The latest twist in the Brexit saga sees PM Theresa May delaying the Parliamentary vote on her deal. This sent the pound nose diving to an 18 month low against the dollar. You’d be forgiven for thinking there was nothing good to come out of these latest developments. This is however, unless you’ve been biding your time waiting to transfer money to the UK. For anyone with money abroad or businesses importing goods from the UK the pounding that sterling is taking has an upside!
Whilst Theresa May struggles to get backing for her Brexit deal, for those transferring money, there are deals to be had among money transfer providers. David Noble, Co-founder of money transfer comparison site Xompare.com, says, “as speculation surrounding the next steps for Brexit have grown, we’ve seen the pound fall dramatically and through watching activity on the website we’ve seen a trend for EUR to GBP feature strongly, peaking yesterday following May’s announcement. Our advice to those that want to transfer money to the UK either because they are repatriating their own money, or purchasing goods from U.K based companies is, you should compare money transfer providers to make sure you’re getting the best deal. Make sure you know all of the fees involved and you understand the different rates on offer and take full advantage of the competition between providers”.
At the time of writing the pound was down against the US dollar to $1.25 and down against the Euro to just €1.10. At these rates it’s well worth considering if now is the time to transfer money to the UK. Be warned though, these markets fluctuate rapidly. Should Theresa May’s position start to improve we could see the value of the pound improving so watch this space!
Tips from Xompare.com for finding the cheapest way to send money abroad:
– Always compare money transfer providers and make sure you know the differences between rates and fees in order to choose the best deal for you.
– Don’t assume that one particular provider is always the most favourable. Certain providers are either more or less competitive when considering the currency of the payment, amount being transferred, and the method of settlement.
– Avoid transferring small amounts of money too frequently. Transferring large amounts less frequently will save you money on fees that are charged per transaction.
– If you’re not in a hurry, keep an eye on fluctuating foreign exchange rates and time your money transfer when rates are in your favour.
– Be mindful and pay attention to the total cost. The fees may be low but the exchange rate may be unfavourable or vise versa. Watch out for additional fees that may be incurred whilst your payment is in transit and remember that some money transfer providers will protect against these ‘lifting fees’.