Is now a good time to buy euros and sell pounds?

Probably.

Today, the Pound to euro rate has risen to just under 1.20.

With the financial turmoil in Europe, the euro and pound rates are fluctuating wildly. Today is a good day, if you have pounds and you need to buy euros.

This could even be a good time to buy euros, even if you don’t need them until January, February, or any month next year. We have a way for you to take advantage of the current exchange rate by just placing a 10% deposit. All you need to do after you’ve fixed today’s rate and placed a deposit, is pay the 90% balance on the agreed date next year.

We will keep to the agreed rate today, even if the rate has dropped substantially.

This is called a forward contract. Many businesses use this for good reason. But it’s just as good for private clients.

For example:

• You are looking to exchange £20,000 into euros.
• The rate offered may be 1.19 euros to a Pound. If this is the case, you would get €23,800.
• However, if the rate drops to 1.10 in January, when you may have to buy your euros. You would get just €22,000.
• This represents a real loss of €1,800 when all you had to do was place just £2,000 down as a deposit and fix the rate at 1.19.

Please call us on 01480 458400 to discuss this option.

This example does not constitute an offer.

Global Currency Exchange Network are a registered Money Services Business.

For a business to safely make currency transfers for clients, they need to be registered as a Money Services Business with the UK Revenue & Customs.

HMRC explain that: “Businesses that exchange currency, transmit money or cash cheques for their customers are known as ‘Money Service Businesses’. Money Laundering Regulations require most Money Service Businesses to register with HM Revenue & Customs (HMRC).”

What is a Money Service Business?

The term Money Service Business has a special meaning under the Money Laundering Regulations 2007, which came into force on 15 December 2007. Under the regulations, a business is a Money Service Business if it does one or more of the following:

• acts as a bureau de change – even if this is on a ship that isn’t always in UK territorial waters
• transmits money, or any representation of money, in any way (just collecting and delivering money as a ‘cash courier’ isn’t transmitting money)
• cashes cheques that are payable to customers

HMRC also state: “HMRC is the supervisory body for most Money Service Businesses under the Money Laundering Regulations. If you run a Money Service Business it’s your responsibility to register with HMRC unless you’re already supervised by the Financial Services Authority (FSA) for the purposes of the Money Laundering Regulations. You mustn’t act as a Money Service Business until you’re either registered with HMRC or supervised by the FSA.”

Reassuringly, Global Currency exchange network are registered with the FSA and HMRC.

Our Currency Exchange service provider, gcen, is Regulated by the Financial Services Authority ( FSA ) under number 504346

Read more on Security and Regulations here

Limit Orders currency contracts allow a client to set the rate at that which they would like to exchange their currency.

Global Currency Exchange Network will monitor the market for you and if the rate can be achieved, we will purchase the currency on your behalf. We would then notify you of the due date for your payment. This is particularly important for contracts of substantial value where a small currency fluctuation may have huge implications.

Repeat business is very important to us, so we are happy to monitor the particluar currencies that you’re interested in. We have the alert systems to advise us when a particular rate is close, and it’s very easy for us to let you know when this happens.

All you have to do is to fill in the RATE WATCH FORM at the bottom of the page. We’ll do the rest.

Live currency exchange rates are shown in the table below. They are updated every 12 minutes and display the mid rate between the buy and sell rates. If you would like a quote for the best foreign currency exchange rates today when buying a time option forward currency contract, please contact us. Global Currency Exchange Network: No commission and No transfer fees.

Is it safe?: Security & regulations information. Make Transfers: OPEN A CURRENCY EXCHANGE ACCOUNT HERE

Currencies - Cross Rates

More useful articles…

• Is now a good time to buy euros, sell pounds?
• Money Services Business
• Find a global currency exchange broker for the best exchange rates
• How to open a foreign currency exchange account
• Smaller Foreign Exchange Trades

You may reserve a time-option forward contract. This contract allows greater flexibility in paying and could save you a lot of money if the exchange rate drops before you need to send the money overseas.

For example, a property developer may give you a date of February 2012 as an approximate completion date but may tell you it could take a bit longer. Your currency dealer is likely to recommend that you set a date for your time option forward contract of May 2012.

This means that you can buy your currency, at today’s rates, with just 10% deposit. You can then settle the currency contract anytime before the maturity date  (This example: May 2012), with no penalty. If the house is built earlier than expected, all you have to do is send us the other 90% of the money, and we will change it at the rate that was agreed, then send it onto wherever you ask us to.

Live currency exchange rates are shown in the table below. They are updated every 12 minutes and display the mid rate between the buy and sell rates. If you would like a quote for the best foreign currency exchange rates today when buying a time option forward currency contract, please contact us. Global Currency Exchange Network: No commission and No transfer fees.

