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Currency Transfers

If you are living overseas or you have bought an overseas property you will be aware of the impact exchange rates can have on how much currency you buy and how much your property costs. Perhaps you need to transfer your pension or pay an overseas mortgage every month?

Whatever your reason for moving money overseas, movements in the value of Sterling will have an effect on the amount of currency you buy. The Bank of England has spoken of the advantages of a weak during the economic recovery as UK exports are cheaper but if need to buy Euros, a weak pound is not desirable.

Since the credit crisis hit, the pound has been at an all-time low against the Euro, multi-year lows against the Australian dollar and a 7-year low against the US Dollar making everything much more expensive to buy with Sterling.

With exchange rates constantly fluctuating, there are a number of things that expatriates and investors can do to reduce to protect their spending power:

Specialist currency brokers will offer you improved rates of exchange compared to your bank and therefore save you money.

Use a currency broker that has no costs, no charges and no commission. If you have transferred money before, you will know that overseas bank’s charge handling fees for receiving your money which can be as much as 1% of the amount you transfer. Therefore, ensure the currency broker you work with guarantees to pay all transfer charges at no extra cost.

Regular currency payment contracts enable you to buy a large amount of currency and therefore secure a better rate but pay for the funds every month. If you need to pay a £1,000 towards your Euro mortgage each month, a regular payment contract will mean you still pay £1,000 a month but because you have in effect bought £12,000 over twelve months you will receive a much better exchange rate.

Part of the service offered by currency brokers is to assign you your own personal account manager so it is important that you make sure your account manager understands your requirements so they can monitor the market on your behalf and contact you if the markets move in your favour.

If you don’t have the time to watch the market or understand the impact economic data will have on the currency markets the assistance account manager will provide is vital as opposed to using an online currency transfers that won’t tell you when to trade

Buying Euros | Selling Euros | Buying US Dollars | Selling US Dollars | Overseas Mortgage Payments
Foreign Currency Exchange Broker | Foreign Currency Dealers | Foreign Currency Exchange Transfers

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