Offering you the best deals on currency exchange
How does currency exchange work?
The currency market is one of the fastest moving exchanges in the world, so understanding it and getting a grasp of the true associated cost of buying or selling currency is not always a simple task. Most currency pairs can easily move 1-2% on an average day, and even into double % figures with certain market moving announcements.
The first thing that needs to be understood about the currency market is the Interbank rate. The Interbank rate, is an exchange rate that is used by banks to conduct wholesale foreign exchange transactions, in both the spot market and forward market.
The Interbank rate is also known as the mid-market rate, which is the median average between the buy and the sell prices of the two currencies to an exchange rate – this is what the buyer is prepared to pay and what the seller is prepared to sell for. It is this, that all providers and banks will align with when buying or selling currency on behalf of their client.
Where can I find the best providers to send money abroad?
Until now, many customers have had very little visibility on the associated cost of currency, as the real exchange rate was never readily available or provided by banks, the illegitimacy of which was highlighted by the Financial Conduct Authority (FCA) in their reports surrounding fixed Forex trading. However, thanks to first4currency.com, that is changing as holiday goers, expats and city travellers now have access to transparent pricing with global leading FCA Regulated and Authorised providers. Simply follow our quotation process and compare the very best providers and rates for your international money transfers and holiday money.
Do foreign exchange companies make the same amount on my transaction?
Through our experience working in Foreign Exchange, we have never stumbled across any two businesses that have the same annual FX volume, where the associated ‘currency cost’ was equal. When we mention ‘currency cost’ and ‘equal’, we mean the amount that the provider takes from each transaction.
Are banks the best place to get my holiday money?
There is a perception in the market that some banks and other providers have better currency pricing than others, due to ‘liquidity’ or that they simply have ‘favourable rates’, due to their position in the market. It is important to understand the aspects and truth of pricing and not to take these comments as conclusive, as most providers will be using the same liquidity providers, meaning they all have access to the same market rate, being the mid-market or inter-bank rate.
Many of our customers thus far, did not have any visibility on the currency pricing being offered with their previous providers. Many were confused by currency pricing and in some cases, just turned a blind eye to it and didn’t review their hidden charges. For our customers, being left exposed to inconsistent cost and concealed pricing, had been extremely costly until they found First4Currency.com. This is due to our ongoing commitment in offering transparent and fair pricing for all our customers. Cutting associated cost and offering an honest pricing framework so you always know your currency exchange cost, enables you to get the best deals on currency exchange.
Where can I get the best currency exchange rate?
Inflated currency exchange pricing structures continue to cost the public hundreds of thousands every week. At first4currency.com, we are committed to providing not only competitive rates, but providing our customers with the best market rates at every opportunity, meaning you can afford to buy a few extra snazzy shirts from the market on your holiday, or simply transfer that extra bit of cash! So go ahead and retrieve your quote from us today and see how much you will save against other market offerings.