'Brokers preferred for foreign currency exchange'

Expats keen to make the most of foreign exchange trading figures may like to transfer money via specialist companies, according to industry experts.

Financial advisor Shelter Offshore recently highlighted the advantages of buying currency from foreign exchange brokers.

The expert explained that Brits needing to transfer money to overseas accounts can save up to five per cent on exchange rates if they use specialist firms.

In addition, fees to cover overseas transactions tend to be less for brokers, while figures from the advisor show that banks can charge up to £40 for similar services.

"The two main factors to focus on are fees for moving your money and the exchange rate you get for your cash," said the expert.

"With banks, the client is far more susceptible and exposed to sending and receiving charges."

In other news, Brits are being encouraged to make money transfers to Switzerland due to its low tax rates, according to real estate portal BuyAssociation.co.uk.

Click here to find out how much you can save with HiFX's Foreign Exchange services.

By Linsey Summers