Eastons - Foreign Exchange

International

When it comes to foreign currency exchange most people assume that their bank will take care of their needs, and of course they can. However because they are not a specialist you can end up paying a lot more than you actually need.

Whether you need to buy euros for a property purchase in France, or are buying dollars to import products from the Far East, it is essential you obtain impartial guidance from a specialist currency broker.

Why? Well regardless of whether you are buying euros or indeed any other currency, it can be a bewildering experience. Commissions and transaction charges vary considerably. Then of course you need to consider whether the receiving bank will make any deductions. For example, if you need to buy euros to complete on a property purchase but discover the receiving bank has deducted €100.00 from the amount you sent then the property sale cannot complete.

Then of course exchange rates move up and down all the time, so it can be difficult to know where to turn to when buying currency. Eastons International can introduce you to an independent currency brokerage that offers clients impartial advice on the options available when it comes to buying or indeed selling currency.

Some advice when buying currency

Don’t use your bank to buy currency. You will not get a very good exchange rate and they cannot offer specialist guidance.
Don’t leave it to the last minute. Talk to a specialist as soon as you know you are going to need to buy currency. That way you will have time to secure the best exchange rate.
Exchange rates move all the time so if your target rate becomes available buy currency then.
If you have to buy currency in the future, then talk to your currency dealer about fixing exchange rates. This will protect you from negative exchange rate movements.
During the last 12 months the value of sterling has varied massively against many currencies including the euro and US dollar. With this in mind if your target exchange rate is available take it.
You would be amazed how many people buy currency when the exchange rate is low. Try to avoid this as the difference can be significant.