Why you shouldn't exchange currency at the post office
We all know that the post office provides many services, the biggest of which is sending your mail to where it needs to go. Some of us might also consider using a currency exchange at a local post office to get money when going abroad. It’s convenient, right? However, do post offices really give you the best possible service and rates when it comes to exchanging currency? We don’t think so and suggest looking for a specialist exchange broker instead. Here’s why.
Using a Specialist Broker
An exchange broker is a company or individual who acts as an intermediary for whatever currency exchange you’re looking to do. A broker’s whole world is making sure that you get the best deal, have the best rates and provide a high-quality service. When you look at foreign exchange services, a broker is with you every step of the way - not just when it comes to spending your hard-earned cash.
A post office will require you to do a lot of research in advance and know what exactly you want before you start a transaction. Sometimes though, you don’t know what you want or know the right time to exchange your currency to get the best deal. This is where a broker comes in very handy. The team here at Moving Currency can take away these headaches - whether you’re looking at luxury overseas holidays, business travel or buying assets abroad.
Exchange Currency Charges: Broker v Post Office
If you’re still on the fence about whether to exchange your foreign currency at the Post Office, one compelling factor to consider are the fees and any extra charges that you will incur. When you visit a post office, you often will see a screen near the counter of competitor rates. This is great of course, but it doesn’t include any fees the post office may add on for completing the actual transaction. By the time you find out about these charges, you’re most likely to be at the end of the exchange and may reluctantly just agree to accept them. They could be upwards of 5% which can add up to a high amount if you’re using currency to finance a home abroad.
When you have communicated your needs with a broker, they will often tell you right away of any extra charges. They will also assess all your options across the whole market, not just the rates on the screen at the post office - which often are carefully selected to make their own exchange rates seem very desirable. There are hundreds of options out there!
Broker Transparency
Navigating the market of foreign exchange services doesn’t have to be painful. At a post office, not everyone working there will know everything about foreign currency exchanges, especially for buying expensive assets abroad. Using a specialist currency broker can help you avoid high fees, get the best exchange rates and give you great customer service. It will also ease the burden of buying property or simply wanting some holiday money. Brokers will offer reassurance and always act in your best interest.
Are you travelling abroad in 2022? Getting your foreign currency from a specialist broker means you can get great rates and low fees. Get in touch and our team will be happy to answer any questions you have or open an account online in just 5 minutes today. Contact us on UK 0207 435 7052 or USA 516 548 6485 or email info@movingcurrency.com.
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