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Buying fx Euros from Bank or Broker

Have any of you experience buying a large amount of foreign currency.

Has anybody experience buying >20k of foreign currency from a broker rather than directly from the bank? I bank with Barclays and I'm thinking of buying separately if thev rate is more competitive and then lodging in the Barclays foreign currency account. Thanks.

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By LeanneW
24th Jun 2018 08:52

One of my clients uses moneycorp, you can buy from them in sterling and have the money lodged to the foreign currency account directly. We’ve never had any problems with it.

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24th Jun 2018 10:47

Thanks Leanne. I'll give them a call Monday - they get good reviews.

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By nrw
24th Jun 2018 14:21

For those sorts of volumes you should never use a high street bank's standard rates, they're a joke. There are lots of cheaper alternatives such as World First and Transferwise.

Revolut for Business is great if you're regularly transacting - it offers dozens of foreign currency accounts and cards, transacting at the spot rate (ie no forex fees or spread) for a fixed fee starting at £25 / month for up to £100k/month in forex transactions (very cheap).

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to nrw
25th Jun 2018 09:11

Thanks for the really useful advice.

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By nrw
24th Jun 2018 14:25

P. S. If you opt for a broker then keep a beady eye on them, they use all sorts of underhand tactics to tempt you in as a customer with a cheap initial deal and then covertly increase the forex spread by stealth on future transactions.

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24th Jun 2018 15:45

I have a client who operates bureau de changes. I will give you their number for you to compare rates.

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to brian-scholar
25th Jun 2018 09:13

I'm probably ok on the rates side for now, but will be in touch if I need a good comparison. Thanks,

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