Avoid losing money by falling victim to fluctuating currency markets, as well as weak exchange rates and avoidable fees from your bank when it comes to transferring money to and from Florida.
A better exchange rate is generally achievable from a foreign exchange specialist, otherwise known as a currency specialist. What’s more, many currency firms do not charge any hidden fees, saving you money in the process.
For example, if you´re thinking on purchasing a home in Florida for $300,000 and transfer the funds with your bank, it would cost you £197,730 (that’s at the average bank’s exchange rate of $1.517=£1*, plus a £25 transfer fee).
However, the same transaction with a specialist company such as Currencies Direct would have cost you £189,510 (by eliminating transfer fees from the picture and using a better exchange rate of €1.58=£1*).
(* Rates correct on 6 November 2014)
When selling a property in Florida, you may need to transfer a large amount of money back to the UK. When transferring a large sum, the exchange rate becomes essential.
A ‘forward contract’ may be the best option for you in this situation. If the existing rate looks decent, but you do not need to transfer your money until a later date – such as early next year, for instance – a forward contract may be suitable. It is the currency world’s version of ‘buy now, pay later’.
“The currency markets are constantly fluctuating,” says Alistair Cotton, money transfer expert at Currencies Direct.
“When moving a large sum of money, taking advantage of exchange rates when they are in your favour could literally save you thousands,” he adds.
Once you have secured a property in Florida, you will almost certainly find yourself frequently transferring money from the UK to the U.S. This may be to pay your mortgage or simply support your living costs on an ongoing basis.
FX providers will generally save you money by not charging the transfer fees that the banks impose.
Furthermore, if the exchange rate moves in your favour, you are permitted to ‘lock in’ to that exchange rate for up to 12 months.
Select an overseas money transfer service that is tailored to meet your requirements.
Buy currency now, for fast payments. Use for:
Buy now, pay later. You have up to 12 months, subject to paying a small deposit today, to pay the full amount. Use for:
Set up regular payments through a Direct Debit and even fix the exchange rate for up to 12 months. Use for:
In order to secure your target exchange rate, set an automated currency purchase. Use for:
With foreign exchange markets constantly changing, people need to develop a clear plan on how to manage their own currencies. To help reduce the risk of currency fluctuations and to ensure that you secure the best possible rate, you may wish to turn to a currency specialist to make sure that you get the best exchange rate available.
Foreign exchange experts specialise in staying ahead of what is happening in the currency markets, which can help many people, especially those with little or no free time.
If there is a particularly rate or deal that you are looking for, let your currency specialist know by setting up something called a ‘rate watch’ which effectively lets them know what it is that you are looking for, enabling them to contact you when the right deal for you arises.
Most banks do not have the time needed to offer this kind of service, which can cost you money in the process. What’s more, you are under no obligation to actually trade even when your desired rate arises. It is just a shrewd way of staying on top of what is actually occurring in the currency market just in case you are in a position to proceed with a transfer.
Sign up to email alerts to keep on top of what is happening with rate exchanges and to receive market updates. Many of the leading currency providers regularly offer their customers a wide selection of newsletter options to sign up to, with features including frequent market analysis, daily market news, rate alerts, among other features.
Market analysis podcasts on YouTube, conversations on Twitter, posts on Facebook, infographics in Pinterest, there are also a host of ways that you can keep up to date with the latest news and trends in the currency markets on social media websites.
Currencies Direct is the UK’s leading foreign exchange specialists and has helped more than 150,000 people with overseas money transfers. Visit currenciesdirect.com for more information.
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