2020 has been chaotic to say the least. With the spread of coronavirus forcing countries around the world into lockdown and major central banks slashing interest rates to historic lows, exchange rates are experiencing extreme volatility.
For example, the GBP/USD exchange rate has fallen to a 35-year low, while GBP/EUR has plummeted from €1.20 to lows of €1.05 in a matter of weeks. The 15 cent shift in GBP/EUR would mean the difference of €15,000 on a €100,000 transfer.
With significant currency fluctuations expected to continue, knowing the best time to move your money overseas can be difficult – but that’s where leading currency providers like TorFX come in.
Protect your Currency Transfers from Exchange Rate Volatility
If you need to move funds abroad in these turbulent times, using a currency specialist like TorFX can help you save time and money.
You’ll be assigned a personal Account Manager to talk through your requirements and help you pick the right service for your requirements.
You’ll also secure an excellent exchange rate, avoid additional transfer fees and benefit from the ability to make a transfer online, over the phone or through the handy TorFX app.
You’ll also be kept up-to-date with the latest currency news – giving you all the information you need to move your money at the right time.
Explore your Transfer Options
Currency specialists like TorFX also offer a range of flexible services which can help you protect your transfers from currency volatility.
A forward contract, for example, gives you the option to fix an exchange rate for up to two years ahead of making a transfer.
A limit order, meanwhile, lets you target a rate higher than the current market level. Your transfer will be triggered automatically if your target rate is hit.
With a stop loss order you can set a worst case rate, with your transfer taking place automatically if the market suddenly falls. You can wait for conditions to improve without having to worry about your transfer should the exchange rates drop.
Finally you can use rate alerts to keep track of exchange rate movement. Set the rate you want to achieve and you’ll be notified by text and email if the market moves to that level. You can then decide whether to move your money now or set another rate alert.
The next few months are likely to be testing for us all, but if you need to move money abroad during this period TorFX are there to help.