Foreign Currency Direct plc (the home of currencies.co.uk)

Their team of specialist currency brokers provide clients with exchange rates that can beat bank rates by up to 4%. That’s £400 saved on every £10,000 transferred. (They do better than their competitors too and have been identified as offering some of the most competitive exchange rates in the national press).

The great thing about Foreign Currency Direct is they give you a free, no obligation pre-paid Visa or MasterCard card to keep all your foreign currencies on. Call them when you want to change your money into euros, (then call your bank, check what they will offer you and go with whoever offers the best deal!)

• Access to award winning rates of exchange

• Up to 4% savings versus your high street bank, which, depending on the size of your transfer, can add up to thousands of pounds. Currencies.co.uk were recognized in the Sunday Times for three consecutive years as providing best exchange rates when compared to high street banks and other industry specialists.

• No commission or hidden fees. Currencies.co.uk deals are totally transparent and we have no hidden fees or commission whatsoever. They make their money on the margins between the price at which they buy and sell.

• You get a dedicated account manager. Currencies.co.uk doesn’t use call centres or an automated phone system. Your call goes straight through to the Dealing Floor, where you can be put through to your personal broker. These highly experienced brokers provide you with a genuinely friendly, personalised and articulate service which have won awards. In addition to this personal service they can highlight positive movements in exchange rates that can save £1,000’s on your money transfer.

• Free market reports. One of their experienced dealers publishes a daily market commentary on their website. These keep you up to date with many of the factors that can affect your Euro exchange rate giving you the information you need to make important currency decisions.

Moneycorp (trading name of TTT Moneycorp Ltd)

This is one of the biggest, a foreign exchange company that has been in the business since 1979 performing almost 8 million transactions a year.

Our currency partner, Moneycorp can transfer your money with exchange rates up to 4% better than the high-street banks, (recently a client sending £100,000 into Euros received €4,900 more just by using them instead of their bank). You can register free at Moneycorp and speak directly to your own personal dealer for an initial chat by clicking here and completing their online registration. It’s free to do so and doesn’t commit you to using their service.

Read this FREE guide full of tips and handy hints on buying abroad produced by Moneycorp! Click on this link: BUYING A PROPERTY OVERSEAS!

Moneycorp offer: -

• £100 holiday voucher
• 50% off RAC membership
• 20% off airport parking
• 20% car rental
• 10% off hotels bookings
• 20% off airport hotels

Global Currency Exchange Network (GCEN)

This is one of the UK’s leading foreign exchange companies. ‘Global’ have over 20 years of market experience; international offices and have their UK banking and treasury provided by HSBC. Global’s other providers and affiliated bodies include: Bancaja, Sol Bank, Cam Bank, CajaMar, Bank Inter, Caja Murcia, Banco de Valencia and The British Bulgarian Chamber of Commerce. Global is also a member of The Foundation of Overseas Property Developers, Agents and Consultants.

Be you a corporate client importing cars or an individual who wants to ‘transfer a few bob’ into your Euro account, Global can do it! There are no fees, commission charged or telegraphic transfer costs!

Transferring money with Global is easy. You don’t even have to be a client of Let’s Live Abroad! Once you’ve registered with Global and they’ve let you know an exchange rate they can get for you; you can transfer your money whenever you like (allow up to five days to transfer your funds into your overseas account). Global beat the banks by working on live exchange rates; on high levels of transactions rather than high profit margins and by monitoring treasury providers to ensure you get the best exchange rate. You simply transfer your money from your bank account using a cheque, BACS or CHAPS payment directly into a Global’s secure HSBC account.

Global will: -
• Listen to your requirements.
• Explain the various strategies available to you.
• Educate you in the process of buying or selling currency.
• Run through the legal and technical procedures in place.
• Liaise with your agent, broker or lawyer.
• Confirm payment to any third party you specify.

Global provide: -
• A personal, friendly and cost effective service from your own personal dealer.
• Excellent exchange rates.
• Guaranteed exchange rates for up to 2 years.
• Free transfers of funds overseas.
• Offer NO RECEIVING CHARGES on transfers to Spain.

After you’ve purchased your new home, the account you set up with Global doesn’t stop having its uses. You can even set up regular Monthly Payment Plans. This can help protect you against currency fluctuations, international transfer fees and commissions charged by your bank. This is perfect for those monthly mortgage payments, pensions, salaries, repatriation of foreign income, or simply paying your electric bills. With a Global Monthly Payment Plan you can give yourself some real peace of mind by automating your transfers and even fixing a monthly exchange rate! All you need to do is set up a standing order with your bank.

Because of the diversity of its corporate client’s needs, Global will ensure you have your own personal dealer, suggest various strategies to limit your exposure, liaise with any appointed representatives, confirm payments to third parties, guarantee an exchange rate for up to two years and transfer funds overseas free of charge.

So how does it all work?

There are basically four types of transactions you can make when you send money abroad: ‘Spot Contract’; ‘Forward Currency Contract’; ‘Time-Option Forward Contract’ or ‘Limit Order’.

Spot Contract

‘Spot Contracts’ are undertaken when you buy currency at the prevailing exchange rate at the time of the transaction and make the payment within two working days. This is the one you’d probably go for if you were sending over your deposit or a part or full payment for your property abroad.

Forward Currency Contract

‘Forward Currency Contracts’ are undertaken when you fix the exchange rate now for a specific date from one to 24 months down the line. By way of an example: What if you wanted to make a final payment of £100,000 for your home abroad? You could seal today’s exchange rate with a small deposit and pay for the bulk of that transaction at the completion of the Forward Contract. (To guarantee the exchange rate, private clients will have to pay for at least 10% of the value straight away – a ‘margin deposit’ – and the balance on or before the maturity of the contract.

Time-Option Forward Contracts

This is the same as a ‘Forward Currency Contract’, only this allows even greater flexibility in paying. For example: A property developer may have given you only a very approximate completion date – say, February 2019. Your dealer might, in this case, recommend you set the date of your Forward Contract at May 2019 allowing you to settle that contract any time before the maturity date without penalty.

Limit Order

‘Limit Orders’ allow you to set the exchange rate at the level at which you would like to exchange your currency. Your currency exchange provider will monitor the market for you and if that rate can be achieved, will purchase the currency on your behalf. You are then notified of the due date for your payment. This is useful with contracts of substantial value where a small currency fluctuation might have huge implications.

Let’s Live Abroad!