The market for foreign exchange is the largest in the world. It trades 24 hours a day, 365 days a year. It is also one of the most volatile markets, with values constantly fluctuating in response to global economic events and international trade flows.
Foreign Exchange and Banks:
Most of the time the rate you will see published is what is known as the ‘interbank rate’. This is the rate at which international banks and institutions trade currencies between each other, and is applicable to very large sums (£10,000,000+). Unfortunately when exchanging smaller amounts the interbank rate is not achievable as banks build in a margin between the rate they trade at and the rate they will offer you. These margins can be as high as 4 to 5%, even for large amounts.
Foreign Exchange and Currency Change:
As a foreign exchange broker Currency Change transacts high sums throughout the day in many different currencies. This enables us to trade at the interbank rate with the bank. We then offer our clients a reduced margin and therefore saving, as our overheads are a lot lower than the banks!
Foreign exchange is our business and field of expertise. We make it our primary aim that our clients are kept up to date with relevant market information and receive the highest possible service in their transactions; from the agreed rate through to delivery. To discuss your foreign exchange requirements in more detail contact us today.