What does a currency broker do?

A currency broker will buy and sell currency through banks, however, as they exclusively deal in currency transfers and executive significant volume, they can negotiate better rates for themselves and their clients than if they were an individual conducting a single transaction. Currency brokers can convert currency and send it abroad the same day.

How to compare currency brokers?

The two key aspects to compare when comparing currency brokers are price and trustworthiness. Price – this is the comparison of exchange rates offered by different currency brokers. Trustworthiness – currency brokers are not covered by the FSCS so you need to ensure that any currency broker you use can be trusted with your funds

What is the cheapest currency broker?

Key currency is one of the cheapest currency brokers we feature and also won “best currency broker” in our 2022 awards because of their discounted rates. You can send money in 42 currencies around the world, and as well as very large transfers you can send as little as £1,000, and you can lock in an exchange rate for up to a year in advance.

Are currency brokers regulated in the UK?

All financial service businesses in the UK have to be regulated by the FCA, and currency brokers are no different. You can check to see if a currency broker is regulated on the FCA register here. Being regulated by the FCA means that the broker has been vetted and adheres to certain compliance and client fund safety rules.