Buying US dollars / euros for business purposes

this may be interesting to anyone running a business that pays suppliers in US dollars or other currencies (also for private customers who may be buying property abroad).

many businesses just buy the currency from their normal bank.

the bank makes a hidden profit by giving a poor exchange rate (i accept they must make something - they are not charities).

recently, i started using a currency broker for this. they tend to make a smaller profit.

i found that on transactions around USD80,000, i could save maybe 170 by getting better exchange rates. the rate from the currency broker also included onward transmission of the currency to our supplier.

i am quite impressed so far - hopefully others can benefit from this experience.

the broker i have been using is called HIFX

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but I hasten to add that other currency brokers are available including travelex
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and american express and probably many others. if you buy currency this way, try comparing the rate your bank gives with one of these currency brokers and see if they are any good (remember to ask for the "selling rate" - not the interbank rate as this rate is not available to you).

i would be interested to hear views of others about business forex.

Reply to
A S****
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Daytona

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Daytona

The most flexible and cheapest one I could find (and have subsequentely used on about 50 occasions) is

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does a LOT of currencies,great rates too.

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notatthisaddress

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