If you need to move money abroad and want to make your funds go further, securing a great exchange rate is key.
However, given how volatile the currency market can be, this is certainty easier said than done.
Sudden swings in exchange rates often result in the value of a transfer shifting notably from one month to the next.
Impact of exchange rate movement
If you’re wondering how much impact exchange rate movement can have, just take a look at GBP/EUR in the first quarter of 2019.
Having closed 2018 at a low of €1.10, renewed Brexit optimism saw GBP/EUR surge at the start of 2019, propelling the pairing to a high of €1.17 by the end of March – a seven cent movement.
In transfer terms this meant that a GBP/EUR transfer of £50,000 was worth €55,000 at the start of the year but would have achieved €58,500 by March, netting you an additional €3,500.
Keep track of exchange rates on the go
If you need to make a currency transfer in the near future and want to keep an eye on the currency market to ensure you get the best rate, use the Currencies Direct app to check live rates 24/7.
If you don’t want to miss out on a positive market movement you can also use the app to set rate alerts.
Simply set what rate you’d like to achieve and you’ll be notified by text and email as soon as your target rate is hit.
You can then make your transfer at that rate or set another rate alert and wait for the market to improve further.
With our app you can also make swift, secure transfers in a couple of taps, anytime, anywhere.
To start using our app, simply download it from the
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