Currency Broker Exchange Rates

Broker Versus Bank Exchange Rate Comparison

Exchange rates for currency brokers versus high street bank rates, banks typically apply an exchange rate margin of between 2 and 6 percent on transactions. This means that if you were to make a transfer to or from euros using a standard bank service, then you could potentially lose thousands of pounds due to the poor FX margin rate offered by banks.

Cheaper and speedier than high street banks, the following money transfer providers offer some of the most competitive FX margin rates and transfers (typically over a value of £1000) from UK pounds and the euro are commission free with these currency brokers.

Euro Transfer currency exchange rates are automatically updated daily (Monday to Friday) at 09:00 GMT.

What is an exchange rate margin?

Exchange rate margin is the amount the bank, currency transfer broker or foreign exchange bureau adds onto the interbank exchange rate when they quote the rate for a money transfer. The smaller the margin rate, the less it will cost you.

Exchange Rate Margin Examples:

High Street Banks – typically 1.9 to 6.2 percent
Private Foreign Exchange Brokers – typically 0.7 to 1 percent

Other Useful Information – Commission Fees Etc

Bank money transfer information: General Guidelines – High street banks also charge a commission fee when sending money abroad into another currency – Private brokers offer commission free currency transfers typically over a value of £5000 or euro.

Banks will charge you a money transfer fee every time you send funds abroad into the euro or another currency. Bank transfer commission fees range from £15 to £30 depending on the bank.

Unless you pay a premium, high street banks will take from 48 hours to 7 days for your funds to arrive at the destination bank.

Euro Transfers – Commission Fees & Charges

Depending on the amount of money that you need to transfer into euros, private foreign exchange brokers may charge a commission fee on top of their margin rate, however their fees are once again lower than high street banks will offer. Moreover, transactions over 6000 euro are commission free with most foreign exchange providers.