Ever-changing foreign exchange rates are one thing we can’t predict. But setting a spot rate in advance can secure the transaction amount – whether it’s now or three years down the line
As if there isn’t enough to worry about when you are moving abroad, buying an overseas property or making international money transfers, daily fluctuations in exchange rates can make a huge difference to the amount of money you end up with.
Transferring large amounts of money from one currency to another is always risky when the markets are acting up. Fluctuations in the currency pairings can make as much as 10 per cent difference over the course of just a few weeks.
Fortunately, there are now ways of protecting against this volatility, to ensure that you know exactly what you’re dealing with in advance.
“We can find our clients the very best spot rates (the rate to transfer immediately) or we can secure or fix their exchange rate by using a forward contract,” explains Elisabeth Dobson, head of private clients at the UK’s leading foreign exchange broker, World First.
“This means you can set a rate now for a transaction happening up to three years ahead – so there are no nasty surprises on the day you buy your home abroad.
“If you need to move money internationally, World First can help. We can make the transfer to and from your UK bank account to your overseas account. And if you’re selling your property, we can bring your money home quickly and safely – using our own overseas accounts if appropriate.”
With the markets proving particularly difficult to predict, if you’re planning on moving money overseas anytime soon, it might pay to seek some expert help. World First is the UK’s leading foreign exchange broker.
For more information about protecting your overseas payments in advance
call 020 7801 9080