Calling all property-buyers! Today’s £/€ exchange rate is more favourable for people transferring pounds than it has been for nearly two years!
If you’ll need to make a euro payment to complete your overseas purchase in the near future, or you’re emigrating, you time to take action is NOW.
At the end of April, the pound reached a 22-month high against the euro. You’ll probably have seen in the news that at one point last week £1 was worth as much as €1.226 – compare this to a year ago when on May 3, 2011 the rate was £1/€1.115. And anyone buying in Florida will welcome the news that the pound has also strengthened against the dollar – the £1/$1.63 rate at the end of April was an eight-month high for the pound.
While these rates are interbank rates, meaning they’re not available to the man in the street, they give an indication of what you will be offered by a currency exchange specialist when you need to make an overseas currency transfer. How many pounds you’ll need to send from your UK bank account to credit your overseas account with a set amount of euros will vary with the exchange rate you get – the better the rate, the less it’ll cost you in pounds.
Smart Currency Exchange offers highly competitive exchange rates – consistently up to 3% better than those offered by your bank – to overseas property-buyers and anyone who needs to make currency transfers for other reasons. However, it’s perhaps Smart’s ability to offer forward contracts that is especially useful in the current climate. By speaking direct with a Smart trader, this allows clients to secure an exchange rate based on today’s rate for a transaction they intend to make up to a year in the future.
If you’re on the point of buying or paying a deposit for a property in the Eurozone or USA, it would be foolish not to fix a rate today so you know precisely how much your currency transfer will cost you in pounds. It would also mean that even if the pound were to suddenly lose value, you would still have access to a favourable exchange rate.
Worth thinking about, isn’t it? For more information, contact Smart Currency Exchange on 0808 163 0102, download their free guide on making currency transfers by clicking here or visit our Currency Zone