Yahoo News With sterling ups and downs, is there ever a good time to send money overseas?
It currently sits around 21 cents lower against the dollar than it did at its highest point over the last year
At the time of writing, sterling was worth €1.19 and US$1.28. Despite some ups and downs, this puts it at similar levels to how it started 2017. While some believe that forthcoming Brexit negotiations will mean more weakness for sterling against the dollar (and other major currencies), another argument is that weakness is already priced into the pound’s value: it currently sits around 21 cents lower against the dollar than it did at its highest point over the last year – which was in June 2016 in the hours before the EU referendum result came to light.
Perhaps we shouldn’t forget that sterling’s value is as much dependent on factors elsewhere either. Political and economic uncertainty still dictates events in many regions. While in Europe, Geert Wilders’ far-right party was defeated in the Dutch elections, elections in France and Germany are impending – and a surprise victory for a far-right party in either country could provoke nervousness around the euro. In the US, Trump appears to be having less success than he hoped in passing through reforms, and this could assert some negative pressure on the dollar. Nonetheless, with too many economic and political variables, it is in reality impossible to say which way sterling will go against these – or any other – currencies.
This is one reason this paper has partnered with foreign exchange specialists moneycorp, to bring readers Telegraph International Money Transfers. Firstly, the service provides readers with access to their own dedicated moneycorp account manager. This expert can discuss the tools available to ensure that whichever way rates go, you are prepared. A ‘forward contract’ for example, means you can fix a prevailing exchange rate for up to two years. (Please note forward contracts may require a deposit.) You could also ask moneycorp to notify you if an exchange rate hits a level that suits you, or place a ‘market order’, whereby you can book in a specific rate that you are looking for and if the market rate reaches this level then the deal is automatically placed by moneycorp on your behalf.
Great exchange rates
As each transfer provider offers different rates (irrespective of the prevailing market exchange rate at any given time), you get peace of mind that by using a specialist like moneycorp you are accessing great rates. Because charges can be included in the exchange rate offered by each provider, many people might not even realise that uncompetitive providers – such as a high street bank – can be costing over the odds to send money across international borders.
There are other benefits too. The convenience of an online account means you can buy or sell currency, carry out transfers and manage your payments anytime, from a computer or a mobile device. The online transfer fee starts at £5 and reaches a maximum of just £15 over the phone, while banks typically change between £20 and £40. This adds up to big savings if you are committed to sending regular sums abroad.
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