Transferring Money Ahead of Brexit

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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.

 

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