Excellent Exchange Rates, Award-Winning Service
Bank or Broker – What’s the Difference?
Many people choose to use their bank to move money overseas as they think it’s the simplest solution. However, when it comes to making that money go further, using a leading currency broker like TorFX could prove both more convenient and more cost-effective.
So, what’s the difference between using a bank and using a currency broker?
- Exchange Rates: As banks tend to work from different margins than currency brokers, the exchange rate they offer their customers can be less competitive. Even a variation of a couple of cents per Pound can have a massive difference on how much you receive, so securing an excellent exchange rate is important if you want to get the most for your transfer.
- Transfer Fees: The type of international money transfer provider you pick also has an impact on whether or not you’ll have to pay transfer fees. While most banks levy fees, currency brokers like TorFX won’t charge you a thing for managing your transfer. If you need to make regular overseas payments, not having to pay transfer fees could result in significant savings over the course of the year.
- Dedicated Account Management: As currency brokers focus solely on international payments, they’re able to offer their customers a far more personalised service than banks. At TorFX, for example, all customers are assigned their own dedicated Account Manager. As well as being a constant point of contact, Account Managers are able to keep you informed of the latest market movements and offer invaluable guidance about the best transfer options for your needs.
- Expert Insight: The currency market is extremely volatile, with exchange rates having the potential to move dramatically in a very short space of time. All the movement makes it tricky to plan the best time to move your money abroad, so the expert insight currency brokers are able to provide really comes in handy. As well as being able to answer any questions you might have, they can send you regular market updates, covering all the latest currency news and exchange rate forecasts.
- Specialist Services: With some banks your only transfer option may be a ‘spot contract’ – where your currency is bought and sold on the spot at the current exchange rate. However, currency brokers offer a range of specialist services which can be adapted to suit your particular requirements. For example, if you know you’re going to need to move money abroad in the future and are concerned the market may move against you, you can use a ‘forward contract’ to fix an exchange rate for up to two years in advance. Alternately, if you need to move money abroad numerous times throughout the year, you can set up a Regular Overseas Payments plan and arrange for transfers to be carried out automatically on your chosen date. Transfers managed this way will also benefit from an excellent exchange rate and no transfer fees.
Why Choose TorFX?
TorFX is a leading foreign currency exchange provider with over a decade of experience in managing international payments.
Since 2004 TorFX has looked after the diverse currency transfer requirements of over 60,000 private and 5,000 corporate customers, processing in excess of £1 billion in international payments per annum.
As a multi award-winning currency provider, TorFX has built its reputation on the back of offering its customers excellent exchange rates and exceptional customer service.
With TorFX Online, customers also have an easy means of managing international currency transfers between £100 and £15,000 24/7.
TorFX won the International Money Transfer Provider of the Year award at the 2016 Consumer Moneyfacts Awards and also took home the overall accolade for Best Customer Service – beating more than 100 other companies across 24 categories, including household names like HSBC.
As TorFX takes fund security seriously, the company is authorised by the FCA, operates segregated client accounts and holds the highest credit rating with Dun & Bradstreet.