"Thanks for the notification, the funds have landed in my account today. Without hesitation I would be happy to recommend Pure FX to friends or colleagues with similar needs. I have found the service to be helpful, efficient and effective. Many thanks for you help."
- P. McMahon, Essex
The foreign currency market is volatile and even the most experienced analysts cannot reliably predict events that affect exchange rates. For example, a major bank (who shall remain nameless) said "parity is baked in" when sterling was at an all-time low against the euro. This could not have been more inaccurate and over the following fortnight sterling re-gained over 10%.
The point we are making is no one can accurately predict future exchange rates, and fluctuations can have serious implications when sending money abroad.
So how do you get a competitive exchange rate? Well, first you need to understand that it is highly unlikely you will buy at the top of the market. Therefore you should decide, in an ideal world, what exchange rate you are looking to achieve. Your currency dealer will talk through recent changes to exchange rates and whether your target is realistic given your timescales.
Then, if your target exchange rate becomes available, consider taking it, because markets move quickly and you won't want to lose out. You can achieve your target rate with a contract type called a market order.
In short, you have lots to consider and it always makes sense to chat to a specialist. Our currency dealers love helping clients save money and will be delighted to find our best solution given your circumstances.