If you’re transferring money abroad, then using a firm which focuses on foreign exchange can reap significant benefits. Often, those making an international money transfer expend a lot of energy worrying about why and where they’re moving money to, without ever really considering how to make the transfer. The traditional way of moving money overseas is to use a high street bank. However, it is actually much more advantageous to use a currency specialist.
Fluctuating Exchange Rates
The foreign exchange market trades 24 hours a day, 7 days a week, handling $1.5 trillion worth of money transfers. Rapid swings in exchange rates are frequent, with the pound recently sliding against the US dollar and euro, hitting its lowest point for three years against these two major currencies. It then quickly rebounded, thanks to the incoming Bank of England Governor, Mark Carney, who got members of the Monetary Policy Committee to vote with him against pumping more money into the UK economy. Improved figures on employment were released in tandem with the vote, causing sterling to rise against the euro after four months of languishing, and reach a two-week high against the dollar.
Exchange rate movements such as these can have a major impact on the amount of money you’re transferring abroad, impacting the value of your transaction. This has caused serious problems for British expats, whose spending power has fallen by over twenty percent since the beginning of the financial crisis.
How Foreign Exchange Specialists Can Benefit You
It is hard for us mere mortals to predict changes in currency rates. This can have major consequences where people transfer money to buy a home overseas, only to find that the price has shot up by 5 -10 percent due to volatility in the exchange rate. It’s also a problem for those sending regular amounts from the UK to a foreign bank account, as wide variations in the value of the pound means that income can show a dramatic variation from one transfer to the next.
This is why foreign exchange specialists can be so beneficial to you. Using a specialist means that you’ll be in expert hands; unlike banks, which have many strings to their business, they specialise in finding the best ways to send your money abroad. Their expert guidance can help you to get the most from your international money transfers.
You’ll also get a much better deal. The costs compared to those charged by banks are much lower; the exchange rate is, on average, around 4% better. This can make a huge difference if you’re transferring a large sum of money for a property transfer.
You’ll pay lower transfer fees too. High street banks tend to charge £25 to £40 per transaction. This quickly adds up, particularly for those who make regular payments.
Currency fluctuations and their associated risks can be minimised by locking into a regular payment plan with a foreign currency transfer service, such as that offered by Currencies Direct. Engage a foreign exchange specialist and you will have guaranteed access to expert guidance on the markets, and information on the best times to make a money transfer, ensuring that you make great savings every time you move money abroad.
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