What is a currency broker and how can they help?
In simple terms a currency broker typically provides businesses and individuals with a variety of currency conversion and international payment services. In the main, most businesses with a currency exchange requirement will be importers and exporters that are paying suppliers internationally or repatriating overseas income. Most private clients typically transfer currency to purchase a property internationally, or send money overseas for general living expenses and pension payments.
In either case clients will take physical delivery of the currency purchased and will subsequently make one or multiple payments to their nominated beneficiary bank account. The funds can be sent to the clients own bank account or to a nominated 3rd party account domestically or overseas.
Traditionally, most businesses and individuals use their bank to conduct their currency transfer. However, payment transfer fees are normally quite high and the exchange rates are usually not that great. As a currency broker and money transfer specialist, Brompton Financial acts as a great alternative to clients using their bank for their currency transfer. We regularly save our clients money by providing them with fantastic exchange rates which is backed up by our “Best Exchange Rates Guarantee”.
But how can we offer better exchange rates than the banks? It’s quite simple really. The exchange rate that you see advertised in the media is often referred to as the 'interbank rate'. This exchange rate is only available to central banks and financial institutions converting billions in foreign currency.
Because we purchase over £4bn in currencies annually, our buying power means that we have access to the most competitive exchange rates available. Our investment in technology has also enabled us to streamline our operation, enhance our processing efficiency and drive down our costs. This is great news for you, because we pass these savings onto our customers in the form of consistently competitive exchange rates. We don't charge you a transfer fee either, and there are no other hidden costs.
As a currency broker, we also provide you with access to a suite of tools that can help you execute your trade at the optimum time, saving you even more.
But why should you use Brompton Financial for your currency transfer? Most currency brokers will claim that there is no charge to convert your currency using phrases such as ‘commission free’ and ‘zero fees’. However, what they don’t tell you is that they make their money on the difference between the exchange rate that they obtain in the market and the exchange rate that they offer you. Quite often this is not made clear and the difference between these rates and their profit margin can be quite large.
Unlike most banks and currency brokers, we believe that you should always know what you are being charged and will be completely transparent with you at all times. We do this by always showing you the difference between your exchange rate and the prevailing interbank exchange rate every time you request a quote from us. We do not widen our spreads, we will not charge you a payment fee and there are no other hidden costs.
Why not request a call back from one of our expert team to find out why we believe we are the best money transfer company in the industry?
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