As people get to send more and more money abroad (and receive more and more currency from abroad) it has become essential to understand the rules of the game and minimize time, cost and worries. As some people have been dealing making foreign exchange via banks, a growing number of individuals are finding in foreign exchange (FX) companies a trusted partner for foreign exchange transfers.
In this article, we will objectively compare between banks and fx companies based on different parameters.
- Cost Effectiveness: Fees & Spreads tightness – FX Transfer Rates
- Transfer speed: Days taken for making transfers
- Customer Support: Assistance, advisory and follow up
- Clients Satisfaction: Client Reviews via dedicated portals
- Payment optimisation: Whether using foreign exchange services helped reduce recipient fees.
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What is 0% Commission Money Transfers & Currency Exchanges?
Though we focus on the comparison of FX companies and banks, Bureaux De Change are also an option when it comes to both exchanging money and transferring it online (some companies at least like MoneyGram would allow electronic transfers).
Some of them advertise 0% commission, but it is falsified. This is how currency exchange firms make money and there is no who is doing this for charity.
The exchange offices are pretty bad with rates traditionally, although usually better than banks, but the ones on airports are even worse, and can charge as much as 10% spread, which is insane.
They are better avoided, especially if advertising 0% commission.
Having gone through each section, assessed each parameter, and performed deep analysis, it appears obvious that FX Companies services, who specialise specifically at FX transfers, are superior to banks’ from several perspectives:
- They enable individuals and businesses to save money through tighter exchange rate quotes and lower fees (no fees above a certain transfer amount)
- They enable to process payments in a quicker manner while avoiding delays.
- They have a tailored approach which enables clients to smoothly transfer payments, capture market opportunities and stay alert to market developments.
- Naturally, they trigger way more customer satisfaction and loyalty thank banks.
Shall you be considering making an , then you definitely have all the reasons in the world to do so via an international money exchange and transfer company. Moreover, there are differences and some companies would perform better than others. For this reason, we invite you to refer to our individual reviews here and take them into account in your decision making process.
Put simply, as banks’ core job is to match money lenders which money borrower, International Transfer Companies core job is to provide you with an amazing customer experience when making fx transfers overseas.
View our best international money transfer services on our homepage or read about the best way to transfer money abroad, in order to find the best foreign exchange company for international transfers in the UK or wherever you need. If you are looking for a comprehensive list of foreign exchange companies you can view our full providers list here.