Bucks, UK, Feb 26th 2010 - Pure FX, one of the leading foreign currency brokers in the UK, has announced that the widening of bank profit margins means it is ever more essential for people to use foreign currency brokers for their money transfers.
Pure FX is a specialist currency exchange broker, who exclusively arranges money transfers for both domestic and corporate clients at highly preferential exchange rates, compared to the banks. Now Pure FX says the difference is becoming even more pronounced. Bank profit margins are steadily widening, meaning poor exchange rates for those using their services to exchange foreign currency.
Since the beginning of the credit crunch banks have been under increasing pressure to strengthen their balance sheets. As a consequence the exchange rates banks offer have been getting worse. The desire to increase bank profits can also be seen clearly by the difference between LIBOR interest rate and the interest rates currently being offered on the high street.
"There is a continuing disparity between bank profit margins and the Libor figures," explained a Pure FX spokesperson. "The banks are complacent - they know people rely on them for mortgages and borrowing. But while banks may be able to call the tune with mortgage rates and overdrafts, people can beat them when it comes to currency transfers - by coming to people like us instead."
