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Is it cheaper to use a money transfer company compared with using my local bank to make the money transfer?: Your bank exchange rates will not be as good as the exchange rates available through money transfer companies. This is because they have expertise in achieving the best rates. Not only can you save thousands of pounds of currency if you are buying a property abroad, you can usually save money on small money transfers (for example TransferWise offer very competitive exchange rates when transferring up to £10,000). A local bank will have no facilities to help you with the timing of the currency transfer compared to a money transfer company that does employ currency exchange experts to guide you in terms of currency market changes. Another reason money transfer companies offer better exchange rates is that they do not have branches all over the country (which you local bank does). Without the need to pay rent on thousands of offices around the country these money transfer companies often only have offices in major cities around the world which is cheaper to manage. The added benefit to having offices around the world is they can also help you whichever country you are in. You may for example be transferring money from Spain to the United Kingdom. In this case you can often speak with a Spanish representative in the Spain to help send money to the UK. Alternatively, if you speak English, you could call the London office to make the transaction. Even if you ultimately make the currency transaction online over the Internet, you may find it useful to speak with a customer help team before setting up the transfer of currency. As as example of a company that offers 24/7 customer support, OFX is always available over the telephone to help you compared with other money transfer companies that do not have a 24/7 helpline. You will certainly not find a local bank with 24/7 support to help with currency exchange problems, solutions or general help.