4 ways to protect yourself from the ups and downs of exchange rates
4 ways to protect yourself from the ups and downs of exchange rates
You don’t need to be an expert to know that exchange rates have been a bit volatile recently – Coronavirus and Brexit are just two of the reasons things have been a little unsettled. But the good news is there are some simple ways you can protect your own money transfers from these currency ups and downs.
1. Stay informed
Being able to speak to an experienced currency specialist about when to transfer money is vital. Having someone with in-depth market knowledge, who can keep you up to date on market movements, will give you the peace of mind to make better, more informed decisions.
2. Understand your options
Talk to your currency specialist about what you need – when you make money transfers, who you make them to, how much they are for etc. Then they’ll be able to present the options that are going to work best for you, and you’ll benefit from a completely tailored service.
3. Wait for the right exchange rate
Using an automated service that monitors the market 24/7 you can agree on a preferred rate in advance with your currency specialist, and only buy your currency when that target rate is reached. This allows you to take advantage of overnight spikes in rates and means you’re not restricted by normal office hours.
4. Secure your exchange rate in advance
If you’re planning ahead and want to know exactly how much money transfers are going to cost you over the next 2 years, you can use a forward contract to buy your currency at a fixed rate now and pay later.
By fixing your exchange rate in advance, you can minimise the risk of any currency movements. Simply buy your currency at a fixed rate, pay a small deposit, and the currency is held for you until you pay the balance in the future. Perfect if you’re paying a deposit on a property and have a balance to pay at a later date.
For more information about currency exchange rates or to arrange protection against fluctuations just get in touch now. Call 0034 643 821 326 or send a Whatsapp message
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4 ways to protect yourself from the ups and downs of exchange rates
