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Save Money on Foreign Exchange?
By admin | July 21, 2008
It is surprising just how many people take the trouble to investigate the ins and outs of the buying process yet overlook one very important area which could save them money. If you have your money in Sterling or Dollars or anything other than Euros, it is almost certain that you are going to have to deal with some form of foreign currency exchange company. The immediate reaction is to use your bank. For some this is valid but for many private individuals the bank will not give you the best rate available. The use of a specialist foreign exchange company can save you £ Thousands on your purchase.
However, you need to exercise care because at the moment FX dealers are not regulated by the FSA. Make sure you choose a dealer with a track record. Your funds should be held in a safe clients account until the Euros are released so that you are not at risk if the company goes to the wall.
Currency dealers can usually beat the rates offered by your bank because they are highly specialised in the currency markets alone. They forward-buy currency on your behalf so that you know what to expect and can budget more accurately.
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