Finding a good Foreign Currency Exchange Broker

If you are making a large purchase overseas, doing a business transaction in another country, moving abroad or selling your overseas property, it is recommended that you find a good Foreign Currency Exchange Broker, rather than relying on your bank or building society.

Banks will often take advantage of the fact that you know little or nothing about the foreign exchange market.  However, opening an account with a Foreign Exchange Broker should mean that you will receive a better deal on your exchange.

With hundreds of different brokers offering their services, what important things do you need to look for?

Firstly, you need to ensure that the individual or company is accredited with the appropriate financial and governmental institutions such as: Financial Services Authority, Data Protection Act, Companies House, HMRC (Money Laundering Regulations)

Ideally, you should be offered more than one payment method to facilitate payments and transfers; e.g BACS, CHAPS, Cheque, Standing Order

A good broker will offer you free advice with no obligation.  Expect to be informed about the various ways you can cut the cost of your purchase or transfer, such as; Forward Contract, Limits Orders, Stop Contract

Additionally, an informative website or e-mail subscription service with up to date currency market data and advice is a good indicator that the broker is experienced in his field and serious about providing a good service to clients.

At SatWorldwide we keep our customers updated on currency market insights via regular news articles, e-mail updates and via Twitter  and our Facebook page

Our offices are located just a over an hour away from London.