If you’re on the verge of sending money to Europe, perhaps to pay for a property or because you’re relocating, don’t miss this opportunity to save some money!
The current exchange rate for anyone transferring pounds into euros is the most favourable it has been for nearly 4 years. This means that exchanging €100,000 today costs around £4,200 less than it did even as recently as January, all thanks to the rate shifting from £1/€1.197 to £1/€1.261 since the start of the year. So if you need to send euros to an account in France, Spain, Italy or anywhere abroad, NOW is the ideal time to do so.
Don’t forget to use international payment specialist Smart Currency Exchange to send money to an overseas account – NEVER ask your UK bank to do it. Smart consistently beats high street banks on exchange rates – typically by up to 3 per cent, customer service and speed of transfer.
If you’re not ready to transfer all your funds into euros today, Smart Currency Exchange will allow you to secure a favourable exchange rate NOW based on today’s rate which you have access to for up to a year later. This is called a forward contract and typically you will be asked to pay a deposit of 5-10 per cent of the total value of the transfer to fix a rate. It is especially useful when buying a property abroad as it means you will know precisely how much a property priced in euros will cost you in pounds.
The Eurozone debt crisis and fragile economic state of European banks, particularly in Spain and Greece, have driven down the value of the euro against the pound and dollar. In the first week of July, the European Central Bank reduced its main interest rate to a record low of 0.75 per cent, causing the pound to gain even further against the euro and reach €1.26.
For more information on how Smart Currency Exchange could save you money, download their free guide by clicking here.