The Best Way to Exchange Large Amounts of Currency (Helpful Advice)


If you need to exchange a lot of currency, you want to choose a way that is safe, efficient and cost-effective
Below you will find the costs, options, process, and best way to get a better rate


What are your options?

You have two options if you need to exchange a large amount of currency

  1. Use a bank
  2. Use a broker to buy and sell currency

The advantage of using your bank is that you can use it whenever you want

It is not surprising that banks are not the cheapest way to exchange large amounts of currency

I think the banks can’t compete too aggressively lumbered with high costs

The UK’s largest banks have annual costs that run into the billions

Who pays for that? Their customers are of course

The big banks know that there will be walk-in traffic no matter what they charge

There isn’t a great incentive for them to cut their charges

They wouldn’t get customers if they charged too much


Banks can charge up to 4% more than a good currency broker

Currency broker can pass on savings to customers with lower operating overheads


What are the costs?


There are two costs to be aware of when you exchange currency


  1. Transfer fees are included

  2. Exchange rates

A lot of banks charge a flat fee for international money transfers

Transfer fees can be as high as £25 per transfer

That may not sound like much on a large currency transfer. The fees can start to add up if you send money frequently

I don’t like transfer fees. They annoy customers

It complicates the cost of the transfer


The cost is more important for large currency transfers The exchange rate is the amount of money that is exchanged

The price of money is the exchange rate

You can get live exchange rates from each bank or currency broker

The big UK banks are still charging 2%-5% mark-ups on their exchange rates

The banks often won’t quote you a rate until you are almost at the end of your payment

A lot of customers may be reluctant to proceed even though they could do better elsewhere


Why you should be cautious of exchange rates online

People go online to look up exchange rates

Live rates are offered by many websites


Most of the online exchange rates are online Not available to customers

interbank exchange rates are used by banks to trade with other banks

They are not rates that an individual can actually receive. We are not a bank that trades billions of dollars every day

I don’t blame anyone for thinking interbank rates are accessible

It is not made clear on these websites

If you look closer you will see a sign saying that small to medium-sized businesses cannot access these rates

It causes people to have an over-inflated expectation

Knowing what your money is worth allows you to budget effectively

To get a genuine rate, you should request a quote from your bank or currency provider


Is it safe to exchange large amounts of currency?

It is important for anyone looking to exchange a large amount of currency to have safety and security in place

I wanted to know what security measures were in place before I sent money

I will explain something that most people don’t know

The same international payment system is used by both banks and currency brokers

Everyone uses the standard, secure system called SWIFT. It connects almost all banks

Money will travel via the SWIFT system if you use a bank or currency broker

The Financial Conduct Authority requires any company that is Authorised and Regulated to do so The funds for the client should be separated


Money transfers will be routed through a separate account used for client transfers if the company is Authorised by the Financial Conduct Authority

You can find out if a currency broker is Authorised by searching for them


Is there a limit on the amount of money that can be exchanged?

There are no legal limits on currency exchange in most countries

The UK, US, Canada, Australia, NZ and the countries in the EU have no restrictions on the maximum size of bank-to-bank money transfers

India, China, Russia and Argentina are some countries that restrict the movement of money

The big UK banks often have their own internal limits on online transfers

The UK’s big four banks have daily limits

  • Natwest: £25,000
  • HSBC is worth £50,000
  • The amount is £50,000
  • The amount is £30,000

Large currency exchange can be a problem if the daily limits imposed by banks are not reduced

If your transfer is over the limit, you may have to pay more for it

You would have to pay extra fees for several transfers

A currency broker is a money transfer company

Currency brokers don’t usually have daily limits, so they are the best way to exchange large amounts of currency


How to exchange large amounts of currency

The first step is a customer ID check

There islegal obligationTo verify new customers

It takes about 5 minutes, and there is no obligation to trade

Step 2 is to secure an exchange rate

Once identified, your bank or currency broker will ask you the currency you need and the amount of currency you have, and then quote you their current exchange rate

If you are happy to proceed, the bank or broker will lock-in your exchange rate

You will be sent a confirmation with all the details of your transaction

Pay for your transfer

Currency brokers will allow you to lock-in a rate, but banks will require you to put your money up firstBefore thatYou have to send your money in

The bank details will be in the confirmation email

Step 4 Your money is converted

When your money is received by a bank, they will convert it into the currency you need and send it to your bank account


The best exchange rate for large currency transfers

Exchange rates change every minute of the day

There are big peaks and troughs on a currency chart

It is difficult for customers to know the right time to exchange their money in foreign exchange markets

It is useful to speak to a currency dealer who is familiar with the news and price patterns that cause fluctuations in the currency rate

The exchange rate is not important on large currency transfers

A 1% move in the exchange rate on a $100,000 transfer means a difference of £1,000

Currency brokers will alert you when good opportunities come along


A currency broker can help you get a better exchange rate

Not all currency brokers offer this level of service

A lot of the brokers are just online platforms

Customers want the peace of mind of having someone they speak to

Having a real person to talk to is one of the advantages

  1. The transfer details can be checked to make sure everything is in order
  2. You can discuss current rates and levels with someone
  3. You are kept informed at all times when you transfer money

The process is a lot better for customers if all three elements are included


The summary is quick

  • You can use a bank or currency broker to exchange large amounts of currency
  • The cost is a combination of two things
  • Currency brokers can beat the banks in terms of cost
  • The currency broker must use safeguarded client accounts
  • Some currency brokers are only online, while others will offer you guidance on exchange rates and personal assistance


Who are we?

We don’t charge any fees for access to commercial exchange rates

We don’t make you do everything yourself, unlike banks and online-only operators

The account manager will take care of the entire process for you

You want to get a preferential exchange rate and not be hit with hidden charges, but you also want to know your money is safe

We are committed to providing a service that is safe and reliable

Money transfers are conducted through fully safeguarded accounts, which is why you have the peace of mind that you are an Authorised Payment Institution

The names, faces and background of our peopleFor all to see. . We don’t hide behind mission statements

Key Currency is a type of currencyThe website Trustpilot has customer reviews. Hundreds of happy customers have left reviews for us

If you want to compare us to your bank or provider, please use the quote form


We will be happy to hear your thoughts

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