The GBP, Pound, has dropped since then against the euro. We had a case, this week, where a customer may not have been able to complete on his house purchase as the exchange rate had dropped so much that there was a shortfall of a few thousand euros on completion day.

This could have been overcome if the client had bought a Forward contract at the better exchange rate that existed on the 27th of January.  If he had done this, he wouldn’t have been short of a few thousand euros on the property completion day.

So,…. Is it a good time to sell euros and buy pounds? Probably. No-one can say for sure, but it would appear that the pound is as weak as the euro, when compared to the US Dollar and the Yen. The eurozone is still dragging the Greek finance problem around and the Pound is still suffering from a wave of poor economic results. So, some would say that the Euro and the Pound have levelled off. Experience shows that this staus quo rarely remains for long.

The easiest way to look at this is; if you need to change your money at some point and you need to achieve a certain amount, then you have these options:

1. Exchange all of your Pounds for euros at today’s rate. This is called a SPOT Contract. It ensures that you fix the rate today and you get your money transferred, to where it needs to be, in good time.
2. Exhange some of your Pounds for Euros and risk the exchange rates going in your favour by the time you need to have the rest of the money changed. This is HEDGING in its simplest form. It does mean you can sleep at night, safe in the knowledge that you’ve made sure you don’t lose too much if the rates don’t go your way.
3. Exchange your Pounds for Euros, at today’s exchange rate with just 10% deposit. Then pay the balance when you need the money in the future. This is called a FORWARD Contract. This is the way that most of my clients are now exchanging their money. By paying just a 10% deposit, our clients can relax, safe in the knowledge that they have the right amount of money for their property purchase.

Of course, this doesn’t just apply to Pounds and Euros. It applies to any tradeable currencies and we can deal in smaller amounts of currency.

Contact me here, for some free advice on how to get the best currency exchange rates to suit your circumstances.

Maybe you bought, or sold, a property overseas, or you need to regularly transfer money to pay for bills abroad. Some of our clients just use us to occasionally transfer their wages.

However, few are aware that we have busy section to our business that deals entirely with business transfers.

Why use a currency broker, rather than your business bank, to make transfers overseas?

They are all the same reasons that you used us in the first place!

• We offer better exchange rates
• We transfer to most countries for FREE
• We are currency exchange professionals.

Currency exchange is all we do, so we are well positioned to aid your business. We don’t just save you money on costs. We help you to make money by aiding you to manage your business risk better.

How do we help you to manage your business risk when trading overseas?

Fluctuations in local currency can have an impact on your profit. If unfavourable changes in currency levels occur between your decision to commit to a contract, and when you have to pay for it, then your business will lose margin.

There’s a simple remedy. Buy a time option forward currency contract and fix the rates for a reasonable period. This could be for the duration between your tender acceptance and the moment when you may have to pay for goods or services. Your profit margin is then fixed and you can go about your business… what you do best.

We can also help by micro-managing the currency purchases that you make. We don’t charge for this service, it’s what we do all of the time for clients! We can then alert you when the rate has come close, or achieved, to what you desire.

Payroll services for staff overseas.

We have many business clients who now ask us to make the payroll transfers for staff overseas, each month. Some are happy to simply make the payment on a particular date each month, but most prefer us to keep an eye on the rate for them with a one-week window at the end of the month. We then contact our clients as soon as the rate seems to have peaked, so that they can take advantage of the best rates available. This isn’t something a bank offers.

In addition to Free currency transfers, we offer:

• Better exchange rates than the banks
• A dedicated currency dealer
• A Rate Watch service

If you are already using us for your currency exchange, consider how much we could help your business to retain profits in these difficult times.

Please contact your local currency dealer FX-Foreignexchange here to discuss our business services further.

If you need to instruct us to make a transfer, but it’s out of hours, this system is ideal. Just login HERE and put the currency amount you wish to buy / sell in. The system will them clearly state how much you will either need to pay, or how you will receive. If you’re happy, then it’s as easy as buying anyth else online! It’s safe and uses our SECURE SERVER.

This service is available to any client who is currently registered with GCEN. In order to use this facility, all you will need is:

• your CLIENT NUMBER
• your PASSWORD
• your DESTINATION BANK account details
• and a DEBIT/CREDIT CARD for payment.

If you aren’t yet registered or can’t remember your number or password, please contact one of our dealers here.

You can buy all deliverable currencies and sell the following currencies:

British Pounds, Australian Dollars, Utd Arab Emirate Dirhams, Euros and US Dollars.

If you wish to sell other currencies, please contact your GCEN dealer.

There is a new lower limit, per deal, of just £200 (or equivalent value) and you can buy up to £5000 or equivalent value. If you wish to trade above these values, please email, or call, your GCEN dealer.

AUD vs USD over the past year.

Australian Dollars have just started to recede from their highest position for years. Could this be the time to sell your dollars for any other Major currency such as sterling, USD, Japanese yen or the Euro?

You don’t have to have all of the money for the deal. With FX-foreignexchange, you just need 10% as a deposit on a “time option forward currency contract”. You can then sitback and relax if the rates drop!

If you have Australian Dollars and have been thinking of selling your aud, perhaps now is the time to take advantage of this great exchange rate. This could be an ideal time to buy a time option forward currency contract. By making a time option version of a forward currency deal, you can draw off the total deal when it suits you at the original preferential rate you’ve bought at. More on time option forward currency contracts here.

For the many of our customers who buy aed, uae Dirhams, with AUD, this is a great opportunity as the aed is pegged to the US Dollar.

