Exchange Rates – Struggling with Foreign Currency

Millions misunderstand foreign exchange rates

It's estimated that millions of us who go on holiday abroad are struggling to work out the exchange rates. So just imagine the impact misunderstanding or being confused about foreign exchange rates can have if you are a business operating abroad, or if you are an individual investing a huge amount of private money in a property abroad. Understanding exchange rates is crucial, which is why many businesses and individuals buying abroad tend to operate through a specialist financial foreign exchange company that can ensure they get the best from their money.

Struggling with exchange rates

The Department of Education estimated that millions of British tourists are risking overspending as a result of their struggle with foreign currency. In a survey, they revealed around 30% of adults were unable to compare exchange rates in an exchange bureaux and felt uncomfortable converting foreign currency into sterling. Many people have a mental block when it comes to exchange rates, simply because they feel bewildered or alienated by the financial jargon.

Exchange rates can cost you money

• Around a fifth of people wrongly calculated how much they spent on holiday, revealing their inability to work out exchange rates
• 12% said they had run out of money, revealing how misguided they were on foreign exchange rates.

Many people save all year for their two week holiday in the sun, but it can ruin a holiday if you are worrying you are not getting the best value out of your money. And misunderstanding exchange rates can lead to overspending that can leave you with unwanted bills, and even debt.

Exchange rates impact on finances

It isn't just misunderstanding exchange rates that can impact on your finances but where you buy your foreign currency from. High street foreign exchange providers often have hidden charges and inconsistent exchange rates that can leave British holidaymakers out of pocket, even if they are advertised as ‘commission free'. Going through a specialist foreign exchange company is the best way to get the most out of your money and not lose out on exchange rates. This is even more crucial if you are dealing with and transferring larger sums of money abroad if for example you are buying a property overseas or having business dealings with other countries.

Foreign Currency Exchange Ltd is a commercial currency brokerage based in the UK. We help thousands of clients move hundreds of million pounds across the globe every day. From large businesses to private individuals who wish to send regular payments abroad, you can save money with us by getting better currency exchange rates than with your bank. The Foreign Currency Exchange buys currency at wholesale rates and can help you save money with our fast secure service. For more information contact us now, telephone +44 (0) 20 7989 0000 or email info@fcexchange.co.uk