Ipsos MORI Poll rates 4X Currency as best specialist Foreign Exchange provider

  • Results based on live dealing rates given by FX companies
  • Travelex and International Currency Exchange placed bottom of list

Brighton, UK - Monday 19 March, 2007 - 4X Currency has been listed as the UK's best specialist foreign exchange provider, according to an Ipsos MORI Poll of exchange rates offered by 10 different UK-based FX providers. A mystery shopper telephone exercise was conducted to find the best rates available to customers seeking foreign currency exchange, and found that 4X Currency's rate of 1.4803 Euros to the pound was the most favourable - .73 of a cent more than the lowest placed provider. The shopper enquired how much each FX company charged on a purchase of 165,000 Euros and revealed that 4X Currency's offer - £111,463.89 - was the most competitive, and over £550 cheaper than that of the bottom-placed company, the International Currency Exchange.

Ipsos MORI was commissioned to find the best live dealing rates available to customers. These have become obscured due to the increasing number of FX providers and banks that incorrectly quote Interbank rates which are unavailable to consumers. Interbank rates are 'wholesale' prices that banks and big financial organisations deal at amongst themselves. These rates are not available to FX customers, but are often used as initial quotes in order to attract new business.

An Ipsos MORI spokesperson reported that a further interesting finding from the research was the huge variety of registration processes available when joining up to the organisations:  "Each organisation had quite different requirements for opening a trading account, ranging from forwarding certified personal documents to simply completing a few details online."

Helen Scott, Managing Director of 4X Currency, said she was delighted that the survey confirmed that the company's rates are the best in the market. "Ipsos MORI is one of the UK's most trusted research organisations, and this survey has provided a much-needed comprehensive comparison between the different foreign exchange providers. We are the only FX organisation that shows all of our live dealing rates online - giving consumers full transparency - so what you see is what you get. These findings underline the fact that customers can rely on 4X Currency to provide them with the most favourable rates coupled with secure and simple processes for their foreign exchanges."

The research was conducted on the 27th February 2007 between 3.35pm and 4.16pm. During these times the Interbank rate fluctuated between 1.4843 and 1.4849 (as provided by xe.com). Ipsos MORI registered as a customer with each of the companies listed, and the quotes obtained were actual dealing rates not indications. The full results of the survey are outlined below:

Organisation
 Rate Cost in £
4X Currency Corporation 1.4803 £111,463.89
TT Moneycorp* 1.4800 £111,501.49
Direct Currency Exchange 1.4785 £111,599.59
Caxton FX 1.4780 £111,637.35
HiFX 1.4780 £111,637.35
Escape Currency* 1.4770 £111,727.93
Currencies Direct 1.4762 £111,773.47
Travelex 1.4741 £111,932.70
International Currency Exchange
 1.4730 £112,016.29
Foreign Currency Direct**  N/A N/A
* £15 transfer fee also applies

** Could not quote within time frame


About Ipsos MORI:
Ipsos MORI is the sum total of two successful research companies, Ipsos UK and MORI, which joined together in October 2005 to create the second largest research company in the UK. Ipsos MORI focuses its work around five specialisms; Marketing, Advertising, Media, Loyalty and Public Affairs (which incorporates the Social Research Institute and the Reputation Centre).

The company's 900+ staff offers a full range of quantitative and qualitative research services, as well as extensive international research capacity thanks to strong links with Ipsos companies around the globe. Working with hundreds of clients in both the private and public sectors, Ipsos MORI embraces both traditional and innovative research methods.

For more information visit www.ipsos-mori.com

About 4X Currency:
4X Currency is the UK's leading online provider of foreign currency exchange services. 4X Currency deals in large volumes at wholesale rates with major City institutions, meaning it can offer the best exchange rates available. It is the first company in the world to offer live online foreign exchange rates to individuals, taking in up to half a million real-time exchange rates a day from the London market.

4X Currency is the only currency company in the world to be endorsed by ABN, and is also registered with HM Revenue and Customs as an overseas money provider. It is also a full member of the UK Money Transmitters Association.

For more information visit www.4xcurrency.com

Note to Editors: Click here to view live market rates

For more information please contact:
Louise Sambells
The PressOffice - PR for 4X Currency
Tel: 01780 721433
Email: lsambells.pressoffice@targetwire.com

Helen Scott
Director - 4X Currency
Tel: 01273 203311
Email: info@4xcurrency.com

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