Currency Transfers: Why Banks Aren’t Always Best

It’s been a rite of passage for more years than the average person can care to remember, to use the services of their local bank to take care of any financing needs. Banks were lucky enough to enjoy a monopoly on many monetary markets for decades, which as expected, led to consumers paying well over the odds for services that could just as easily have been performed elsewhere.

But in recent years, things have begun to change. As banks have slowly fallen from grace, so too has their monopoly weakened. Financial services such as loans, savings accounts and even currency transfers can all be found elsewhere, with a similar type of efficient service on offer, and better rates too.

Newer Methods of Transfer

When it comes to transferring currency, employing the help of businesses outside of the traditional banking sector has never been more attractive. Aside from better rates, more convenience and the same level of security you’d receive if using a bank, there’s also the added bonus of less corruption and more honesty.

Followers of the news will be aware of the hot water many of the World’s largest banks have now found themselves in. Financial manipulation, in the form of rate fixing and currency manipulation, has been rife throughout the globe’s most well-known money-handling establishments. In early November, The New York Times reported that fines of $4.6 billion (£2.5 billion) had been brandished to the banks for what was described as “undoubted levels of corruption.”

The Advantages of Using a Currency Broker

Such levels of dishonesty have shattered public trust in the banking sector, leading to an influx of newer, more developed types of currency transfer brokers, which only serves to benefit the public in the long run.

The repeated overcharging and manipulation of currency looks to be over. In its place lies a more orderly service, with less corruption and more public interest at its heart.

Just some of the benefits of using currency brokers are as follows:

• The service is essentially exactly the same as the one received from the bank. Britain’s Daily Telegraph has been outspoken of the fact that banks offer nothing that can’t be gotten elsewhere, at better rates.

• Currency brokers specialise in currency transfers. While a bank is a Jack of all trades when it comes to money, currency brokers are a lot clearer about what their role is. Ensuring investors and property owners abroad have access to their money when and where they need it. It’s for this reason brokers have seen a 120% increase in trade during the last year alone.

• More often than not, a currency broker will outperform the bank. Britain’s top banks such as Barclay’s and HSBC charge £40 for priority payments. These payments then ensure funds are fast tracked through to their recipient. But these fees are usually non-existent when using a broker, meaning you either save time by not waiting on the bank’s 3 day waiting time, or you save money, by having your broker do what your bank wouldn’t.

• Lower rates. Most currency brokers will offer a transfer rate of between 3-5% better than that of a high street bank. These fees are guaranteed, don’t require any fulfilment of standard, and aren’t limited to just some. Some will even offer a transfer for free if the amount is high enough.

Good News for Expats and Property Buyers

With over 4 million Britons living abroad, this newer, fairer approach to transferring currency is welcome news. With the banks orchestrating their own downfalls, regular civilians have the chance to capitalise.

The rise of the currency broker is predicted to continue, with economists guessing that their collective market share will rise even further going into 2015. Overcharging, manipulation and corruption can only last so long, before those in control of their own money demand a higher standard of service.

Offering greater transparency, a more personal service, and rates that benefit the entrepreneurial, the currency broker is stepping in to fill the void left by the banking establishment’s failure.

Find a Service to Suit You

Each broker offers a different style of service, so look carefully at yours, and ask questions to ensure the best possible outcome is reached.

Also, don’t forget to ask your broker what the best service is for you needs. With many different options available, you’ll certainly find one that works well for you.