If you want to send money overseas, a foreign exchange or currency broker can be a good option.

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They often charge no fees and usually offer a better exchange rate than a high street bank. So how do they work?

You therefore decide to use a foreign exchange broker.

First, you have to register to set up an account with the broker. A dealer will then usually contact you to discuss the transfer.

Once it has received the funds, the broker will send the currency electronically to your beneficiary. They also generally offer better exchange rates than the high-street banks.

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You can also benefit from exchange rate movements by using a foreign exchange broker. There are normally three types of transfer, and you can select the one that best suits your needs and time scale. Remember, however, that currencies can be volatile and the rate could move against you.

You do not have to pay the full price of a forward contract up front, though you will normally have to put down a deposit, with the rest due on the transfer date.

A limit order is another way to play the currency markets. If you choose a limit order, you nominate your ideal exchange rate. When the rate is reached, the broker automatically buys the currency and transfers the funds. Foreign currency brokers can also usually arrange regular payments to a recipient overseas, perhaps if you pay a foreign mortgage or school fees.

Security is paramount if you are sending money overseas, so you should always check that your broker is authorised by the Financial Conduct Authority.

The firm must then operate within certain guidelines to safeguard consumers. However, most foreign exchange brokers are not members of the Financial Services Compensation Scheme, so you are not guaranteed to get your money back if something should go wrong.

The cost of international money transfers varies from broker to broker.

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