Risks

A simple internet search will reveal how many foreign currency firms are out there looking for business. But how do you check that they are legitimate and good value for money? It’s important to check a firm’s credentials before using it because the foreign currency world is largely unregulated – unlike things like pensions, mainstream investments and even mortgages you cannot go to the Financial Services Authority – www.fsa.org.uk – for redress if things go wrong. So find out how large and well established your exchange firm is, and who its parent company is, if it has one.



We can’t vouch for or recommend any specific companies. But recent surveys have listed www.moneycorp.com, www.currenciesdirect.com and www.hifx.co.uk as three of the most popular firms for an initial quote. While you might not want to use your own bank or building society for the reasons mentioned earlier, you can still ask them if they have any regular dealings with a foreign currency specialist and contact them as well.