Understanding exchange rates
The exchange rate (the FX rate) you secure for your currency transfer can make a big difference to how much you receive.
Even a seemingly small discrepancy can mean you get thousands more or less when moving the sums involved in a typical property purchase.
However, exchange rates are always moving (with some currency pairs moving by as much as 5% in a matter of weeks), so picking the best time to make a transfer can be tricky.
Over the course of a year the movement can be even more dramatic.
For example, during 2019 the GBP/EUR exchange rate hit highs of €1.20 and lows of €1.06.
If you had made a £150,000 currency transfer when the exchange rate was at its lowest point of the year you would have received €159,000, but if you’d moved your money when the rate was at its highest levels you would have received €180,000 – €21,000 more!
As Gerson FX you can access all the support and insight you need to secure a great rate. Here are some useful service features you may like to make use of to secure the best FX rate:
Staying on top of the latest rate movements can help you time your transfer effectively. Your FX account manager can send daily and weekly market updates straight to your inbox, helping you pick the right time to move your money.
This service is great if you have a target rate in mind. Simply set the rate you’d like to achieve and your FX account manager will notify you by text and email as soon as the market moves to that level. You can set multiple rate alerts and there’s no obligation to make a transfer once your rate is hit.
If you like the look of the current exchange rate you can use a “forward contract” to fix it for up to a year ahead of making a transfer. While fixing a rate would mean you’d miss out if the exchange rate improved, you’ll be protected if the market moves against you.
The provider you use for your currency transfer can also have an impact on the rate you receive. With Gerson FX, you will receive great exchange rates and avoid the additional transfer fees tagged on by many banks and other companies.
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You can save money on bank charges and international currency transfers by using an FX service. Gerson FX offers an easy to use service for international money transfers – for single or regular payments.
© 2020 Gerson FX. Foreign exchange services are provided by Currencies Direct Ltd, One Canada Square, Canary Wharf, London, E14 5AA, United Kingdom. Registered in England & Wales, No.: 03041197. Currencies Direct Ltd is authorised by the Financial Conduct Authority as an Electronic Money Institution under the Electronic Money Regulations 2011. FCA Firm Reference number: 900669.