Regularly moving money to the UK
My husband and I live in France but need to move money back to the UK on a regular basis to pay for our son’s university tuition fees and living costs. What are the options? K.S.
Those making frequent transfers to the UK will have seen how Brexit has affected the value of their transfers. While the EUR/GBP exchange rate initially strengthened considerably, the pairing has experienced significant fluctuations ever since. This exchange rate movement can make planning your transfers a pain and with complex negotiations unfolding over the next couple of years this is likely to remain the case for your son’s university stay.
When it comes to transferring money overseas, if you opt to move your money through your bank you may find that what should be a quick, simple task can end up taking considerably more time than it should. For a simpler, speedier alternative, consider using a leading currency broker. Whether you need to make regular, smaller currency transfers or have a large lump sum to move, currency specialists can help you save time and money.
One advantage is that some do not charge transfer fees (unlike many banks) ensuring the money you are sending to the UK is not reduced by unnecessary costs. Transfer fees can quickly add up if you make frequent transfers, so you could save hundreds a year.
Using a currency specialist also takes the hassle out of the transfer process as you can set up payments 24/7 from home, and ensure they are made automatically on pre-specified dates.
You can also make instant or ‘spot’ transfers whenever you need to, should your son need some emergency funds.
On top of this, by using a currency expert, you can ensure you are getting a competitive exchange rate. You can also mitigate some of the uncertainty of currency volatility by taking advantage of specialist services like forward contracts, which give you the ability to fix an exchange rate for up to two years in advance.
Question answered by Pippa Maile of Currencies Direct. For more information on international money transfers with Currencies Direct see www.currenciesdirect.com/france or call +33 (0)4 22 32 62 40
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