Avoid Paying Hefty Fees for Exchanging Currency

 

If you’ve been exchanging currency often, either by transferring online or in person, you’re probably aware of how high the exchange fees can be. This is especially true when you’re transferring money for business or travelling.

Exchanging currency at the airport – at home or abroad can burn a hole in your pocket. That’s probably the last place you should think about when you plan to exchange your currency.

In certain cases, it may be unavoidable, but when you have a chance to compare the exchange rates through sites like Money Transfer, then why not?

Here are a few companies that we think are great when it comes to exchanging currency online.

OFX

Headquartered in Sydney, Australia OFX was previously known as OzForex. Founded in 1998, it started out only as an Australian-based foreign exchange information website. However, now it’s a specialist international payments service provider. OFX has expanded tremendously and it has a strong presence not only in Australia, but also in Canada, the UK, the USA, and a few countries in the Asia Pacific and European regions.

Comparatively, their exchange fees are quite low. The best part about them is that they move a lot of money all through the year. This means that during certain peak transfer period, they are able to offer unbeatable rates. If you’re able to get a good deal or not depends entirely on how much money you plan to exchange. They have a quotation tool on their website. You can use it to see the exchange rates that they are offering.

TransferWise

Launched in 2011 and headquartered in London, TransferWise is a fairly new organisation. It is an international money transfer service that has more than a million customers. Every month, it sends more than £800m on its platform.

From a customer’s point of view, TransferWise works like any other traditional money transfer services. However, the difference lies in the way the company transfers funds from one account to the other. It has its own ‘transfer routes’. This is the reason why their exchange rates are very less compared to most other online exchange currency services that you’ll find online.

In fact, in 2012, they were charging just €1. In 2015, they increased the rates to €2, £2, $3 (currency-dependent) or 0.5% whichever is higher.

The best thing about TransferWise is that they are upfront about their currency exchange fees. There are no hidden charges. You’ll pay for what you see and nothing more!

HiFX

Established as Halewood International Foreign Exchange Limited in 1998 in the UK, HiFX is a foreign exchange broker as well as a payments provider. It was acquired by Euronet Worldwide in 2014. No matter what you need the money for – moving abroad, sending money to your family, living expenses, settling international invoices or paying your bills, you can count on HiFX.

Their fees are very less and you’ll know exactly what you need to pay. The best part about HiFX is that if you’re transferring more than £3000, then there are no fees. However, there are certain terms and conditions for this.

They are also able to offer better rates because they use an independent company to check the rates offered by main high street banks. Hence, overall they ensure that they offer a better price to all their customers.

Signing up and sending money through them is also quite simple. All you need to do is sign up on their website and tell them what you’d like to do. If it’s something complex, you can call them or email them as well.

FC Exchange

FC Exchange offers foreign exchange solutions to both trade and consumer sectors. Instead of turning to banks that usually have a higher currency exchange fees, you can contact FC Exchange for your transfer needs.

They are aware that each customer’s needs are different. Hence, they offer flexible payment and exchange solutions. Their simple and fast service ensures a much better service. They specialise in mass payment solutions, foreign currency exchange, international money transfers and global currency brokerage to name a few.

Founded in 2005, they are a UK-based firm with headquarters in London. Their USP is that they are able to provide a one point of contact. This means that every time you contact them, you’ll be talking to your point of contact only.

They have successfully transacted more than £5 billion for their clients already. If you’d like to transact with them, you can email or call them. They also have a live chat option, which is available from 8:30 am to 5:30 pm, Monday through Friday. Live chat is not functional on Saturdays and Sundays.

CurrencyFair

CurrencyFair portrays themselves as “An online dating bureau for people who want to swap money without the hefty fees.”

They are basically a peer-to-peer exchange currency market place. Headquartered in Ireland, it’s an online platform that also has employees in the UK, Poland as well as Australia. Established about 7 years ago in 2009, CurrencyFair currently transacts in 18 currencies. You can even download its mobile app that was launched a few months ago in September 2015.

CurrencyFair’s exchange fees for transfers are £3, €3, $4 or an equivalent amount. These are comparatively lower than any banks or foreign exchange brokers. As of November 2015, they have processed more than €2.5 billion.

While transferring if you’d like to know how much the recipient will receive in a particular currency, you can use their currency calculator that will tell you the exact amount.

If you’re looking to compare exchange rates and finalise on a foreign exchange services provider, it’s important to look at a few companies and then decide. While some may offer a good exchange rate, their services may not be that good.

On the other hand, there are some service providers that charge slightly higher, but their services are impeccable. So, you need to weigh the pros and cons, and then make an informed decision.