Why Travel FX is Your Best Choice for International Currency Transfers
For years, banks dominated the international currency transfer market, but times have changed. Today, 7 out of 10 customers prefer using specialist currency companies like Travel FX for their overseas payments. Let’s explore why this shift has occurred and why Travel FX should be your go-to for international money transfers.
A New Era of Currency Transfers
Since 2008, Travel FX has been challenging traditional banks in the overseas payment space. Initially, banks were the default option, with little competition from alternative providers. However, as the financial landscape has evolved, more customers have discovered the benefits of using a specialist currency service like ours.
While Travel FX may not have branches on every high street, the perception of online businesses has evolved significantly. Thanks to the Financial Conduct Authority’s (FCA) stringent regulations, we operate to the highest standards, ensuring a secure and reliable service for all your international currency transfer needs.
The Rise of Fintech and Better Alternatives
The fintech revolution has played a crucial role in shifting customers away from traditional banks. Unlike banks, which are often slow to adopt new technologies due to their size, Travel FX has embraced innovative solutions that make international transfers faster, cheaper, and more convenient.
Here are a few reasons why choosing Travel FX over your bank is the wisest option:
Competitive Costs
Cost is one of the main reasons customers choose Travel FX over their banks. While banks have reduced their fees in recent years, they still charge more than specialist currency providers. On average, Travel FX is 50% less expensive than banks when it comes to international money transfers.
How do we do it? Both we and the banks buy currency at the same a wholesale rate, but we offer a higher exchange rate to our customers, meaning we profit less on each transaction. Unlike banks, which have large overheads and set profit margins, we focus on providing value to our customers, ensuring you get the most for your money.
Transparent Transfers and Fees
Banks have a history of charging various fees for international transfers, and while they have improved, they still lag behind specialist providers like Travel FX. Some banks may charge £100’s or in some cases £1000s per transfer, while others lure customers with slogans like “No transfer fees,” only to offer poor exchange rates that end up costing you more.
At Travel FX, we charge no fees and are completely transparent about the exchange rates we offer. Unlike banks that may hide the real exchange rate or require you to ask for it, we ensure you know exactly what you’re getting when you book a trade with us.
Additionally, while banks may take 1-2 working days to credit funds in Europe, our average credit time is just one hour. Depending on the amount and reason for transfer, your funds could be credited overseas in as little as one minute. We handle the entire process for you, saving you time and stress.
Security You Can Trust
When it comes to protecting your money, Travel FX operates under strict FCA regulations, which require us to safeguard customer funds in separate accounts with Tier 1 banks. This means your money is fully protected against any risk of our insolvency until your trade is completed and your payment is sent. Our safeguarding measures ensure 100% protection of your funds.
Travel FX offers a better alternative to traditional banks for international currency transfers. With lower costs, faster transfers, and unparalleled security, we’re here to make your overseas payments as easy and cost-effective as possible. Discover the difference today by choosing Travel FX for your next international transfer.
