THE BEST FX BROKER IN LONDON
When it comes to making travel plans, buying foreign currency is often overlooked. People spend days researching their flights and hotels, scanning various booking engines to save money. Then they go and withdraw their foreign currency from the bank or worse still – from one of those foreign exchange kiosks at the airport, and literally throw money away.
It’s no secret that banks and foreign exchange bureaus love to RIP YOU OFF. Even if they charge ‘no commission’, they use huge spreads either side of the official exchange rate to ensure they take a huge cut of the deal. If you are getting your foreign currency this way, you’re not getting the most out of your money.
If you want the most competitive rate in London, check out City Currency Exchange.
City Currency Exchange have six branches in London and claim they won’t be beaten on price when it comes to foreign currency transactions. Furthermore, they charge 0% commision on deals and there’s no transaction fee for deals under £10000.
Check out their website for the latest rates. One thing to note is that to receive the rates quoted on their website you’ll need to order your currency in advance. You can still just turn up to one of their branches without pre-ordering, but the rate you receive will be slightly less than the advertised rate.
City Currency Exchange Transaction Example
The table below compares their EUR and USD rates against HSBC Bank, The Post Office and High Street bureaus and shows you what £1000 would get in EUR or USD at the time of writing.
|EUR||£1000 in EUR||USD||£1000 in USD|
|Bloomberg FX rate||1.2472||1.6146|
|City Currency Exchange||1.2330||€1,233||1.6000||$1,600|
|High Street Bureaus||1.2000||€1,200||1.5500||$1,550|
As you can see from the table, City Currency Exchange rates are very close to the official fx rate and you definitely end up with more cash in your pocket. On just a £1000 transaction, you receive more than USD $50 extra cash than if you had gone through HSBC.
We frequently use the branch at Liverpool Street Station whenever we need euros or dollars and while we must note that there are often long queues at peak times (understandable given the city location), we have always been impressed with their service. The guys running the shop operate with ruthless efficiency and quickly process transaction after transaction. The key is to avoid going at peak times such as lunchtime – you’ll be met with a queue of 30 people waiting to exchange currency. Instead, head down at an off-peak time, i.e. 11am or 3pm and you’ll be served more quickly.
Get the most out of your hard earned cash and check out the great exchange rates at City Currency Exchange before your next trip.