Written on: 12/09/2012
Have been changing forex for 20 years (worked a lot abroad) & initially had to do it through banks. They not only like their commissions, they give ghastly rates. I started with internet services some years ago and discovered commission free transfers AND a transparent rate AND market information so I could make informed judgements about when to transfer. It saved me a fortune. Have been using UKFOREX this year because it offers all these services, AND gives more time to decide whether to make a transaction (my previous forex firm has the rate changing every 5 seconds so it can be quite different at the end of the transaction from when you started)AND its rate is always slightly better than my previous provider - you can compare their quotes by opening up their web pages simultaneously. Whether this is for all currencies I have no idea but it holds for EUR, USD and AUD - the currencies I am interested in. Oh yes - it also provides info on what economic data will be released on a daily and weekly basis, so if you think there is something in the air that will affect the rate, you can check it out - or trade before it is released!
Would I change anything? One thing only - the daily currency commentary should be in bullet points, not fairly indigestible prose.