Now that 2017 is in full swing have your New Year resolutions gone by the wayside? Giving up on that musical instrument you’ve been meaning to learn, or missing a few – or most – of your planned visits to the gym is an annual tradition. But if reducing your expenditure was top of your list of good intentions, there’s every chance you fully intend seeing it through. After all, the health of our finances isn’t something we take lightly.
For financially conscious expats around the globe, this will include managing their exposure to market volatility when making international currency transfers.
If you were inspired to be more prudent with your money by an eventful 2016, be prepared for more of the same in the coming months. Here are some of the key events that should be on your radar:
Trump: The US dollar actually benefitted from a ‘Trump Boom’ in the wake of his shock victory. Now that Donald J Trump is finally making himself comfortable in the Oval Office, investors are holding their breath to see how his policies might impact the currency markets.
Article 50: Sterling has hardly been able to come up for air since the Brexit vote and you can expect more of the same in the future, courtesy of Article 50. Once the two-year process for negotiating the UK’s departure from the EU commences – probably by the end of March – the value of the pound is likely to dip even further.
Europe: Election season is approaching in the Eurozone. 2016 set the precedent for the anti-establishment vote, and if countries like France and Holland elect far-right candidates the euro will come under significant downward pressure.
Whether you’re transferring a salary or pension to cover living costs, supporting a mortgage on a UK property or simply sending money to family and friends back home, using a currency specialist such as Smart Currency Exchange could help you fulfil your New Year’s resolution. Not only does Smart offer bank-beating exchange rates that can save you a considerable sum on your transfers, you will be assigned a personal account manager.
This dedicated expert will be able to assist you through the transfer process and provide invaluable guidance around exchange rate fluctuations. They can explain the specialist tools that can protect you from market movements and help you manage your transfers effectively, such as a forward contract and regular payment plan.
If you have ongoing international currency transfer requirements, a regular payment plan ensures your money is automatically debited from your account, exchanged into your currency of choice and sent to the required recipient overseas in accordance with your specified schedule.
This convenient service also enables you to secure an exchange rate for up to a year using a forward contract, so you know the exact amount of money that is leaving your account and arriving in another with each transfer – eliminating the risk of adverse rate fluctuations impacting your finances. Find out more by getting a free quote from Smart today, or call +44 20 8108 5391.
To obtain expert advice about managing your finances, tax, legal expertise and much more – once you’ve made the move overseas, you can also visit Property Guides. This completely free resource has taken the time to gather invaluable information from expats, so they can share their first-hand experience and knowledge to help you.