It is clear that nothing is certain in the UK political scene. Anything could happen in the next six months, from a no deal Brexit to a general election. The impact on markets, economics and exchange rates is almost unparalleled. If you are considering moving money from one currency to another it will be vital to plan ahead and safeguard your assets.
There are numerous situations in which you may need to move currency including a property sale or purchase, inheritance, windfall or because your salary needs to cross borders.
If any of these scenarios are likely, or you have already committed to a transaction in the future, you may be concerned that an exchange rate move could reduce the value of your capital. Locking in an exchange rate, known also as ‘hedging’, enables you to book in today’s exchange rate for up to a year ahead. Once the rate is fixed, concern over market fluctuations is removed enabling you to focus on the transaction itself.
For fixed exchange rate transactions The Fry Group works with Smart Currency Premier. The team offers an efficient and secure service, and will watch the market on your behalf to help protect your money from market volatility. There are also options to register for a daily or weekly email with an update of what is happening to your currency, why and what might happen next.
If you are considering an overseas transaction, and are seeking a fixed exchange rate over the long term to cover the uncertainly of the coming months, do get in touch.
Ed Read-Cutting, Director, The Fry Group Belgium