Non-bank foreign exchange companies

Non-bank foreign exchange companies offer currency exchange and international payments to
private individuals and companies. These are also known as foreign exchange brokers but are
distinct in that they do not offer speculative trading but currency exchange with payments.
I.e., there is usually a physical delivery of currency to a bank account. Send Money Home
offer an in-depth comparison into the services offered by all the major non-bank foreign
exchange companies.
It is estimated that in the UK, 14% of currency transfers/payments are made via Foreign
Exchange Companies. These companies' selling point is usually that they will offer better
exchange rates or cheaper payments than the customer's bank. These companies differ from Money
Transfer/Remittance Companies in that they generally offer higher-value services.