Banks Making Giant Profits on Overseas Transfers

A quiet long weekend in FX was punctuated by the below Guardian article which highlights the extent to which the customer is being failed and cheated by FX services at large banks – IIFX will continue to ensure that each customer is given the specialist treatment required to show real value and understanding.

No doubt the geopolitical pressures will see a flight to safety across the investment world, but there are plenty of other factors at play in the week, with Euro Inflation data on Wednesday, and EUR and US manufacturing data on Friday. 

GBP/EUR continues to trade near highs of recent ranges, and GBP is holding its own against the USD as well.

Read the full article here: 

Revealed: the huge profits earned by big banks on overseas money transfers