Transferring Money Ahead of Brexit

0

Wherever you live in the world, the EU Referendum could have a considerable impact on the exchange rate you get when sending money in and out of the UK.

uk euro flags

The uncertainty has already driven down the value of the pound against major currencies such as the US dollar and euro, and the volatility is likely to increase as voting day nears.

It’s impossible to predict what could happen, but in general markets tend to dislike uncertainty. If the UK decides to leave the EU, it has predicted the shock could wipe up to 20 per cent off the value of the pound.

But if the UK decides to maintain the status quo, it is reasonable to expect that the removal of this uncertainty might stabilise or improve rates. Using a professional international money transfer service could help you get the best rate for your money regardless of the outcome, while also smoothing out short-term currency volatility.

euros and pounds

Sterling weakness could provide an opportunity for expats looking to transfer their overseas earnings to the UK, say, to buy a property or top up their retirement savings.

In the days after the referendum result is announced, sterling may be extremely volatile. If the UK remains in the EU it could rise sharply, so it could be a great time to send money overseas.

Whether you are buying or selling sterling, using a currency specialist may allow you to benefit from favourable exchange rate movements.

 

LEAVE A COMMENT

Please enter your comment!
Please enter your name here

We welcome comments from readers on our website and across our social networks. We invite you to discuss issues and share your views and we encourage robust debate and criticism provided it is civil.

However we reserve the right to reject or edit comments that:

• Contain offensive language
• Include personal attacks of any kind
• Are likely to offend or target any ethnic, racial, nationality or religious group
• Are homophobic, transphobic, sexist, offensive or obscene
• Contain spam or include links to other sites
• Are clearly off topic
• Impersonate an individual or organisation, are fraudulent, defamatory of any person, threatening or invasive of another’s privacy or otherwise illegal
• Are trolling or threatening
• Promote, advertise or solicit the sale of any goods or services

You grant us a non-exclusive, royalty-free, perpetual, worldwide licence to republish any material you submit to us, without limitation, in any format.