What does Brexit mean for your overseas money transfer requirements?

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What does Brexit mean for your overseas money transfer requirements?
Did you know:

Sterling is in real trouble, dropping to its lowest point on the dollar in 31 years as post-Brexit jitters continue to grip the currency markets.

The last few weeks have been very volatile on the political and economic fronts and currency markets have been impacted by uncertainty. You may wonder how Brexit will impact your currency transfer requirements, whether you are looking at buying or selling a property in France or you’re already settled and regularly transfer money abroad.

A sharp impact on the currency markets

Following the UK's decision to leave the EU, a new wave of uncertainty and volatility has hit the markets. The most immediate consequence is the weakening of Sterling which has plummeted in the days following the referendum results and continues to stay weak against its major counterparts.

If you are considering purchasing property in France using your Sterling savings, or if you’re making regular transfers such as pensions or paying bills, you’ll most certainly be impacted by this decision. Although the current weakness of the pound makes it more expensive to purchase a house in France than it was before the referendum, the French property market is still much cheaper than the UK one.

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If, on the contrary, you’re looking at transferring money from France to England, the weakness of the pound may be beneficial to you so you make take this opportunity to send money overseas.

Seeking expert advice for your currency transfers

The currency markets will continue to be affected in the short-term, therefore, if you need to make a transfer, you should speak to a currency specialist like Currencies Direct to obtain expert guidance tailored to your needs.

Choosing the right transfer service from a wide range is very important to ensure you make the most of your money. It could be a spot contract (your transfer happens immediately) or a limit order (your transfer will happen when your desired rate has been reached; you only have to choose the rate and wait until the market reaches it). The currency experts will keep an eye on the market for you, and help you choose the right service and best time to transfer.

For those who want to follow the Sterling situation in the coming weeks, Currencies Direct offers a Rate Alert service: you tell them your desired rate and they’ll send you a notification when it has been reached so you can decide if you wish to transfer. This could be particularly helpful in the current situation of uncertainty which impacts the markets.

Currencies Direct was established in 1996 and is authorised by the FCA under the Payment Service Regulations 2009 (FRN 504360) for the provision of payment services in the UK and by the ACPR in France. They have helped more than 120,000 customers make great savings on their international money transfers. Speak to them today to find out more.



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