- Posted by Jason on September 22, 2014 in Banking Global Money Transfer
Finding the best UK exchange rates is no easy task – it’s important to shop around and make sure you know what you’re looking at. The problem with money exchange is that there are so many ways that traders are able to mask hidden fees. As long as you know what you’re reading then this can actually work in your favour, but, buyer beware – make sure you’re up to speed on how it all works.
Before we discuss the best options for you to actually carry out your transaction, let’s take a look at fees, charges and currency conversion rates. The first thing you need to do, before you even leave the house, is check a UK currency converter. You’ll find a handy one at the top of the OrbitRemit home page, just next to the calculator. Once you’ve done a bit of basic market research, then you’re ready to start your quest to find the best possible deal.
How Free is Free?
The first thing you’ll notice is that there are two different models that currency conversion houses use. They either charge you a transaction fee or they don’t. At first glance the fee-free services obviously seem to be the best possible option.
This is not always the case however. Fee-free transactions sometimes come with heavily loaded exchange rates. You’re going to need to be armed with two things when you start looking at where to get the best exchange rates: a calculator and knowledge of how much you should be getting. If you’re dealing in large sums of money, you’re going to thank yourself for making the extra effort.
Where to Look for the Best Rates
You should check the banks, services that specialise in currency exchange such as Travelex, and any other operators in your area that offer the service. Factor in the fees, factor in the exchange rates and you will find, especially with larger amounts, that this shopping around will literally put Pounds (or Pesos, Dollars, Patacas or Euro depending on your situation) back in your pocket. Consider this: an additional one or two percent on top of an exchange rate if you’re changing 1000 pounds, could easily cost you 10-20 quid. That’s not an amount of money that you would want to throw away and get nothing in return – surely you’d rather get that extra bit of money back home to your family!
Transferring Money Overseas Online
If you’re sending money overseas for business purposes or you want to transfer money to a loved one, then you should also investigate online remittance services – we’ve done a comparison chart of some of the major players here. Online remittance services make it fast, easy and quite often much cheaper to send money anywhere in the world from the comfort of your living room.
As with any service or product, the key to finding the best money exchange rates is to shop around and make sure that you are informed. The major danger with currency conversion, is that it is very easy for operators to pad the rates and hide what can sometimes be very substantial fees in the transaction. So do your due diligence and find out if a company’s rates are fair before you hand over your hard-earned cash.
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