Sterling has been one of the best performing currencies so far this year, recently hitting a seven-year high against the Euro, and powering ahead against the Australian and Canadian dollars. Consequently, expats are keen to ensure that they do not miss out, and thankfully there are some new products on the market that can help to ensure that they don’t.
If there is a reason that you want to freeze the exchange rate on a number of currencies, perhaps because you have fixed payments to make in different countries, then a new currency account from Caxton FX many be the breath of fresh air that you have been waiting for. This solution allows you to buy and hold up to 24 different currencies, in one online account, for as long as you want.
FairFX also offer a prepaid card, which has marginally better exchange rates than Caxton’s, but add on a range of fees.
Moneycorp also offers a prepaid card called Explorer. The fees and rates are similar to Caxton as it is aimed at the frequent traveller/holiday money market.
Moni allows you to send money from the UK to 50 different countries via your mobile using its free app.
If you have a large sum to transfer, and want to fix the exchange rate, then you might want to consider using a currency broker such as Moneycorp, HiFX or World First. A good option if you are buying a property, for example, and don’t want the costs to rise in the months preceding the purchase, as you can lock in the exchange rate for up to two years.
If you haven’t got a large lump sum to exchange, you can look at a regular payment plan also available from currency brokers mentioned above. This fixes the rate you’ll receive for up to two years too, and is suitable for transferring smaller regular amounts such as receiving a pension overseas or paying household bills on your overseas home.