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Currency Market News

Our blog is below, to help you understand what's moving currency rates and affecting the cost of your international payments. For some friendly guidance on your own transactions, either for your business or yourself, simply fill in the form above and an FCA-regulated currency broker will be in touch to assist you, without any cost or obligation.

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Sending payments from overseas to the UK
11 November 2014

Similar to sending funds from the UK to your overseas bank account and getting a significantly improved rate on doing so, by using a specialist foreign currency exchange broker, one can also use exactly the same method for doing the reverse – repatriating funds back to the UK from abroad.

Transferring funds from an overseas bank direct to an account in the UK is always a very expensive way of transferring funds, potentially losing up to 5% of the value of the payment – The Euro bank will most likely charge for making the transfer and the receiving bank in the UK will typically apply a very uncompetitive exchange rate to convert the currency back to GBP and apply to your account.

It is a misconception that when UK nationals, who own property overseas, wish to sell abroad, the advisable course of action is leave it in the hands of the solicitor overseeing the legalities of the sale to also complete the money transfer as well. WRONG. If one is unaware of the exchange rate applied to a EUR-GBP transfer then it is highly probable that it will be well short of expectation – a difference of a couple of cents can mean thousands of Pounds lost all because of a poor exchange rate given due to poor bank rates and a possible commission taken by the solicitor, both of which are out of the hands of the seller of overseas estate.

To take back control, the use of a currency brokerage can be invaluable – if the choice is taken to hold onto the funds in the local currency, with close contact with a broker in the UK, they can maximise the amount of Sterling that is achieved from the Euros, by holding it in the local currency and allowing the seller to choose when and at what rate to send the funds – potentially GAINING thousands of Pounds.

Lastly and imperatively, authorisation must be granted to the solicitor/overseas bank to wire funds to the broker in the UK without exchanging the currency – the broker will then transfer the funds to your UK bank account without any charges and at a significantly better rate of exchange.

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