Are you already losing out?
Making regular payments abroad can be a real headache because:
How we can help.
- Poor exchange rates and high transfer fees can bite into your bank balance – a fact made worse because the amounts transferred are often
- Fluctuations in the exchange rate can be a worry. The way they rise and fall can change the amount actually paid each time.
- Sorting out monthly or quarterly transfers online or by phone is a hassle. And it’s even worse if you have to supply bank details for the
person you’re paying every time you transfer through a branch.
- Possible payment delays could be embarrassing and mean you face mortgage arrears or problems getting your much-needed pension to cover living
Starting a regular payment plan through a trusted currency broker is a great way to take the pain out of
. They’re simple to set up, and
once you’ve started the process transfers happen automatically by direct debit, standing order or debit card – giving you one less thing to worry about.
Best of all, it’s easy for the currency broker too. Which means they’re able to pass on benefits like zero fees and a competitive exchange rate.
These regular payments may be a great idea for you as long as:
- You’re ready to set a regular minimum sterling amount to transfer each month. It’s worth bearing in mind that if you do need to transfer
additional amounts on an ad hoc basis you can easily set up a separate
spot contract with your currency broker.
- You can commit to a minimum period of four months. Typically the term is 12 months – but it can be anything up to three years.
Like any financial transaction it’s important to know all the facts about regular payment plans. So if you’re
interested in saving money right now, here are all the benefits and key points.
Fixed rate or monthly freedom – it’s your choice
- The process is fully automated by direct debit, standing order or debit card, so there’s no fiddling with phone banking, queuing at a branch or
wasting time online.
- You also save TIME on each transfer as there is no need to phone your broker or login in online every month to secure a rate.
- When you purchase a regular amount of currency you can fix the exchange rate for a period that suits you between four months and three years
ahead. You’re then protected from fluctuations in the rate throughout this period.
- By choosing regular payments through a currency broker you can remove costly transfer fees at a stroke.
You can choose to buy currency at the prevailing exchange rate each month – or fix
a rate for the period of your plan. Either way the pounds sterling amount is fixed if you buy currency at the prevailing exchange rate
so you know how much money will be debited each transfer –
which is great for salaries, pensions and mortgage payments.
If you buy currency at the prevailing exchange rate the amount of foreign currency you will receive in your overseas account will vary according to the
exchange rate at the time of transfer.
If you fix a rate for the period of your plan
you won’t benefit if the rate moves in your favour –
but because regular payments are often for relatively small amounts these gains can be negligible and level out over time. Fixing the exchange rate also
means the purchased foreign currency amount is fixed so you know the exact amount that will credit the overseas account each transfer – ideal if you have
a specific amount needing to be paid each time.
You can also fix the date every month or quarter that your transfer will be received by the
overseas bank – e.g. the 15th of each month.
- The sterling amount so you know how much sterling will be debited each transfer – which is great for salaries, pensions and mortgage payments.
- The foreign currency amount so you know the exact amount that will credit the overseas account each transfer – ideal if you have a specific
amount needing to be paid each time.
- The date every month or quarter that your transfer will be received by the overseas bank – e.g. the 15th of each month.
If you fix an exchange rate over a period of time (e.g. 12 months) you will be required to pay a typical deposit of 10% upfront.
Look at our case study to see how you could save:
Case study: Ending transfer fee frustration.
Finding the perfect home in Spain
has been a dream for sun-loving
Mel and John Price ever since they took their honeymoon there back in the 70s. Since those days the country has changed, and so have they. And now their
two kids have long flown the nest, two years ago they decided it was time to buy their own place in the sun.
The price they got on the house was perfect, but they didn’t expect transferring the money to be such a pain. Every month the couple transferred a
£1000 pension payment in Euros, but the
Euro exchange rate fluctuations
meant the amount received in Spain was sometimes higher, sometimes lower. The couple
also noticed that both their UK and Spanish banks were charging a hefty transfer fee each time.
They complained to their son Michael, who recommended currencytoday.co.uk They looked on the site and chose
one of our experts who suggested
looking into setting up a regular payment plan. This way they were able to fix a low exchange rate and could relax safe in the knowledge that a consistent amount
would be transferred month in, month out. Best of all, they gave them a zero-fee deal so they no longer felt they were
being ripped off by the banks.
After calculating a yearly saving of £720 they can finally look forward to enjoying sun-soaked retirement.
Total Per Year
Our trusted brokers
SAVING OVER 12 MONTHS = £720
*Based on a monthly transfer of £1,000
Want to follow their lead? Fill out our contact form to find out how
our experts can help you.