When moving large sums, you're better off with a currency broker Currency brokers say there are a number of reasons they are attracting custom: better rates, speed, low or no fees and service levels. Richard Brown, trader at Smart Currency Exchange, explained: "We specialise in the overseas property buyer - which includes the UK if you live abroad - helping with timing of transfers, trying to ensure the client is getting the most sterling in return for the currency they hold." Currency brokers offer a cheaper service than banks, and it's usually quicker, too. Nick Jones of World First said customers "want to be able to manage their finances on the go and send money around the world quickly and efficiently with the help of their own dedicated expert." But he added: "Of course, the main reason that more are looking to specialist currency brokers to manage their currency transfers is that they can get access to better exchange rates." Currency traders will typically offer exchange rates of up to 4 per cent better than high-street banks - a difference of £4,000 on a £100,000 deal. But it's not only about rates. David Kerns of Moneycorp said that brokers stand out because "you're unlikely to receive the same personal services at your high-street bank as you would from a foreign-exchange dealer who is familiar with your requirements and would be your point of contact on an ongoing basis if you made regular payments." Mark Bodega of HiFX also points out that the fees will be lower and transactions faster than with banks. For example, a priority payment with Barclays costs £40 and takes one to three days. Standard payment costs with Barclays are £25 and take three to five days. By using a currency broker, the transfers will in most cases be free and transferred either the same day or within one to two working days, depending on where you're sending the money. However, those new to currency brokers may understandably be concerned about security, especially when large sums of money are being shifted. Do make sure that the firm you are using is authorised by the Financial Conduct Authority - and don't be afraid to ask the company plenty of searching questions about how much business they do and how long they've been in business.