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Current exchange rates
When
purchasing your property abroad you will need to pay for
it in the foreign currency of that country e.g.
for France this will be in euros. Your traditional
high street bank may seem the obvious choice for where
you change your savings, due to ease and tradition, but
they are likely offer you the ‘Tourist Rate’ on the
exchange of your hard earned cash, as opposed to the
‘Commercial Rate’ that a specialised foreign exchange
company will offer. By using a foreign exchange company
the rates will be more favourable so you can get more
for your pound.
Exchange Rate
Movements – over six month period.
Due to the volatility of the currency
market exchange rates are constantly changing, so can
vary from one day to the next (as shown in the graph).
However, there are various options available to help
customers get a great rate.
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Spot Transactions
– Buy now, pay now. These are ideal for anyone
who needs their currency straight away as the currency
is purchased today at the current rate. However, if
you have time to spare before your payments are due it
may be wiser to consider a Forward Transaction.
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Forward
Transactions – Buy now, pay later. These allow
you to secure a rate for up to 18 months in advance to
protect yourself against any movements in the market.
A small deposit holds the rate until the balance
becomes due when the currency contract matures. This
option not only protects against possible drops in the
exchange rate but also gives you the security of the
currency you need at a guaranteed cost, regardless of
fluctuations in the market.
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Limit
Orders - allow you to place an order in the
market for a desired exchange rate. This has the
advantage of protecting you against negative exchange
movements whilst still allowing you to gain from a
positive movement. Your request is entered into the
system and an automatic currency purchase is triggered
once the market hits your specified rate.
Using the options above clients can
save thousands of pounds on their currency transfers –
what better way to kick start your life
abroad?
Regular
Payments.
Once you have become the owner of your
dream property, it is highly likely that you will need
to send regular monthly payments from home whether for
mortgage payments, maintenance expenditure or
transferring pensions or salary. Using a reputable
foreign exchange company can make this process hassle
free and they are likely to offer you better terms than
your high street bank. By setting up regular monthly
direct debit payments you can benefit from extremely
competitive rates without the monthly worry.
If you haven’t had to deal with these
sort of transactions before it can seem a little
daunting, but our specialist currency
provider can help you. He will explain, in
lay terms, the choices available to you and about
up-to-date movements and general predictions on market
fluctuations.
Our specialist offers competitive
rates for all major currencies and a stress-free method
of transferring funds promptly and accurately. There is
no charge for registering, no obligation and no
commission fee. The information you need to
potentially save thousands is only a phone call
away.
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