Sendng Money back to the UK

  • Sending money back to the UK? Let’s stretch those euros

    If your time in Spain is coming to an end and you need to transfer your savings back to the UK, or if you need to send money home to meet ongoing expenses, you’ll want to make the most of every cent.

    Take control of your currency transfers

    As an expat, you’ve no doubt had to deal with currency transfers in the past – but you might not have had access to the most suitable services.

    Getting more for your money when moving it abroad (or sending it home) is simple with the right support and the best tools.

    Leading currency transfer providers like Currencies Direct have spent decades working with expats and know exactly which services are most suited to their needs.

    If you’re moving money back from Spain, what transfer options should you be aware of?

    Spot Transfer

    Making an immediate overseas payment at the going market rate is known as a spot transfer. It can be beneficial if the market is currently in your favour and you have the money ready to send.

    Forward Contract

    If the markets are in a favourable position, but you haven’t sold your Spanish property yet or aren’t quite ready to send money back to the UK, you can use a forward contract to ‘freeze’ the EUR/GBP exchange rate for up to a year. You can then transfer your funds at the rate you’ve fixed when you want to, allowing you to budget effectively and protecting you from negative shifts in the currency market.

    Market Orders

    Market orders allow you to target a specific exchange rate, or protect yourself from losing out should the market worsen while you hold out for a better rate.

    A limit order targets an exchange rate higher than the current market rate, automatically transferring your funds when it’s hit.

    A stop-loss order allows you to set a minimum exchange rate at which you would be happy to send your funds, automatically transferring the money should the market weaken to that level.

    You can even combine both order types to create a target range in which you’re happy to trade. The orders are set up to automatically cancel each other out once one is triggered.

    What else do you need to know?

    As the last couple of years have shown, exchange rates are really volatile things. Even when there aren’t major events like the German election and Catalonian referendum to contend with, euro exchange rates can move by as much as 5% in a matter of weeks.

    Mistiming your currency transfer and choosing to move your money home from Spain when the euro is weaker could have a significant impact on how many pounds you receive – so it’s important to stay on top of the latest market movements.

    Subscribing to receive regular market updates from your currency broker is one of the easiest ways to keep track of what exchange rates are up to. With Currencies Direct you can even set up a Rate Alert and get an instant email or text when your target rate is achieved.

    Maximise your money when moving it home from Spain by looking into your currency transfer options today.

    At Currencies Direct, we’ve helped over 210,000 customers save on their currency transfers since 1996. Just pop into your local Currencies Direct branch or give us a call to find out more about how you can save money on your currency transfers.