transaction in which you know where you stand at all times.