Clients and readers planning on making a currency exchange involving the Pound this week, have so far been presented with more or less the same exchange rates all day pretty much across the board of major currencies.
Sterling exchange rates appear to be relatively calm, as the Pound has made most it’s major movements in recent weeks as the general election outcome in the UK disappointed financial markets.
It could be that the Pound is to recover from its current levels, for example if a deal between the Conservatives and the DUP is struck resulting in additional political stability for example. Should this be the case there could be an opportunity for Sterling sellers to get a lot more Euros/Dollars for their Pounds than they would at the current exchange rates available.
The issue is though, the upward spike could only last a short while, and many of our clients may miss the opportunity.
The way around the potential disappointment would be to get in touch with us and arrange to have Limit Order set up, so that clients can automatically take advantage of an upward spike in their preferred direction.
An example of this type of order can be seen as follows. A €150,000 purchase at 1.14 would cost a client £131,578.95 whereas if they set up a Limit Order and manage to achieve a rate of 1.16 owing to favourable market movements, the cost would then be £129,310.34 which is a saving of almost £2300 based off of just a 2-cent movement.
Most of our readers who get in touch with us aren’t aware of this trade option, and discover that it can take some of the stress of trading away from their currency transfers, and our brokerage offers this type of trade on transfers over £5000+ or it’s equivalent in another currency.
Feel free to get in touch with me if you would like to discuss the mechanics behind this way of making an international transfer. There is no additional cost and the orders can be amended or even cancelled by clients once placed.
If you have a large currency exchange to carry out in the coming days, weeks or months then you are more than welcome to speak with me directly as I will be more than happy to help you both with trying to time a transaction and getting you the top market rate when you do come to buy your currency. A small improvement in a rate of exchange can make a huge difference so for the sake of taking two minutes to email me you may find you save yourself hundreds if not thousands of Pounds. You can email me (Joseph Wright) on firstname.lastname@example.org and I will endeavour to get back to you as soon as I can.