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How To Avoid Sudden Dips In The Foreign Exchange Rate In 2012

So the New Year is upon us! And everywhere you look people are advising you how to do things better in 2012.

Exercise more.

Spend more time with your kids.

Eat right.

Begin that project you’re always talking about.

Of course, these are all useful things. They’re about helping us make the most of our time and (hopefully) live happier and more productive lives.

But what if in 2012, you’re less interested in learning how to kayak or taking that long-thought of trip to Disneyland, and instead want to get more from your foreign exchange transactions?

What if in 2012, the thing you want to do is save more when changing currencies on large amounts?

To Get Better Foreign Exchange Rates, Just Seize The Moment

Imagine a man is thinking about buying a new car.

He walks down to his local dealership one morning, and tells the salesman what model he’s interested in. It’s the latest Mercedes S-class.

From behind his desk, the salesman points out the window.

“You’re in luck!” he tells the man, smiling broadly.

“We have that exact model in stock right now. There’s just one left, and it happens to be on sale this very morning.”

The salesman peers at the man admiring the S-class outside.

“Of course,” he says, “prices are determined by head office. If you come back tomorrow, the discount price will probably be gone.”

The man buying the Mercedes rubs his chin.

“Hmm,” he thinks to himself. “Should I take advantage of this, or leave it until later?”

In Foreign Exchange, You Often Have The Same Chance

You might be thinking to yourself, “Well, this is obvious. He should opt for the good price while it is available.”

And in foreign exchange, it’s the same.

If a good exchange rate is available, your best bet is to take advantage because, all too often, it’ll be gone before you know it.

And to do this, speak to your foreign exchange dealer about something called a forward contract.

Forward contracts enable you to lock in the existing rate, protecting you against unexpected declines in the exchange rate closer to your transaction date.

It’s a great tool to protect you against foreign exchange losses and, like our man purchasing his new S-class, just means you have to seize the moment.

It could help you to make impressive savings on your foreign exchange transactions in 2012.

To find out more about how you can save money with a forward contract, get in touch at specialist foreign exchange brokers Pure FX. You can also call us on +44 (0) 1494 671800 or email enquiries@purefx.co.uk. We’d be delighted to help you maximise your currency transfers!

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