Bank-Beating Exchange Rates
Bank or Broker - Who Offers you the Better Deal?
If you need to move money overseas, failing to be aware of the benefits offered by different international currency transfer providers could see you lose out.
Anglo Info has teamed up with TorFX in order to help its followers enjoy the benefits of using a currency broker rather than a bank.
So what are the benefits?
- Brokers are currency specialists: While banks focus on a number of areas, currency brokers specialise in exchange rates and can offer a much greater level of guidance and support.
- More competitive exchange rates: Securing a bank-beating exchange rate could mean the difference of thousands on larger transfers.
- No transfer fees: While most banks charge transfer fees, providers like TorFX offer fast, free services so you see immediate savings.
- Dedicated support: Some currency brokers employ exchange rate specialists to offer invaluable market insight and help you pick the best time to make a transfer.
- Risk management: Brokers offer a number of risk-management options, like forward contracts, so you can protect your transfers from erratic exchange rate movements.
Whether you’re clued up about currency or clueless, the foreign exchange service provided by Anglo Info and powered by TorFX can help you get to grips with your currency transfers and make your money go further.
Why Choose TorFX?
The cost-effective currency transfer solutions offered by Anglo Info are powered by TorFX, but who are TorFX and why should you choose them to manage your requirements?
TorFX are an award-winning international currency transfer provider with over ten years’ experience in managing a wide range of foreign exchange requirements. As currency specialists with a stand-out reputation for first-class customer care, TorFX were voted International Money Transfer Provider of the Year at the 2016 Consumer Moneyfacts Awards and also took the top accolade of Best Customer Service – beating more than 100 other companies across 24 categories.
Their best rate guarantee, fast, free transfers and personal approach to account management mean that you can get the most out of every hassle-free currency transfer.
TorFX are also authorised by the FCA and operate segregated client accounts, so you can rest easy in the knowledge that your funds are totally secure in their hands.
After several years of planning and saving, Jake and Angela decided to make their dream of moving to France a reality in 2015.
The couple needed to move the proceeds of their UK house sale abroad in order to cover the cost of their new French home and research showed that using a currency specialist would be more cost-effective than using their bank.
The GBP/EUR exchange rate was also particularly strong at the time of their initial enquiry (July 2015) and their provider gave them the option of fixing the rate in advance of making the transfer. With a fixed rate the couple knew how much they had to spend during their French property hunt.
By the time Jake and Angela had found their perfect home and were ready to make the transfer to pay for it, the GBP/EUR exchange rate had weakened considerably (falling to 1.33) but by fixing the rate earlier in the year with a forward contract, their transfer wasn’t affected.
Here's how their transfer broke down.
- Jake and Angela sold their UK house for £275,000
- Their bank offered 1.3820, meaning the couple would have achieved €380,050
- Anglo Info, powered by TorFX, offered 1.4350, so the couple secured €394,625
- That's a saving of €14,575
The couple saved even more by not having to pay any transfer fees. They went on to set up a Regular Overseas Payments (ROPs) account so they could automate moving their pensions overseas and enjoy the savings which came from achieving a competitive exchange rate and avoiding transfer fees.
As Jake and Angela’s story shows, saving money on your international money transfers is simple if you’ve got the right support.