Currency Exchange Case Studies

It is extremely important to understand the principles of using a currency exchange broker. If we cannot explain clearly you will go back to your trusted bank to arrange the transfer. Not only will these possibly charge for the service they'll not get the best deal. No... excuse me... they will get the same deal we can get but they will appropriately charge a higher return because they have superior overheads.

It is common for the banks to charge between 2 to 4% on top of their wholesale purchase of currency. 95 times out of 100 we will charge less than 1% (the 5% will be for third world countries, especially those with a civil war).

Rather than explain further allow us to give some real situations...

Check out our following case studies and determine which one might be similar to your own situation.
 

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Case Study
In November 2007 Simon from Gloucestershire wanted to invest in a property in Miami, mainly because the dollar was weak against the pound. He had £175, 000 to invest which was going to buy him a substantial property. He'd been given a quotation from his bank at US $1.80 / £1. A broker in comparison could achieve US $1.84 to the £1; plus of course these brokers don't charge any incidental fees. Simon if he would have gone through his bank would have got $315, 000; but because he chose a broker they were able to secure $322, 000. This saved Simon $7, 000 almost £3, 400
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Case Studies Currency Exchange continued...

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We know that changing currency for property purchases abroad can be a daunting possibility, but if you don't proceed with caution you could be wasting £15, 000.

The whole proceeding of changing currency is complex; especially for those who may only use such a service once on their lifetime.

Foreign Currency SNIPPET...

Trichet signals end to rate rises [at Financial Times] - Financial Times - Thu 03 Jul, 01:40 PM
The euro fell from a ten-week high against the dollar on Thursday after the European Central Bank indicated that it might have reached the end of its monetary tightening cycle.
If a currency strengthens or weakens against another, what does that actually mean to you?! In order to understand currency exchange matters, it's often easiest to review real situations with real losses or gains.

Please check out our frequently asked questions page...

Frequently Asked Questions

Foreign Currency SNIPPET...

Trichet signals end to rate rises [at Financial Times] - Financial Times - Thu 03 Jul, 01:40 PM
The euro fell from a ten-week high against the dollar on Thursday after the European Central Bank indicated that it might have reached the end of its monetary tightening cycle.

EU countries using the euro: Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, Slovenia and Spain.

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