PureFX

How to Get the Best Foreign Exchange Rate Pounds to Euros

Tue 10th April 2012

In this post I’d like to share some guidance about how to get the best foreign exchange rate pounds to euros. This might be of interest if you’re planning to emigrate or buy a home abroad, to help you maximise your euro total when you transfer. In addition, you might also be interested in reading about how to fix the exchange rate or transfer money abroad. These might also be helpful.

Look at The Foreign Exchange Rates

Perhaps the most useful guidance I can offer about getting the best foreign exchange rate pounds to euros is to look at the exchange rates, in comparison to where they’ve been in recent weeks. You can do this by going to Google Finance or the BBC, and typing in the currency pair you’re exchanging (in this case, GBPEUR.)

Is the pound at a high against the euro? If so, it might be worthwhile taking advantage of that rate, to secure the best foreign exchange rate pounds to euros there and then. If not, you’re in a position to wait, to see if the pound can recover, or perhaps cut your losses, before it loses any more value. In either case, look at the rate, and you can get an immediate idea of the kind of rate you can expect, and whether there’s a great deal available at that moment.

In addition, if you’re dissatisfied with the present rate, but don’t like the idea of checking the foreign exchange rates on a constant basis to see if they’ve improved, you can set up a rate alert with us. Here, you enter your target exchange rate, and we send you an email the moment that rate becomes available. It’s totally free, and saves you the hard work of watching the rates all the time.

Set Up A Forward Contract

Of course, you might be in a position where you like the present exchange rate, but don’t like the idea of your funds sitting in a foreign bank account for no reason. This might especially be the case if you’re emigrating or buying a home abroad, but don’t have to complete on your purchase for some months. In this case, you can take advantage of the present foreign exchange rate pounds to euros without having to move your funds, using a forward contract.

Forward contracts enable you to lock in the foreign exchange rate up to 24 months in advance, so that although you might not want to move your funds for 2 years or so, you can still receive the present advantageous rate. This of course shields you against downturns in the rate in the meantime, taking a lot of the risk out of foreign exchange transactions. It’s a great way to find peace of mind.

For more guidance about getting the best pound to euro foreign exchange rate, get in touch on +44 (0) 1494 671800 or email enquiries@purefx.co.uk. You can also visit us at foreign exchange specialist Pure FX.