How local banks are charging a lot higher for foreign currency payments than their competitors
On July 20, 2010 in General
If you are considering buying a property in another country or if you just need to send a one-off sum globally, and are contemplating doing the payment via your traditional bank, you are wise to refer to one of the foreign exchange professional companies to evaluate their charges with that being offered by your local bank for international money transfers. You will be most impressed to find out that these fx professional businesses give much more better rates hence they will save you a large amount of money per payment. How can they do this and banks not? These specialist businesses buy and sell currency at around 1% margin from the interbank spot rate whereas highstreet banks in most cases charge as high as 5% plus additional fees.