Should I exchange £50,000 into euros from my bank or employ cheaper way Moneycorp
I am moving to the Netherlands for an aviation course plus have to transfer £50,000-worth of euros. I would want to utilize my bank, yet its exchange rates are about 3% lower than Moneycorp plus different currency exchange brokers. I can’t afford to pay this difference yet am worried regarding entrusting all my income to a broker? DT, Exeter, Devon
Don’t entrust big sums to a currency exchange fast without checking whether it really is authorised by the Financial Services Authority. Firms with lower than €3m of payment purchases monthly just need to register with all the FSA, don’t need to protect customers’ funds as well as the FSA has less energy to check about them. Larger firms need to be authorised, meaning they need to comply with rules to protect customers’ funds held instant or longer. There are out whether a firm is authorised at fsa.gov.uk.
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