Exchange rates are continually changing, and some companies will claim not to apply any commission, but instead will adjust the exchange rate to recover this cost. This makes comparing exchange rates very complicated indeed. Finding the most favourable rate for your My Currency Exchange Abroad, and working out the costs to be applied is vital in ensuring you get the best return for your money. The easiest way to compare rates is by the use of a comparison website, such as Currencies Direct. They will check all the banks and many of the specialists in the currency market to find the best deal available.
If you are unfortunate enough to have a company lose your money but not go bust, in the first instance make a complaint to the company involved. Should you not receive any redress, then you may make a complaint to the Financial Ombudsman Service, (FSO). They will investigate the complaint on your behalf, and if they find the Currencies Direct is in the wrong, you may get your money refunded. To check if a company is regulated, authorised or simply registered, you can search for them on the FCA register. An alternative to having to do this is not to use a specialist currency broker, but to use the services of a high street bank, though they generally cost more in fees.
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