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Living abroad? Ways to lessen the effect of the weak £Pound 

The weakness of the Pound over the past few years has significantly affected the finances of British ex-pats whose income relies on pensions and currency transfers from their UK bank accounts.  For anyone buying or selling property abroad, the impact of the change in exchange rate has been dramatic.

As the exchange rates continue to fluctuate the importance of defending your purchase power becomes ever more vital -  fortunately there are ways to increase your chances of getting the best deal from out an overseas transfer.

• Increase the size and reduce the number of payments made, thereby cutting the number of times you pay transfer fees.
• Negotiate with your overseas bank before arranging transfers, as they often charge an automatic fee just to receive your cash.
• Buy or sell a currency for immediate delivery via Spot contracts, if you want to receive your currency quickly and efficiently.
• Set up Stop Loss Orders in which you set a minimum level that you are prepared to buy or sell your currency at. Your order will be processed automatically when the specified exchange rate reaches the market.
• If you do not need have money transferred regularly (such as monthly) then you could benefit from Limit Orders in which you set a target higher exchange rate and only buy or sell if the rate reaches the market. As will Stop Loss Orders, your order will be processed automatically on the level being reached.
• Overseas Mortgage Payments - if you have purchased a property abroad but are still making monthly mortgage payments or paying maintenance fees, currency brokers can help you with these transfers by arranging favourable exchange rates could be secured for up to two years. Your sterling is collected by direct debit, and the foreign currency is sent abroad on your behalf, giving you the benefit of knowing exactly how much you have to pay each month.
• Currency brokers can also help you maximise the amount of Repatriated Funds, in the event that you sell your property or assets abroad.

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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