How are you Charged?
Banks make money on two levels with foreign exchange transactions – by charging a transactional fee. Then difference between the actual exchange rate price (the ‘Spot Price’) and the rate they give you (the ‘Given Price’) this is often referred to as the spread.
Transaction Fees are typically in the range of £25. The difference between the Spot Price and the Given Price can be as much as 5%.
How Long is it Taking?
Your bank then takes up to 3 days to transfer the money between your account and the recipients account.
What are other Brokers Charging Me?
Traditional Foreign Exchange Brokers will also charge a transactional fee. They will then charge a spread which is subject to change depending on transactional size and currency pair that is being traded. They will not disclose this spread to you so you may be unaware of the real cost to send international payments.
How RIF FX Can Help?
We can review a recent transaction that you have recently carried out and establish the level of charges you are facing to prove the case.