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Exchange Rates

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The exchange rates of a country are one of the most important factors influencing its economy. The whole economic system of a country is based on its ability to be competitive on a global market.

If the exchange rate is too strong, it’s expensive to do business in that country, goods being exported may decline, jobs may decline, unemployment rises and inflation can stagnate. Many central banks intervene in the currency market to stop their currency becoming too strong, or too weak. A stable currency usually means a stable economy, but in times of uncertainty central banks cut key interest rates to help stimulate their economy. This helps make the exchange rate more attractive to overseas business and investment.

Why Should I Watch Exchange Rates?

zero-feeIf you send money overseas with an international money transfer, to family, for business, for property payments or any other reason, knowing when the rate is in your favour is key to saving (or making) money. Even a small change or a few percent can make a huge saving on a substantial property payment, often making in several thousand cheaper.

If you are a business owner in the United Kingdom who buys stock or services overseas, then you can take advantage whilst the rates are good, and send a payment that makes the deal/purchase more profitable.

What Information Do You Provide?

We provide actual market rates, not broker rates. So you know exactly what the rate is if you were dealing direct into the currency market. Now, the thing to be aware of is most banks (even certain brokers) will not give you access to this rate. They will add large spreads, or skew the rate to make the transaction profitable.

That’s why we always recommend using a specialist currency service for any kind of international money transfer. One such as this, will always strive to give you a rate as close to the market as possible, and not charge any fees for doing so!

We also provide historical exchange rate charts, so you can quickly see where a currency has been over the last week, month or year and make a decision. Although for the average person, forecasting currency movements is a skill they do not possess, you can judge relatively easy whether a rate is at a historical high or low which helps you in the thought process.

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