Non-bank foreign exchange companies
offer currency exchange and international payments to private
individuals and companies. These are also known as foreign exchange
brokers but are distinct in that they do not offer speculative trading
but rather currency exchange with payments (i.e., there is usually a
physical delivery of currency to a bank account).
It is estimated that in the UK, 14% of currency transfers/payments[65] are made via Foreign Exchange Companies.[66] These companies' selling point is usually that they will offer better exchange rates or cheaper payments than the customer's bank. These companies differ from Money Transfer/Remittance Companies in that they generally offer higher-value services.
It is estimated that in the UK, 14% of currency transfers/payments[65] are made via Foreign Exchange Companies.[66] These companies' selling point is usually that they will offer better exchange rates or cheaper payments than the customer's bank. These companies differ from Money Transfer/Remittance Companies in that they generally offer higher-value services.
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