Sending Money to Europe after Brexit
In the wake of the unprecedented Brexit vote, UK residents sending money abroad need to be mindful of the fluctuations in currency exchanges. The value of the pound is subject to dramatic change, and with exchange prices bouncing up and down, it’s more important than ever to get a good deal. Indigo FX can help secure the best exchange rate that will save you money when you send money to Europe. Before we explain the details, however, it’s important to know what the British economy is up against in wake of the Brexit decision.
The Aftermath Of Brexit
Unless you’ve been living under a rock, you know that Brexit was the United Kingdom’s majority vote, which won by a narrow margin and cemented the decision to leave the European Union. Regardless of your political views on the vote, Brexit has had an effect on the British economy, and experts are unsure when it will stabilise and recover the ground it’s lost.
The good news is that your pension and taxes won’t incur any changes because they’re held by the UK government; the same goes for ISAs (Individual Savings Accounts). This should give comfort to UK residents, but expats may have a harder time of it when it comes to foreign finances.
Indigo FX Can Help
The sterling pound is rather sensitive (some might say volatile) at the moment, and using a bank to exchange currencies could land you with a very bad deal. You’ll get a much better exchange rate by using a specialist like Indigo FX, who offer fantastic rates that can save you thousands. Indigo FX offers accounts for both individuals and businesses to secure rates no other specialist can.
An individual account, otherwise known as a private account, is ideal for people who need to send payments overseas for purposes such as mortgages, property purchases, and so on. Because using a bank transfer can incur higher fees, as does mailing a cheque, Indigo FX is meant to take the hassle out of the transaction. Indigo FX does offer same-day transfers as an option once a client has been approved, meaning the funds can wind up in the recipient’s bank account in less than 24 hours.
A corporate account can help companies time a business deal in order to get the best currency rate, but they’re also handy for simple overseas transactions, just in larger amounts.
Payment Solutions from Indigo FX
- Spot Contracts – These contracts are for when a business needs to move fast. A verbal agreement is made with your Indigo FX Trader, and funds are sent to the recipient on the same day the sender’s money transfer clears.
- Forward Contracts – Forward contracts allow you to secure a specific rate for use in the future. Fixed forward contracts have a set date for use, whereas time-option contracts can be uutilised at any time during the maturity period.
- Market Orders – If the market isn’t currently offering the rate you want, you can put in a market order for when it does appear. As soon as the currency gets to your target rate, your market order kicks into action and purchases the desired currency rate for you.
With these tools from Indigo FX, an individual could purchase a European flat at the best rate without ever having to visit a physical exchange location or pay high bank fees. A company could seal the deal with a European buyer without having to wait weeks for lengthy transfers, possibly missing out on the deal itself.
As difficult as the market may get in the wake of Brexit, Indigo FX will continue to provide the best rates for FX transfers, whether the currency is being sent to Europe or elsewhere. Payments are 100% secure; that’s at least some peace of mind that UK residents can have when change is the new normal.