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Original Question: Hi, I want to transfer a large amount of money from my bank account (natwest) in the UK to my account in Australia. Would I get a much better rate with a currency broker or is it safer to do it by one of these companies.
GBG: The answer to this is a simple yes.
When you transfer funds internationally with your bank you get very little control over the exchange rate. In many cases you will be given the banks default tourist rate which can be as much as 4% from the interbank exchange rate.
You can read more on how to compare exchange rates here.
A currency broker will almost certainly provide exchange rates less than 1% from the interbank rate and for large amounts, you should be able to get a rate of less than 0.5% from the mid-market.
All the currency brokers in our comparison tables offer discounted exchange rates compared to your bank.
The companies in our money transfer comparison tables are all established currency brokers will good reputations that transfer.
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