We were recently contacted by an existing client to say that he was due to receive a windfall in a few days, of around $500,000. He had provided his bank account details to the sender to deposit the funds on his behalf.
As it was a large amount, we advised him to speak to his bank to see if they could offer him a preferential rate; they were unable to do so.
We therefore spoke to a contact we have at a bank in the City, and asked for a quote for the currency exchange. With just one phone call, we were able to secure a rate that left the client with just over £348,000, compared to the £324,000 he would have had through his bank; a massive £24,000 extra, just for shopping around.
Once converted to Sterling, the funds were available in full to transfer to his existing bank current account.
If you find yourself in the position of needing to covert funds from one currency to another, don’t assume that your bank will offer you the best rate. It is easy to shop around and as the example above shows, the rewards can be astounding.