Our client is a German national living in London. We were first introduced via his solicitor when he purchased his house in the UK. Two of our client's children are educated privately in the UK. Although our initial brief was to provide a compelling rate of exchange for the house purchase, right before the 2019 election, we have since been engaged to conduct exchanges and payment relating to the payment of tuition fees.
Our client banks privately with Deutsche. This is relevant only because our client no longer compares our rates to Deutsche, feeling sufficiently confident that our prices will under cut theirs.
We receive a euro sum somewhat regularly and, in consultation with the client, exchange in to GBP Sterling when the client feels the rate is optimal (or if the payment deadline for the particular school looms). If the markets move in our client's favour before the payment deadline then we simply hold the GBP for the client, in their personal segregated account, until we receive the instruction to settle the school's invoice.
Again, we are our client's preferred exchange mechanism not because we offer a better rate of exchange (although we do, as standard) but, because of the flexibility and speed with which we can respond to changes in the currency markets. This is the added value that the private banking team at Deutsche (and many others) aren't necessarily built to provide.