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.

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

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