Thu 16th August 2012
To protect yourself from declines in the exchange rate, the most effective method is to set up a forward contract.
What this means is that you lock in the exchange rate where it currently is, without necessarily transferring your money abroad there and then. This shields you from falls in the exchange rate in the future.
With a forward contract there’s no additional cost, and you just pay down an initial 10.0% of the total you plan to transfer.
It is, as I mention, a very useful tool if you like the present exchange rate, want to take advantage of it, but don’t yet want your money in your foreign bank account.
Find Out More
To learn more about getting the best exchange rates:
Read our Frequently Asked Questions to get answers to some of our most common queries.
Sign Up to Our Newsletter to keep up to date with the foreign exchange rates.
Last but not least, read about how to Transfer Money Abroad.