Is it safe?: Security & regulations information. Make Transfers: OPEN A CURRENCY EXCHANGE ACCOUNT HERE

Currencies - Cross Rates

More useful articles…

• Is now a good time to buy euros, sell pounds?
• Money Services Business
• Find a global currency exchange broker for the best exchange rates
• How to open a foreign currency exchange account
• Smaller Foreign Exchange Trades

A forward currency contract is undertaken when you fix the exchange rate now, for completion of a currency deal at a specific date in the future, from 1 to 24 months in the future.

As an example, your final payment for a home abroad may be the equivalent of £100,000.

You could fix that currency exchange rate today with a small deposit, and pay for the bulk of that transaction at the completion of the forward currency contract. To guarantee the exchange rate, private clients will have to pay a 10% deposit, and the balance on or before the date when the Forward Currency Contract expires.

This type of deal is perfect for businesses who would like to order goods abroad, and fix the price at the rate today in case the exchange rate varies in the wrong direction and the goods then become more expensive.
You may also reserve a time-option forward contract. This currency contract allows greater flexibility in paying before the end of the contract date, and could save you a lot of money if the exchange rate drops before you need to send the money overseas.

By opting for a Forward Currency Contract at today’s rates, you are buying yourself comfort. You can place a 10% deposit down, having agreed a rate of exchange for your money to be exchanged for you at a fixed date ahead. Once you’ve done this, you can get on with other matters rather than constantly worry about whether you will have to pay more for your goods, or house, if the exchange rates are worse for you when you need to make the currency exchange.

Live currency exchange rates are shown in the table below. They are updated every 12 minutes and display the mid rate between the buy and sell rates. If you would like a quote for the best foreign currency exchange rates today when buying a time option forward currency contract, please contact us. Global Currency Exchange Network: No commission and No transfer fees.

Is it safe?: Security & regulations information. Make Transfers: OPEN A CURRENCY EXCHANGE ACCOUNT HERE

Currencies - Cross Rates

More useful articles…

• Is now a good time to buy euros, sell pounds?
• Money Services Business
• Find a global currency exchange broker for the best exchange rates
• How to open a foreign currency exchange account
• Smaller Foreign Exchange Trades

A spot contract is undertaken when you buy currency at the prevailing exchange rate at the time of the transaction and make payment within two working days. This type of currency transaction is typically used for deposit payments on property or for full payment if the funds to pay for the transaction are available.

Live currency exchange rates are shown in the table below. They are updated every 12 minutes and display the mid rate between the buy and sell rates. If you would like a quote for the best foreign currency exchange rates today when buying a time option forward currency contract, please contact us. Global Currency Exchange Network: No commission and No transfer fees.

Is it safe?: Security & regulations information. Make Transfers: OPEN A CURRENCY EXCHANGE ACCOUNT HERE

Currencies - Cross Rates

More useful articles…

• Is now a good time to buy euros, sell pounds?
• Money Services Business
• Find a global currency exchange broker for the best exchange rates
• How to open a foreign currency exchange account
• Smaller Foreign Exchange Trades

Open a Foreign Exchange account

It is very easy to open a foreign exchange account with FX-foreign exchange and Global Currency Exchange Network.

There are just 3 simple steps :

• 1. Go to our account opening form here and follow the simple form to open an account. Once you have pressed “submit”, fx-foreign exchange will receive your application immediately.
• 2. Scan a copy of your driving licence or passport and email it to fx foreign exchange , together with a copy of a household utility bill that is no older than 3 months. You can fax the copies instead to 0044 1480 433881.
• 3. Fx Foreign Exchange will contact you to confirm that the account is open and will give you a Client Number so you can begin trading straight away and we will be able to quote you the best foreign money exchange rates today.

Now you have your foreign exchange account, you can take advantage of the best currency exchange rates available and you can protect yourself from the ups-and-downs of the foreign currency market by buying a forward currency contract. More information on buying a forward currency contract here.

There is no commitment to use fx Foreign Exchange once you have a currency account open and there is no cost to have the account.

To talk to someone helpful, just call us on 0044 (0)1480 458400 in the UK.

Types of Contracts in Foreign Exchange

There are many methods of performing currency exchange. Fx-foreignexchange provide currency conversion services for corporations and private clients.

The types of currency contracts mentioned here apply to both business and private clients.

The following are just some of the methods we use to mitigate risk when helping our clients. If you are interested in becoming a client, registration with us is free, and here is no obligation to use our service as we are so confident that you will continue to use us once you have seen the benefits of our expertise.

To find out more about our business currency exchange services

A Spot rate contract.

A Spot Fx Currency Contract is a foreign exchange transaction based on a currency exchange rate at any particular time.

The rate of exchange at that moment is decided by the International market rates.

This is the way that most Company’s buy their currency, but it’s not necessarily the best way. If you believe that the rate is at it’s most beneficial at that very moment, then this is the correct solution, but most businesses seek a more planned strategy to their cash flow.

Forward currency contracts.

A “forward” allows you to protect your business against volatile market swigns n the currency rates that you wish to exchange.

