# Online Currency Brokers - how do they work and are they safe?



## marshmallow (4 Feb 2009)

Am planning to transfer some euro into another currency and have been advised to use a currency broker rather than the destination bank's going FX rate. A quick search on currency brokers online brings up loads of different options but I'm not sure how these things work. 

Do they act as 'middlemen' between one bank a/c and another? And if so, is it safe to let them handle your money as they not appear to be banks per se? If anyone has experience of these companies, I'd appreciate some advice.

Many thanks.


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## Toto (4 Feb 2009)

I have used both Worldfirst and HIFX numerous times with no problems.


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## marshmallow (5 Feb 2009)

Thanks Toto, am just a bit concerned about having to transfer money to a faceless third party that isn't a bank. Are these guys regulated in some way?


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## irash (6 Feb 2009)

currency.ie has been mentioned on this forum many times
They are v.good and are regulated by the Financial Regulator
XE can be another option there


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## marshmallow (6 Feb 2009)

Thanks for that. Was looking at XE.com who seem to have a good online setup. Anyone used them?


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## irash (6 Feb 2009)

you might find some answers here
http://www.askaboutmoney.com/showthread.php?t=25595&highlight=currency.ie


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## marshmallow (6 Feb 2009)

This is great irash, thanks a mill. Tried a search but couldnt find that. Cheers


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