If you need to move money abroad, currency market volatility, uncompetitive exchange rates and transfer fees could cost you thousands – so it’s well worth doing a bit of research.
While many people use their banks to make currency transfers, they’re certainly not the only option available to you.
One of the easiest ways to make your money go further is to seek out the support of a leading currency transfer provider like Currencies Direct.
As currency transfer providers can typically secure you a far better exchange rate then the banks and don’t charge transfer fees, they can help you make significant savings. They’re also able to provide personalised support and offer a range of transfer options.
Every currency transfer is different, so it’s important to pick the service that best suits your needs.
Use a spot contract when you need to make an immediate transfer. Simply agree the exchange rate, send the currency provider the funds and they’ll make your transfer straight away.
Use a forward contract to fix the current rate for up to a year. Forwards are perfect if you have a payment to make in the future and you want to protect yourself against market volatility.
Money transfer specialist Alistair Cotton of Currencies Direct, says: “The currency markets are constantly changing, so when moving a big sum of money, capitalising on favourable exchange rates could genuinely save you thousands of pounds.”
If you need to move money abroad on a regular basis to make mortgage payments, transfer a pension or top up living funds, simply set up a Direct Debit with a currency provider to automate the transfers. You can even fix your rate for up to a year if you’d like to lock it in.
Set a target exchange rate for your transfer.
Exchange rates can move suddenly, but knowing what’s going on can help you plan your currency transfer for the right time.
The currency experts at Currencies Direct help eliminate the hassle by keeping an eye on the market and updating you on the latest exchange rate movements.
Pick the rate you’d like to achieve and receive a notification as soon as the market moves to that level.
If your desired rate is hit you have the freedom to decide whether to make the transfer now or wait to see if the market improves further.
Receive regular market updates straight to your inbox and have access to all the insights you need to make an informed decision about your currency transfers.
Talk through your requirements and pick the transfer option that’s right for you.
Currencies Direct is one of the UK’s leading currency providers and has helped over 210,000 people save money with fast, free currency transfers since 1996.
Visit www.currenciesdirect.com for more information.