For those of us who need to move money between different currencies, one of the biggest problems is trying to keep track of exchange rates. They move all the time! We have looked at the reasons why they do so before, but the problem remains that with such volatility it is very hard to budget properly.
Will they go up or down further? Should I buy the currency now, or wait to see if the rate get’s better? These are questions we have all struggled with at some stage, especially when it comes to moving a larger amount, or for regular transfers over a period of time. So what can we do about it?
Well, luckily help is at hand. Did you know, for example, that when the exchange rate is at a good point for your needs, that we can fix it for you – for up to two years if needs be. This makes forecasting for a future transaction, or even regular monthly payments – of a pension, for instance – totally predictable and saves you having to chase the rate. Of course, we at Premier FX can advise you on the best time to do this, or present an alternative strategy based on your exact needs.
Another tool at our disposal is a thing called an “order”. This is very simple. Basically, you advise us of a target exchange rate and let us watch the market for you. If we take the Pound to Euro rate as an example, which is hovering around the 1.12 level, but you want better than that, you can ask us to buy Euros when the rate gets to 1.15 let’s say. Once again, it saves you from checking the currency markets all the time, and we let you know as soon as we can buy at that level, or closer to it if the target doesn’t look like being hit in your timeframe.
To find out more about how Premier FX can tame those exchange rates for you, contact them now!
More about Premier FX
Premier FX is a UK Limited Company with offices in London, Spain and Portugal. They are regulated by UK Revenue & Customs and authorised by the Financial Conduct Authority (FCA). Client funds are held in secure, segregated accounts at Barclays Bank in London and are fully protected by law.
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This article was written on the 19th of February, 2018.