PureFX

How You Can Maximise Your Foreign Exchange Rate The Day You Change Currencies

Tue 10th January 2012

It’s happened to us all at some point.

You finish work one evening, and decide to drive to the supermarket to pick up something for dinner before heading home.

You park, enter the Tesco or Morrison’s, and immediately head to the chilled section.

Where nothing more appetising awaits you than a chicken that’s more skin and bone than bird, and sausages so sad you wouldn’t give them to a hungry dog.

Great.

“If only I’d remembered to come before work,” you tell yourself, “or bought something at the cornershop last night!”

But while this is typical (for some of us!) while out shopping, you might not think the same principle applies to your foreign exchange transactions.

As a matter of fact though, it does.

How To Avoid The Boney Chicken(!) Of Foreign Exchange Rates

Imagine you’re planning to buy a second home in Spain.

You’ve had the money sitting in your account for some time, and it’s just been a matter of picking up the phone and telling your foreign exchange broker to change currencies.

Then one evening there’s a report on the news:

“Greece has exited the euro!

“Following months of speculation, the cradle of Western civilisation has abandoned the common currency and readopted the drachma.

“In response, the euro has dipped to twelve month lows against the pound.”

“Great!” you think, “This is just what I needed!”

But then the next day you get caught up in a bunch of things at work, and it isn’t until late afternoon that you call your foreign currency broker.

He tells you:

“I m afraid things have moved against you this afternoon.

“The Germans have taken these reports about Greece as an excuse to really get on the ball, and have announced a European fiscal compact.

“This has reversed the foreign exchange gains we witnessed last night.”

Oh no!

Getting A Good Foreign Exchange Rate Means Getting In Touch Early

In fact, this scenario is all too plausible.

Countless times clients call us at Pure FX just a bit late, by which time the foreign exchange rates have already changed.

The foreign exchange market after all never sleeps.

It’s open 24 hours a day, wherein countless billions in different currencies are traded each second.

To get the rate you really want then, it therefore pays to be fast.

To receive more essential tips about improving your exchange rate, visit us at foreign exchange specialists Pure FX. In addition, you can call us on +44 (0) 1494 671800 or email enquiries@purefx.co.uk. Let us help you maximise your gains!