Posted by Laura Parsons on August 2nd, 2016.
The UK’s decision to Brexit from the EU triggered serious shifts in the currency market.
While the drop in Pound exchange rates benefited some, others are finding themselves worse off. However, whatever your personal circumstances, it’s possible to still save money on your currency transfers with these top tips.
While banks have traditionally held the monopoly on international money transfers, consumers are becoming increasingly aware of the many benefits of turning to a specialist broker. The transfer fees charged by most banks can be avoided by using a currency broker who works on a fee-free basis. Some brokers also offer significantly more competitive exchange rates than banks, which can mean the difference of thousands on larger transfers.
As the UK’s vote to Brexit showed, exchange rates are highly volatile. Since the referendum the EUR/GBP exchange rate has strengthened from 0.76 to 0.86 while GBP/EUR has dropped from 1.31 to a low of 1.16. GBP/USD is also at a 30-year low. Such significant shifts have a massive impact on how much your currency transfer is worth. While some movements can’t be predicted, you can stay aware of market movements and trends by keeping up-to-date with the latest news. One of the easiest ways to make sure you have the information you need to pick the best time for your currency transfer is to find a currency provider who’ll send free updates straight to your inbox.
No matter how much currency you need to transfer, you want to make sure you’re getting the best possible deal. An easy way to make your money go further is to take advantage of the expert insight and services offered by some providers. Leading currency brokers employ foreign exchange specialists, so you can benefit from invaluable guidance regarding the best time to move your money home and which service best suits your requirements. Options like being able to fix a rate for up to two years in advance, for example, could not only benefit you financially but also provide you with real peace of mind.
If you need to arrange a currency transfer, don’t lose out to Brexit fear – take these top tips into account and get a free quote today.
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