Just call Zoe for an up-to-date price 0044 1480 458400. Email Zoe.

FX-Foreignexchange provides an experienced and professional currency exchange brokerage for those seeking the best foreign exchange rates today.

Ask about our “Buy now - Pay Later” time option forward contract which allows you to put down just 10% deposit, with the balance payable in the future. This fixes the exchange rate now, while the rates are good.

Here are the British Pound sterling rates today versus other currencies including AED Dirham of Dubai and Abu Dhabi, euros, USD, Canadian and Australian dollars together with Japanese Yen can be bought and sold through our global currency exchange network at the best currency exchange rates available today.

The exchange rates for currency, London pound sterling, GBP, for the morning of 3rd December 2009 are shown below. For LIVE CURRENCY RATES use the button on the right and take advantage of the most efficient currency exchange service available.

Open a Free Currency Exchange account with us to make your Bank-to-Bank transfers much better value.

Call: 0044 1480 458 400 (International) or 01480 458 400 (if inside UK) for the best currency exchange rates.

The British Pound sterling rates today versus other currencies including AED Dirham of Dubai and Abu Dhabi, euros, USD, Canadian and Australian dollars together with Japanese Yen can be bought and sold through our global currency exchange network at the best currency exchange rates available today.

The exchange rates for currency, London pound sterling, GBP, for the morning of 2nd December 2009 are shown below. For LIVE CURRENCY RATES use the button on the right and take advantage of the most efficient currency exchange service available.

Open a Free Currency Exchange account with us to make your Bank-to-Bank transfers much better value.

Call: 0044 1480 458 400 (International) or 01480 458 400 (if inside UK) for the best currency exchange rates.

If you have a need to fix a currency exchange rate today, for a payment date at some future point, then you are likely to need a Forward Currency Contract.

• You may have agreed to buy a property today, but the completion of the legal paperwork may be set for 2 month’s time
• You may be in business, and need to fix the price of ordered imports at today’s exchange rate. Especially, if you anticipate that the exchange rate may not be as much in your favour when you need to pay for the goods.
• You may work abroad and have a need to regularly transfer a sum of money, but you believe that the exchange rate is at it’s best today

 As long as you believe that the exchange rate is good , and you have 10% of the full amount you want to buy, then a Forward Currency Contract could be the choice for you.

Here’s an example:

1. You agree to buy a property for 200,000 Euros and you have your money currently in Pounds Sterling.
2. You are planning to have a 100,000 euro mortgage, so you need to buy 100,000 euros with pounds.
3. The exchange rate is at the best rate for selling pounds to buy euros for a while.
4. In this example, the GBP:EUR exchange rate is 1.17 to 1, then the property is costing you £170,940.

If the exchange rate changes to 1.08 by the time that you need to change the money, then the price of the property effectively goes up by £14,245 to £185,185.

As you will be changing half of that amount, you will need to find an extra £7122 on the completion date.  

To avoid this, all you have to do is:

• Agree to buy €100,000 today, at a rate of 1.17, but send your currency dealer just 10% as a deposit.
• Pay the balance on the day that the contract ends, which can be set for over a year’s time.

The downside? Well, of course, the exchange rate may go the other way. But, you will at least have the comfort of knowing that the price of your property purchase is fixed.

FAQ: Can I have the money earlier than planned?

Yes, because your currency can create the currency exchange as a “Time Option Forward Currency Contract”. Provided you send the money to the currency broker, they will change it and send it to wherever you ask at any date before the final day of the contract.

To discuss how your currency dealer can help you with a Forward Currency Contract, please speak to Zoe on 0044 (0)1480 458400. www.fx-foreignexchange.com

The British Pound sterling rates today versus other currencies including AED Dirham of Dubai and Abu Dhabi, euros, USD, Canadian and Australian dollars together with Japanese Yen can be bought and sold through our global currency exchange network at the best currency exchange rates available today.

The exchange rates for currency, London pound sterling, GBP, for the morning of 1st December 2009 are shown below. For LIVE CURRENCY RATES use the button on the right and take advantage of the most efficient currency exchange service available.

Open a Free Currency Exchange account with us to make your Bank-to-Bank transfers much better value.

Call: 0044 1480 458 400 (International) or 01480 458 400 (if inside UK) for the best currency exchange rates.

The British Pound sterling rates today versus other currencies including AED Dirham of Dubai and Abu Dhabi, euros, USD, Canadian and Australian dollars together with Japanese Yen can be bought and sold through our global currency exchange network at the best currency exchange rates available today.

The exchange rates for currency, London pound sterling, GBP, for the morning of 24th November 2009 are shown below. For LIVE CURRENCY RATES use the button on the right and take advantage of the most efficient currency exchange service available.

Open a Free Currency Exchange account with us to make your Bank-to-Bank transfers much better value.

Call: 0044 1480 458 400 (International) or 01480 458 400 (if inside UK) for the best currency exchange rates.

The British Pound sterling rates today versus other currencies including AED Dirham of Dubai and Abu Dhabi, euros, USD, Canadian and Australian dollars together with Japanese Yen can be bought and sold through our global currency exchange network at the best currency exchange rates available today.

The exchange rates for currency, London pound sterling, GBP, for the morning of 23rd November 2009 are shown below. For LIVE CURRENCY RATES use the button on the right and take advantage of the most efficient currency exchange service available.

Open a Free Currency Exchange account with us to make your Bank-to-Bank transfers much better value.

Call: 0044 1480 458 400 (International) or 01480 458 400 (if inside UK) for the best currency exchange rates.