Whenever you need to make an international money transfer you obviously want the best exchange rate possible, but what if the pound has a great day today and you only need to send money next week?
That’s the trouble with leaving your currency conversion until the day you need to make the transfer – you’re at the mercy of the market. And if the pound is having a bad day, shopping around will only take you so far.
“So can I buy currency when the rate is good and only transfer it later?”
Yes! With our latest Buy & Hold Money Transfer service and a little smart planning, you get a lot more control over your currency transfers. Our new feature lets you buy currency and add it to your account whenever you decide, and leave sending the money to your recipient’s bank account until a later date.
What does that mean for you? It means that, if you know you need to make a Money Transfer at a future date, you don’t have to simply hope for a good rate on the day you send the money. You can move your money smarter, and choose when to lock in the exchange rate.
There’s a couple of ways that you can make it work for you:
Imagine that you know you’ll need to make an overseas transfer in a few months, for a mortgage payment, wedding costs, or paying your child’s uni fees for example. Instead of waiting to see what the rate will be on the day you need to send money, use one of the options below to guarantee a great exchange rate:
Lock in the full amount
If you think the current exchange rate is really good and you’re happy with how much you’ll get, you might want to lock in your full amount transfer at that rate. You can go ahead and load your account with all the money you need to make your transfer – the money is exchanged there and then and stays in your account in a Euro / Dollar / Rand etc wallet until you’re ready to transfer.
Spread the cost
Or, if the rate is better than it has been but you don’t have all of the money to exchange today (or you’d like to keep an eye on the rate to see if it improves further), convert some of your currency today and some more every time the pound is having a good day. Little and often.
Keep doing this until the transfer date and eventually you’ll have locked in the amount you need to transfer.
You don’t even have to keep a constant eye on the market to make sure you’re getting the best rate, we’ll do it for you. Sign up to our Rate Alert service and we’ll let you know when the pound is having a good day.
Find out more about the simple, fast and secure FairFX Money Transfer service and lock in a rate for your next international payment, today.
Want to lock in a great rate on your holiday spending money too? Discover the FairFX Prepaid Mastercard®, our FairFX Euro Card and FairFX Dollar Card allow you to lock in an exchange rate for euros and US dollars every time the pound is having a good day.