If you are moving overseas you may wish to use a currency broker, such as Global Reach, to assist you with transferring your funds
Are you sending money overseas? You might need to transfer a pension, salary, property costs, or need to move money for other expenses when living or working abroad. If you need to send your funds overseas, you’ll no doubt be wondering how you can make the most of your currency transfers. Below we explore some of the things you can do, to make smarter currency decisions.
Speak to an expert
It can sometimes be tricky to move your money overseas in times of uncertainty. For instance, Brexit has created some market volatility; after the referendum, the Pound fell by around 20% against the Euro, and although it’s had periods of strength, speculation it could reach parity has also been in the headlines in recent years. Currency specialists Global Reach has a team of experts who’ve helped clients move their money abroad during times of heightened volatility, such as elections, referendums, and geopolitical tensions. Currency brokers can offer competitive exchange rates, so you can make the most of your overseas transfer.
Lock-in an exchange rate
If you want to send a large sum of money overseas for a payment like a property purchase, you can consider locking in an exchange rate to give you some stability. Currency brokers like Global Reach offer something called a Forward Contract, which means you can lock-in a rate when the exchange rate moves in your favour, for up to two years. This can be a good idea if you want to know exactly how much currency you’ll get for your money. For example, if you’re buying a house overseas and the exchange rate moves while the property purchase is ongoing, you’ll still pay the same amount for your currency if you’ve locked in a rate with a Forward Contract.
Stay up to date
Exchange rates can move incredibly quickly, so keeping up to date with the latest market news can help you make more informed currency decisions. Global Reach can send you weekly market updates and the latest rate alerts, so you can choose good times to transfer for you, and be aware of upcoming events which might impact your exchange rate.
Set up a regular payment plan
You might need to make regular payments overseas, and a currency broker can help you make secure cost-effective transfers. You can speak to a member of the Global Reach Dealing team to discuss setting up a regular payment plan or move money when you choose over the phone or with the award-winning online platform.
Global Reach is a winner of Feefo’s Gold Trusted Service Award, an independent seal of excellence that recognises businesses for delivering exceptional experiences, as rated by real customers. If you need to make an overseas money transfer and want to discuss how to protect or make the most of your funds, call +44 (0)20 7989 0000. Or visit www.globalreachgroup.com.