Getting the best exchange rate possible
The quest for an inter-bank spot rate
John was a 63-year-old successful entrepreneur who had worked hard all his life. He had traveled all over the world and found his dream home in South Africa. The plan was to retire in the sun.
The deposit on his new property was the South African Rand equivalent of £8,000 sterling, which he placed through a high street bank. It was at this point he thought their charges were rather high and he wasn’t getting the best exchange rate possible.
After all, the inter-bank rate (spot rate) looked quite different from the one he was given, but then the inter-bank rate was for large amounts of money. But wasn’t he about to spend substantial amounts of money in the form of the full payment on a house? John thought so!
He wondered whether he could get anywhere close to that inter-bank rate (spot rate) for himself.
At that point he contacted Interchange. We offered him a much better exchange rate very close to that seemingly elusive spot rate. And because he wanted a 3-month forward option in a currency with high inflation, we were actually able to improve on the rate of exchange even further, and lock his rate above the inter-bank spot rate.
The actual amount required to complete the transaction was £2,800 less than what he had been quoted using his local high street bank. Consequently, John now uses us for even the smallest transactions of Rand into Pounds and vice versa.
If you would like to start saving money when buying or selling buying foreign currency...
For more information on the various options that are open to you, or a quotation, call one of our account team on 0800 107 4443. | 
FOREIGN CURRENCY EXCHANGE SERVICES
