Are Currency Brokers Cheaper Than Banks?

Are currency brokers cheaper than banks?

Currency brokers like OFX are specialists at buying and selling currencies. They are not the same as banks for many reasons, one is that banks provide a range of other services, from opening bank accounts to mortgages. OFX focuses on moving money globally. 

When transferring money internationally, whether for business or personal reasons, specialist currency brokers like OFX could be a better option for you. Products and services vary from one currency broker to the next so it’s a good idea to do your research before you choose what’s right for you or your business. 

 

Here are five things to think about when choosing a currency broker:

  1. Are they regulated? How a currency broker is regulated varies from provider to providerAs an example,OFX is authorised in the UK by the Financial Conduct Authority (FCA) as an Electronic Money Institution.

  2. Compare exchange rates and fees. Currency brokers offer different exchange rates and fees. OFX makes global transfers at bank-beating rates.Remember, currency brokers can also add value with their FX expertise.At OFX, we merge global knowledge with local expertise to help you make informed decisions. As well as offering a great rate, our OFXperts can help you choose the right combination of products to achieve your goals, even in volatile currency markets.

  3. How long do transfers take? You may also want to consider how quickly a broker can transfer your money. Some currency exchange firms can deliver the funds to an international bank account within 1-2 days while others may take longer. This sometimes depends on which country you’re sending money to.Find out where OFX sends money to and here to see how long it takes for your money to arrive.

  4. 24/7 Customer Support. Foreign exchange markets are open 24 hours a day, 5 days a week, and they move fast. So, it can be helpful to have a real expert on hand, who can really help. That’s why OFX haOFXpertswho are available 24/7. Whether you need support with a transfer or have a question around market moves, we have offices around the world, so you can speak to an OFXpert when it suits you. 
  5. Technology. Lastly, consider the online platform that a company offers. Is it simple and quick to make an international money transfersWith OFX, you can take the stress out of moving money. Make and track your global money transfers securely, online or with our OFX app. It's that simple.

 

Why use a currency broker?

Our customers use our service for a variety of reasons. Here are some examples:

  • One-off purchases - a car, plane, boat for example

  • Importing/ exporting goods

  • Paying overseas suppliers

  • Receiving your pension in another country

Save time and money when you OFX it