Save money using a Foreign Exchange Payments specialist
If you’re still using your bank to make money transfers chances are you’re paying excessive fees and receiving inferior exchange rates.
You can use our foreign transfer calculator which ranks FX providers and banks according to customer service, use feedback plus most importantly the exchange rate costs compared to the mid-market rate and to the banks.
Making overseas transfers via your bank’s online banking service is often convenient and relatively easy. But Banks know this so the exchange rates and fees they charge are very expensive – often 5% to 6% more than you can get by using an Online Payment Provider.
So it is important next time you are looking to send money abroad that you Compare the Exchange Rates of your bank to our recommended BER partners.
How to Compare Travel Money Rates and Fees
In this section we look at how you can pay fewer fees and avoid common traps when you’re buying Travel Money.
The fees & costs for buying foreign cash comes in three forms:
- Minimum charges – which can be expensive if you’re only exchanging small amounts of money.
- Flat fees – which can actually be good value because they don’t change, even if you’re exchanging large sums of money.
- Handling fees – which are what the currency seller charges for its exchange services.
Some currency sellers advertise commission-free foreign exchange, but while this may sound like a good deal, be aware they could be making up for the loss of commission with higher exchange rates. As a result, this could actually be more expensive than if you’d just paid commission.
If you plan ahead by a few days and order your travel money online you can get upto 10% better exchange rates probably end up extending your travel budget by a couple of precious days.
Our travel money rate & fee calculator is programmed with these various fee models to make it easy for you to find the best deal for your particular foreign exchange needs.