A Better Currency Rate For Expats

One of London's leading foreign exchange specialists is launching a new service for Brits living abroad who need to change sterling into local currencies. Currency UK is now offering a facility to transfer regular payments such as pensions and mortgages to foreign currency accounts.

The minimum amount per transaction is £500, with just a £5 admin charge for each transfer. There are no hidden costs like commission or transfer fees. This compares very favourably with fees of up to £40 per payment charged by the High Street banks.

Expats could benefit considerably over the years, as research shows that forex specialists give better rates than High Street banks when you change your pounds into euros or dollars. The research by Oxford Economic Research Associates (OXERA) shows that the lowest rates offered by the forex dealers is 1.27% better than the lowest rate offered by the banks. In many cases, for smaller amounts, the banks will only offer tourist rates.

The research by OXERA also found:

- that the average overall rate offered by the forex dealers was 0.49% higher than the High Street banks;
- that the average highest rates offered by the dealers was 0.19% higher than the High Street banks;
- that the charges for the banks for transaction costs were between £20-£40 per transaction.

Currency UK, a leading London forex dealer, commissioned OXERA to carry out what is believed to be the first independent research into comparative rates offered by forex dealers and High Street banks. Paul Crimp, Currency UK chief executive officer, comments: "This research shows that expats stand to gain by using a good foreign exchange broker.

"We are specialists doing this every day and know the currency markets inside out. Since we simply don't carry the huge overheads of the High Street banks, we can pass these savings on to the customer."

OXERA conclude their report by saying: "Overall, the findings of this relatively limited data analysis are consistent with the view that UK High Street banks, on average, offer £/€ exchange rates that are less favourable than those offered by independent foreign exchange dealers."

The dealers are also recognised in the property market for offering flexibility with future rates to cope with currency fluctuations. Miguel Martinez, former general manager of Roger N. Coupe Spanish Property Sales, in Cranleigh, Surrey, says: "With the euro fluctuating as fast as it has done, we do recommend independent currency dealers. They can fix the rate for the amounts you have to transfer for a period of time, saving the client losses on the fluctuation of the currency."

The OXERA research was carried out over a three week period calling banks and dealers on two days each week. The banks involved in the survey were Barclays, Lloyds TSB and HSBC. The forex dealers questioned were Currency UK Ltd., Halewood International Foreign Exchange Ltd and Caxton FX.

Currency UK was founded in 2000 and arranges foreign exchange for corporate clients and those buying property abroad. It also offers a next-working day-delivery-to-your-door Cash Online Service.

In the last 12 months Currency UK has been featured in the FT, The Observer, Scotland on Sunday, Sunday Tribune, Daily Express, Spain, Living Spain and Everything Spain.

If you'd like to take advantage of Currency UK's service, you can find them at: www.currencyuk.co.uk

For further information please call Paul Nathanson Public Relations Ltd on 01483 824 458 or 07710 088 437 or e-mail at: paul.nathanson(at)ntlworld.com