Brexit and Migrant Workers
Many migrant workers are now living in fear because of Brexit. The UK’s decision to leave the European Union has left citizens of Great Britain feeling more than uncertain about their futures, especially migrant workers who depend on wages earned in the UK to feed their families back home. The British sterling pound has been devalued. Experts have sounded the alarm. Nobody seems to know the exact effect Brexit will have in the long term, but what does Brexit mean for migrant workers right now?
EU Migrants After Brexit
UK permanent residents may wonder: what do migrant workers have to worry about? After all, the British pound goes a long way in countries like Poland (a large percentage of Britain’s workforce is Polish), so they’ll still have plenty of money to send back home, even if it’s worth a little less. The truth of the matter is that the cost of living for migrant workers to remain in Britain may greatly affect what they can send back home.
Brexit isn’t all bad news, however, as some experts would lead you to believe. Brexit immigration implications point to a general consensus that the status quo will remain just that… the status quo. EU migrant workers will most likely be allowed to remain in the UK, at least for the short term, but economists aren’t seeing much evidence that workers will leave in mass numbers out of fear.
The biggest concern is the implementation of a new registration scheme in the wake of Brexit, which is to be expected as rules and laws change to accommodate Britain’s new status. Employers will face new challenges if the current system for employing migrant workers is changed, but the flow of immigration doesn’t sound as if it’s at risk. Still, as the new UK prime minister Theresa May has warned, nothing is absolutely certain, and no 100% guarantees can be made either way.
Indigo FX Helps Migrant Workers
A big concern for migrants and citizens of the UK is the exchange rate between countries. As the British pound has been significantly devalued in the wake of Brexit, getting the best exchange rate is vital. As they say, every penny counts! Migrant workers want to know that their family back home is getting as much money as possible out of the transaction. That’s why Indigo FX offers migrant workers an easy way to send and receive money with competitive rates.
Let’s say that you’re a Polish worker in the UK, and you need to send money back home. Using the bank will result in low exchange rates that may leave your family short on funds. There are also hidden fees that can pop up that take an even bigger chunk out of your cash. Using Indigo FX, your trusted FX broker, you get the best possible exchange rate for your money. Indigo FX takes no commission and offers low minimum amounts for exchanges.
Indigo FX For Businesses
Indigo FX also offers services for businesses to send money to Eastern Europe to help purchase investments, properties, and closing business deals. Corporate accounts give businesses more opportunities to snag the best currency, even if it’s not currently available. This can be done with forward contracts and market/limit orders.
Forward contracts allow you to book a currency rate to purchase in the future. You can use either use a fixed forward contract, which has a specific maturity date, or you can go with a time-option contract that lets you start using the currency before then. Market/limit orders help you target a certain rate so that you don’t miss it. Currency rates fluctuate often, so it can be hard to purchase your target rate at exactly the right moment. Indigo FX keeps an eye on exchange rates for you and purchases your target rate as soon as it shows up in the exchange market.
Indigo FX Is Your Currency Exchange Expert
Hiring a forex expert is more important than ever now that Brexit is being implemented. Indigo FX wants to help you wade through the waters of uncertainty and give you a life vest you can hold onto. With our expert advice and knowledgeable representatives, we’ll work with you to help you make the best financial decisions for you and your family. Call us today at 020 7856 2464 or request a callback. We’d be happy to talk with you to discuss what Indigo FX can do for you.