Looking For Bank Beating Exchange Rates?

6 June 2012 14:00 - Florence Fullalove

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Looking For Bank Beating Exchange Rates?

Many people in South Africa would go to their banks first when looking into currency exchange but you are unlikely to get the most for your money. Whether you are a private or a corporate client if you are looking for currency exchange services why not consider using a foreign exchange broker? As foreign exchange is the main focus of a currency specialist, they buy currency in bulk and can obtain wholesale rates, with these savings passed on to their customers. Foreign exchange brokers also work with live rates and as such they can get far closer to the interbank rate than the banks, therefore their clients can make big savings.

Foreign exchange brokers will offer highly competitive exchange rates whereas banks will apply a significant margin to the interbank rate and will charge substantial transfer fees every time you transfer money overseas. If you are making multiple transfers over the year this can become an expensive method of transfer. Banks also have considerably larger overheads than foreign exchange brokers. Foreign currency specialists will not charge a fee on your overseas currency transfer, as long as you are sending above a certain amount.

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