Are you relocating?
As well as moving your property and family you will also need to transfer dollars into pounds or euros. Moving is complicated enough, without fluctuating exchange rates to worry about. Setting up an account with ease and getting the best exchange rate will have a big impact on your move so it is important to plan ahead.
There are numerous economic and political factors which could affect the value of your dollars (your spending power in your new country) but what is the best way to approach the transfer? Unless you are very lucky, leaving it to the last minute is not wise. Retail banks will facilitate the transfer but often they give little guidance on protecting against risk or maximising the value of your money.
A specialist currency broker should:
● Discuss your timeframe and your personal circumstances
● Provide market updates which affect your transaction
● Offer a personal service to tailor the best solution
● Give you a fair exchange rate when you buy or sell currency
● Offer a choice of telephone broking or access to an online payment platform
● Communicate clearly and transparently at every stage of the process.
US dollar example
This time last year the GBP/USD rate was trading around 1.40 which meant that USD 100,000 was worth £ 71,428. It is now trading around 1.28 which is much better giving you £78,125. That is a difference of almost 10%.
The GBP/USD exchange rate January 2018-2019
During the past 12 months the US dollar has had a trading range of 5% against the euro. On USD 100,000 that is a difference of EUR 4,557, equivalent to the cost of a decent holiday.
EUR/USD exchange rate January 2018-2019
We hope this has shown how straightforward it is to make cost effective foreign exchange transactions. We work with Cornhill International Payments who have a dedicated and friendly team of experts to remove the stress of moving your dollars to Europe. If you have currency exchange needs then you should:
- Register with Cornhill International Payments (free and without obligation).
- Discuss your situation with your own dedicated team member and make a plan.
- You can also subscribe to their daily market report at cornhillfx.com
To contact Ryan Nee at Cornhill International Payments
Call +44(0) 203 409 5371 or email firstname.lastname@example.org
Currency data supplied by Cornhill International Payments,, January 2019