Specialist currency dealers and banks are the main suppliers of foreign currencies to foreign buyers. Both dealers and banks buy their Euros from the international currency market, add on their commission, and then sell the Euros on to you.
Most people buy their foreign currency from their bank. However, high street banks are likely to give you the worst exchange rates on the planet. So why do people still buy their Euros from banks? Partly out of habit – after all they have probably bought their holiday currencies from their bank in the past – but mainly due to a lack of insight into foreign currencies and who to turn to for the best rates.
The best place to buy Euros is a specialist foreign currency dealer. They tend to offer the best rates, lowest commissions, and specialist advice on how to manage exchange rate risks.
For Euros, British buyers of Spanish property may be better off dealing with specialist currency brokers, who tend to offer better exchange rates and more service than most high street banks.
HOWEVER, using a currency broker is not without risks, the most serious being the broker going bust whilst in possession of your money. So, before using a broker make sure they have professional indemnity insurance and use client accounts to protect you money. Also, make sure they are authorised and regulated by the FSA if you are based in the UK.
Save a fortune on foreign currency
Buy and sell currencies at the best rate with low commissions and transfer costs. Use a specialist broker and save a fortune. Having looked at all the companies out there, TorFX is our favourite foreign currency broker.
TorFX is a provider of foreign exchange services, offering competitive currency exchange rates for international money transfers and an unrivalled personal service to private individuals and companies with a foreign currency exchange requirement.