Here are some of the benefits of a “Forward”:

• Fix the currency exchange rate. You can fix the rate of exchange now for either a payment, or receipt, for some date in the future.
• Individual solutions for your business. We can help to devise a currency exchange strategy that will work with your specific needs. Usually, this combines the requirement to retain cash for cash flow against the benefit of buying as much currency forward as possible.
• Certainty. This method provides your business with precise margins. You will not have to wait to see what the exchange rate does at some future point, or lose out by buying too early.
• Flexibility. It is possible to buy your currency using a method known as a “time option” on a standard forward contract. This allows your business to range your settlement dates. This is ideal if you are an importer, for example, and you don’t yet have specific dates of arrival.

Forward Plus Contracts.

A Forward Plus Contract has all of the benefits of a Forward currency contract, but is designed to limit your foreign exchange risk, and to maximise the potential gains in spot rates of exchange.

Example: Your Company has won a contract to supply a company with goods over the next 12 months. These goods can be bought and supplied on a monthly basis.

They will have to be paid for in an alternate currency.

To safeguard your business from currency fluctuations, you have based your profit margin on a particular rate of exchange. Fix that rate with a “Forward Plus Contract” to protect your business from the fluctuations in foreign exchange rates that may erode your profits over the year.

Your profit margin is then protected from currency fluctuations. All you have to worry about now is buying, supply, installation, payroll ……….!

If you are prepared to allow some flexibility then you may wish to consider an “Accrual forward”

Accrual Forward’s offer usually better rates for corporations that prefer to accumulate currency over a given time period. This enables a company to accumulate currency on a drip-feed basis at a rate that is better than the usual Forward Contract rate.

Find out more about fx-foreignexchange.com

With so many country codes, worldwide, we thought our visitors would find it useful to be able to search currency codes by country.

 Fx-foreignexchange.com provides currency conversion for commercial amounts at commercial rates. Whether you are a business looking to make a regular payroll transfer, payments to your suppliers, or a private person moving a larger sum of money, we can help save you money.

The best rates for British Pound sterling versus other currencies including AED Dirham, euros, USD, Canadian and Australian dollars together with the Brazilian Real.

.

Use a specialist business to make your currency exchange and save a great deal of money. Using a bank to transfer your money abroad can be a costly, as they tend to charge commission and a transfer charge, whereas most specialist currency exchange companies rarely make these charges.

In addition, a high street bank is likely to give you a worse rate of exchange than a currency broker can.

However, currency exchange brokers differ wildly, both in terms of service and value. Like all service providers, they offer services that are similar, but the differences appear subtle yet make a vast difference to your pocket.

Choose a currency broker that is interested in you, or your business. Most foreign exchange businesses will simply take your instructions to make the currency exchange, then transfer your money to the destination account. You need a currency broker who will take a bit more interest in your needs and will then advise on the best way to maximise the net amount from the exchange.

Here are some of the services that you could take advantage of by choosing a currency dealer carefully:

Regular payments:

If you have to make regular payments overseas such as a pension transfer, or maybe a mortgage payment, or payments to overseas suppliers, business partners, franchise operations for example, you could fix the exchange rate for as much as 2 years ahead. You could then set up the payments so that you can concentrate on other matters. The alternative is to use a dedicated currency exchange dealer, who can pick and choose when would be best for you to change your money. Neither of these services have a charge attached when you use fx-foreignexchange.

Stop loss currency exchange:

A “stop loss” contract lets you decide on a rate that you would be happy to make a currency exchange. We can arrange for the money to be exchanged as soon as a particular rate has been achieved. The money is bought automatically.

We can add to this service by placing your details with an individual dealer. That dealer will then contact you as soon as the agreed rate is achieved and you can then decide whether you wish to make the exchange. To take advantage of this particular service, you need to register with us first though as currency rates can change quickly and it takes a few minutes to register. Registration is free.

Fixed currency exchange rates:

For businesses, or individuals, that have to make a money transfer overseas sometime within a few months, it is possible to pay a small deposit and fix the rate of exchange, then pay the final balance nearer the time of the actual transfer.

This is great for cashflow and takes the stress out of situation because you will have already fixed the rate of exchange and have ruled out the possibility of losing a great deal of money if the rate becomes unfavourable. For example, just a few months ago, the rate between the US Dollar and the GB Pound was around 2.04 Dollars to 1 Pound. The rate today is about 1.78 Dollars to the Pound. This is fine if you have dollars to sell and pounds to buy, but imagine you wanted to buy 100,000 Pounds worth of Dollars. If you had fixed the rate in advance, you would have bought $204,000. However, at if you hadn´t fixed the rate and went to change the money today, you would have received $178,000.

The difference in the exchange rate would have resulted in a loss of $26,000 !

Why take the risk? If you are in business, contact us and we will be pleased to allocate you a specific dealer who will take care of all of your foreign currency transactions.

Our UK number is : 0044(0)1480 458400, or just go to CONTACT US.

For more information, please visit fx-foreignexchange.com