Having a merry expat Christmas? Discover how to make your money go further
For a lot of people, spending time with friends and family is the most important part of the festive season. If you’re living overseas, this can sometimes mean spending a lot of money on travel, renting accommodation or even just sending gifts.
If you need to make currency transfers over Christmas, here’s a few simple ways to make sure you’re getting the most bang for your buck.
Take currency market movement into account
Whatever your reason for needing to move money abroad, the amount you receive for your transfer can be heavily affected by fluctuations in the currency market. Exchange rate movements are inspired by any manner of economic and political news, and shifts can be both dramatic and sudden.
Exchange rates move on a minute-by-minute basis, and can fluctuate substantially over the course of a month. Moving your money when the exchange rate is stronger will give you a better return, while you’ll receive less if you make a transfer when the market’s moved against you.
It’s been impossible to ignore all the political developments in Britain since the UK voted to Brexit in 2016, and even those with no knowledge of currency are likely to have noticed the change in pound (GBP) exchange rates.
The decline in Sterling exchange rates over the last 18 months means people making currency transfers to Britain from elsewhere are getting more for their money than they would have pre-referendum – but sending money out of the UK is less lucrative
Shifts in exchange rates impact smaller currency transfers to a lesser extent, but they’re still worth taking into account.
That’s why it’s important to consider your options…
Currency transfers – what are the options?
If you live in a different country to family and friends, you might be making regular trips abroad and moving money to and fro, especially during holiday seasons.
An easy way to start saving money on such transfers is to use the services of a specialist currency transfer provider. With their help you’ll secure a more competitive exchange rate and avoid incurring the transfer fees charged by most banks. They also offer a number of specialist services to help you get more for your money.
For example, if you want to know exactly how much you’ll receive for your currency transfer and defend your funds from currency market volatility, you could use a forward contract to fix the exchange rate for up to 12 months. With a fixed exchange rate you can budget for transfers more effectively and know you won’t lose out if the market suddenly moves against you.
If you need to move money abroad regularly, to pay a foreign mortgage or send money home to love ones, you can also use a currency transfer provider to automate these payments.
And, if you want to wait to transfer your currency until the market reaches a certain level, you can set a rate alert. With a rate alert you tell the provider what rate you want to achieve, and they’ll notify you by text or email as soon as that rate is hit.
With currency providers like Currencies Direct you can also benefit from the convenience of being able to transfer funds on-the-go, 24/7, online or through a dedicated app.
Talk to the experts
Another plus point of using a currency transfer provider is that you’ll be able to benefit from their expert knowledge of exchange rates.
They’ll be able to keep you updated on the latest shifts in the currency market, helping you transfer funds at the right time.
So, if you need to make overseas currency transfers this Christmas, look into your options, get more for your money, and have more to spend on the things that really matter.
Tags: Financial Holiday Travel Work