Beating the hidden cost of currency fees…
Great to chat with some of you at the recent LTN Social – the next one is Wednesday 18th July.
As people with an interest in markets and FX you may have seen this morning article on BBC regarding currency: The hidden cost of currency fees.
If you’ve ever traded FX then, like me, you’ve probably spat the dummy out when you see what Travel Shops try and offer you for currency conversion. Furthermore along with a crappy exchange rate they may charge you a commission on top for the pleasure of doing business!
It’s rare that I recommend any product or service – and I only do so if I love it and use it myself. With regards to Foreign Exchange payments I use Transferwise and heartily recommend them. Cheap, fast, and at a rate v close to the wholesale.
Furthermore they have recently released a Transferwise borderless debit account that allows you to hold bank accounts in the UK, Europe, US & Australia – along with approx. 60 currencies all on one card. I use it myself, I think it’s wonderful. It has enabled me to hold my money in USD these last 2 months during this period of Dollar strength (more on how to do that in the future!)
As I said I very rarely recommend anything unless I use it and like it myself – and Transferwise meets that criteria.