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Topic Summary

Posted by: fu
« on: October 31, 2019, 05:48:00 PM »

It is a question on many people's minds what will happen to the pound after Brexit. The problem with exchange rates is that you have little control over the big picture.

Issues like Brexit or the US-China trade war which is also having global implications on trade and currency values – are no more within your hands than the policies of the Bank of England. That doesn’t mean that you have to accept what’s available, there are ways to ensure that while you can’t control the exchange rate, you could make the most of your money when you’re making international payments. You may need to plan ahead as these can take time.

Using a forward contract to get the best exchange rate

If you are thinking about buying an overseas property, you’ve probably worked out the price based on the exchange rate at the time you viewed it. However, it could cost substantially more when you come to do the money transfer due to adverse rate movements before you came to settle.

For example, if you know you have to send money to America and want some certainty on the exchange rate for pounds to dollars, you could fix the prevailing exchange rate for up to two years using what is commonly known as a forward contract*. This can also be done with the euro, helping you get the best available pound to euro exchange rate. This way you won’t be caught out by any unpleasant surprises, although there is the risk that the rate may improve and you’ll be locked into a lower rate.
Consider a market order to get the best exchange rate

If you don’t have a deadline for your money transfer you could also put in a market order. This means that you tell Telegraph International Money Transfers the rate you would be happy with and they will enter into a deal on your behalf if the exchange rate hits your target rate. Additionally, all Telegraph International Money Transfers are fee free*.
Save when you transfer money with a currency specialist

If you are making an international transfer and wondering where you can get better exchange rates then a foreign exchange specialist can help.

.:https://www.telegraph.co.uk/financial-services/currency-exchange/international-money-transfers/pound-forecast-post-brexit/

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