How do I get the Best Exchange Rates?
The likelihood is that when you’ve been on overseas trips in the past, you probably haven’t been too concerned about the exchange rate you received.
Obviously it’s great if you do happen to pocket a little extra spending money, but the difference the exchange rate makes on a few hundred pounds of business expenses or holiday money is likely to be minimal. In brief; you’re unlikely to be having long, sleepless nights fretting about whether you exchanged your funds at the right time.
However, if you are regularly making foreign exchange transactions or you need to transfer larger amounts then it can be worthwhile to consider your options.
Firstly, forget moving money through high street banks; the best exchange rates and the most comprehensive service are available through currency exchange specialists. These companies can move your international payments just as quickly as banks. And, in addition to immediate payments, they can arrange ‘forward contracts’, allowing you to secure an attractive exchange rate up to two years in advance. A specialist will also be able to deliver rates that the banks will not or cannot offer.
So just how much difference can it make?
Let’s assume you’re emigrating to Australia and have accumulated a net wealth of £250,000 after the sale of your house, car and other assets. Had you exchanged your currency on the 24 March 2015 you would have arrived with AUD$471,455. But if you had waited a few months until the end of July 2015 you would be departing with AUD$538,178. That’s a difference of AUD$66,723 Aussie Dollars in only 4 months – and it’s solely due to exchange rate volatility.
What’s more, the foreign exchange markets are constantly moving; so that volatility throws up these sorts of opportunities on a more regular basis than you might imagine.
Sadly, there is no crystal ball that allows you to predict just when it is the right time to exchange your funds but there are undoubtedly clear opportunities to transact at the right time. These are governed by a number of factors including a countries’ economics, geo political conditions, market psychology and international investors’ attitude to risk. A good foreign exchange specialist will understand currency movement chart the market and provide guidance to help you make informed choices on your currency management.
To find out how you can take advantage of positive fluctuations in the market and exchange your currency at the right time to get the best possible rate, call 020 7350 5474 or visit www.halofinancial.com
Written By David Johnson, Senior Analyst, Halo Financial
“Halo Financial has been invaluable in planning our foreign currency requirements. They have kept us in touch with the markets and provided accurate market analysis enabling us to hedge our foreign currency risk. As a result, we have been able to achieve significant savings compared to our previous currency partner. We particularly like the personal service and prompt attention we receive from the whole team and would definitely recommend their services.” Recent Customer quote – from Feefo.com
Authorised by the Financial Conduct Authority under the Payment Services Regulations 2009, FRN: 528727.
Her Majesty’s Revenue & Customs MSB registration No. 12197454.
The contents of this article are for reference purposes only and do not constitute financial or legal advice. Independent financial or legal advice should be sought in relation to any specific matter. Articles are published by us without any knowledge or notice of the circumstances in which you or anyone else may use or rely on articles or any copy of the information, guidance or documents obtained from articles. We operate and publish articles without undertaking or accepting any duty of care or responsibility for articles or their contents, services or facilities. You undertake to rely on them entirely at your own risk, and without recourse to us. No assurance of the quality of articles is given or undertaken (whether as to accuracy, completeness, fitness for any purpose, conformance to any description or sample, or otherwise), or as to the timeliness of the publication.
Latest posts by Sally - Silversurfer's Editor (see all)
- Will you tune in to the first General Election televised debate? - November 18, 2019
- Rick Stein’s fig and frangipane tarts - November 18, 2019
- Lost Love Stories - November 18, 2019
- Are you planning to shop on Black Friday? - November 18, 2019
- Did Prince Andrew’s Newsnight interview make his predicament better or worse? - November 17, 2019
Leave a Comment!
Community Terms & Conditions
These content standards apply to any and all material which you contribute to our site (contributions), and to any interactive services associated with it.
You must comply with the spirit of the following standards as well as the letter. The standards apply to each part of any contribution as well as to its whole.
be accurate (where they state facts); be genuinely held (where they state opinions); and comply with applicable law in the UK and in any country from which they are posted.
Contributions must not:
contain any material which is defamatory of any person; or contain any material which is obscene, offensive, hateful or inflammatory; or promote sexually explicit material; or promote violence; promote discrimination based on race, sex, religion, nationality, disability, sexual orientation or age; or infringe any copyright, database right or trade mark of any other person; or be likely to deceive any person; or be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence; or promote any illegal activity; or be threatening, abuse or invade another’s privacy, or cause annoyance, inconvenience or needless anxiety; or be likely to harass, upset, embarrass, alarm or annoy any other person; or be used to impersonate any person, or to misrepresent your identity or affiliation with any person; or give the impression that they emanate from us, if this is not the case; or advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse.
Nurturing a safe environment
Our Silversurfers community is designed to foster friendships, based on trust, honesty, integrity and loyalty and is underpinned by these values.
We don't tolerate swearing, and reserve the right to remove any posts which we feel may offend others... let's keep it friendly!