"Having a forward contract worked very well for me. The exchange rate changed for the worse after I had fixed the amount and has not recovered since. By fixing the exchange rate through a forward contract I have saved myself approximately £3,000.
The service provided by Pure FX has been excellent."
- S. Kilby, Lincolnshire
Clearly, no one can accurately predict future exchange rates. So when you're making a large currency transfer, it is really important to consider what impact fluctuating exchange rates will have on your cost.
For example, over just a couple of weeks in May 2017 sterling lost around 3% against the euro. On a purchase of €150,000, this change in exchange rate would mean a difference in your cost of over £5,000!
As specialist currency brokers, Pure FX can fix a competitive exchange rate for up to 12 months. This ensures the rate at which you exchange currency does not change, eliminating any chance that your purchase becomes unaffordable due to adverse movement.
To fix the exchange rate, there are several options available to you. Some of the more common solutions are:
This contract enables you to fix the exchange rate at today’s value for a specific time in the future, called the maturity date. You can tell us when you want delivery of the currency, and this can be any time between 1 week and 12 months. Forward contracts may or may not require a deposit.
This is very similar to a forward contract, although you are able to draw down funds before the maturity date as and when you require the currency.
It certainly pays to talk to a specialist. Why not chat to a Pure FX currency dealer about what would be best for you?