What is a currency broker?

What are Currency Brokers? Currency brokers are a group of specialists who focus on the purchase and sale of currencies and the ability to transfer money abroad. Unlike other brokers, this group specializes in currencies only, and this allows them to have a deep understanding of the global currency market.

Where can a currency broker send money?

Some currency brokers can only send money to major destinations, whilst others offer a more comprehensive service and you can send currency to almost anywhere. It’s important to note that the more obscure the currency or destination, the higher costs and the length of time the currency transfer takes will be.

Can a currency broker lock in the current exchange rate?

Currency brokers can lock in the current exchange rate for transactions that do not need to be done for some time in the future. Most currency brokers offer currency forwards up to a year in advance, but some specialists offer forwards for two to three years. A good example of the use of a currency forward contract is buying a holiday home abroad.

Which currency broker has the best customer service?

In our 2023 awards Currencies, Direct received the best feedback from their clients for customer service. Over 85% would recommend them to a friend, which was 10% higher than the next currency broker recommendation scores.