Three essential tips for exchanging your currency if you’re moving overseas in the current climate
It may be that you’re looking to move money abroad regularly for overseas property costs, salaries and pensions, or other commitments. Or, it could be that you’ve decided to relocate and need to move a lump sum abroad.
Given the global and economic uncertainty in recent months due to the coronavirus, it’s never been more important to speak to an industry expert, to ensure you can maximise your currency transfers.
Markets don’t like uncertainty, and with many countries still waiting to discover the economic effects the coronavirus and lockdowns have had on their economies, there’s plenty of opportunity for significant market movement in the months ahead.
Our partner and currency specialist Global Reach suggests three ways you can benefit from using a broker for your money transfers.
Speak to an expert
Whether you’re new to making international payments or have made them frequently in the past, speaking to a specialist can help you make smarter currency decisions.
The Global Reach Dealing team watches the market all day to help you choose the best times to trade for you. You can discuss your transfer with an experienced team who’ve helped clients move money abroad during some of the most volatile market events, such as the 2008 financial crisis, Brexit, and most recently, the coronavirus pandemic.
Competitive rates of exchange
Currency brokers specialise in foreign exchange and can offer excellent rates for your money transfers. You can be kept up to date with rate alerts too, so you can capitalise on positive market shifts, to help you maximise your international payments.
Exchange rates move all day every day, so having the expertise of an experienced Dealing team can be helpful for planning your transfer amid economic, global, and political events.
Lock-in an exchange rate
Global Reach can offer clients Forward Contracts, where they can lock-in an exchange rate for up to two years. These types of transfers can be helpful for those buying property abroad and want to ensure they know exactly how much their property will cost.
For instance, when you begin the purchase process, you may find your property costs one amount, but by the end of the process—often months later—your exchange rate could have shifted lower, meaning the amount you pay for your property could be more. Forward Contracts are beneficial if you’d like to know exactly how much currency you’ll get for your money.
Whether you’re planning to make a currency transfer now, or next year, it’s never too early to begin a conversation with a currency broker. Signing up with Global Reach is obligation-free, but gives you access to the Dealing team, live currency quotes, and regular market updates and rate alerts.
If you’d like to find out more about how Global reach could help with your currency requirements, visit globalreachgroup.com or call +44 (0)20 7989 0000.