Foreign exchange specialist Eris FX has launched a ground-breaking website that enables currency buyers, including those buying property overseas, to find the best deal.
The site, www.currencyratescompared.com, shows a comparison of currency companies’ exchange rates for transferring from Pounds to Euros.
Many currency companies hide their dealing rates so they can charge different rates to different customers. Currencyratescompared.com only compares rates from sites that publish their customer dealing rates.
It also names and shames those companies that are not transparent about their customer dealing rates.
Leeds-based Eris FX is leading the move towards greater transparency in the foreign exchange market.
Helen Scott, managing director, said: “We estimate that the overseas property market is worth around £40bn per year but it is almost impossible for consumers to accurately compare rates to get the best deal.
“This is the only meaningful comparison site that shows real dealing rates rather than indicative rates.
“The currency market is not ethical or fair in its customer pricing.
“This is misleading to consumers, who are making commercial decisions when they don’t fully understand what they are being quoted.”
Helen hopes the new site will persuade more currency companies to publish their dealing rates.
Eris FX uses a “what you see is what you get’” pricing structure with a guaranteed rate which includes free same day payments and no additional fees.
“Customers can use its currency converter tool to input rates from other providers and compare the total cost of the transfer.
Eris FX is a brand name of 4X Currency Corporation, a foreign exchange specialist which has been using its software to save money for thousands of customers since 2006.