For individuals making a larger Sending Money, specialist brokers like RationalFX will generally offer the most competitive rates. These companies may be used for smaller Sending Money as well, but they will work out more costly than a bank. They are particularly useful for the larger transactions, however, such as buying a holiday home abroad or any type of property. Or, if you were to emigrate, then you would need to transfer all your assets to the currency of the new country you are settling in. Unfortunately the less the value of the Sending Money, then the more probable the exchange rate you are likely to be offered will be worse. As always, it is best to use a comparison site to find out the current exchange rates, commissions and fees on offer.
There are a number of checks you can carry out before deciding on using RationalFX to handle your Sending Money. Firstly, are they authorised by the Financial Conduct Authority (FCA)? If they are, they will have had to comply with Payment Services Regulations, along with the FCA’s own business conduct regulations and guidelines. Large companies who trade in excess of 3 million Euros per month have to be authorised by the FCA. They then have to make sure that their clients’ money is safeguarded should they get into financial difficulties, consequently preventing their creditors claiming your money. Smaller companies can register with the FCA, but this does not provide the same level of protection as being authorised by the FCA, meaning your Sending Money is not protected if they find themselves in trouble. To register, a company has to be based in the United Kingdom and none of managers should have at any point been convicted of financial wrongdoing. You could also check on the size of the company and how long it has been trading. If they have direct access to the largest worldwide payment and settlement system, SWIFT, this ensures clients a quicker and more secure payment.
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