Fluent in Foreign Exchange
Every year we help thousands of individuals save money on their foreign currency payments for property purchase, emigration, overseas mortgage repayments, etc.
If you make or receive payments in a foreign currency, we could save you a great deal of money and make your currency transfers simple.
We guarantee much better exchange rates than the ‘tourist rates’ you would normally get from your bank and can save you up to 6% on currency transfers typically saving you £5,000 on a £100,000 transfer.
A is for Account:
Open a free account with us - Your account can be opened the very same day and you will be assigned a dedicated account manager.
B is for Better Rates:
Your account manager will keep you informed on currency market movements and get the best exchange rate for you at the time. Once agreed, this rate is then guaranteed for you.
C is for Currency Transfer:
Once you have paid for your currency we will immediately transfer the money to the bank account specified by you, anywhere in the world.”
Benefits at a Glance
- Highly competitive exchange rates
- Quick and easy same-day transfers
- Free tailored service with our currency experts
- Dedicated Relationship manager
- Safe & Secure transfers
- Authorised by the Financial Conduct Authority
- Segregated Barclays Bank Client Accounts
Traders await Sunak’s summer statement
07 Jul 2020
Sterling had a mixed start to the week yesterday, as traders continue to look ahead to this month’s Brexit negotiations and to expected government support measures. There was also data released showing that British construction companies returned to growth in June for the first time since the coronavirus hit.
Chancellor Rishi Sunak makes his ‘Summer Statement’ on Wednesday, and the market has seen a footing for the pound as further stimulus and support measures are expected. The expected focus will be on helping businesses return to normality, with rumoured tax cuts being the main source of support. There is a possibility of a short term VAT cut and certain sectors could be the target of loans and grants to aid recovery.
The stalling housing market may also receive a boost with a temporary freezing on the stamp duty tax, with the aim of bringing perspective buyers back to the market and to fight off a potential collapse.
We are expecting more clarity on Brexit as July progresses, with access to financial markets coming into focus due to the importance of finding a common ground. Banking Lobby AFME stated yesterday that the coronavirus would make the further disruption of a no-deal even harder to cope with.
Global risk appetite improves
07 Jul 2020
Sterling ended the week on a positive as it held firm against the dollar for the first time in four weeks. The pound’s movement in the coming weeks will depend on how talks progress between the UK and the EU in regards to a post-Brexit trade deal, sterling will also be impacted by investor risk appetite.
Brexit talks are set to resume this week but Michel Barnier believes there are ‘serious divergences’ between the two parties and a trade deal is far from being reached. British Prime Minister Boris Johnson said on Friday he was more optimistic than Barnier that a post-Brexit trading deal could be struck, but said Britain could leave the bloc without a comprehensive agreement if needed.
The longer the wait for positive Brexit news is likely to cause the pound to fall lower with uncertainty on the table.
The dollar edged higher on Friday from a sentiment boost from better than expected jobs data but was offset by rising coronavirus cases. This led to the dollar experiencing its biggest weekly fall since the start of June.
After two months of recovery in unemployment, the US economy has regained just over a third of its historic fall of 20.787 million jobs lost in April.
Investors were looking at a potential economic recovery but with cases of Covid-19 continuing to rise in the US, a recovery looks unlikely at current.
USD – 15:00 – ISM non-manufacturing PMI – Forecast at 50 from a previous 45.4
Dollar lower as risk sentiment improves
02 Jul 2020
The pound posted an impressive recovery against the dollar yesterday despite there being no fundamental changes in the currency market. Sterling’s appreciation appears to be a technical move resulting from quarter end re-balancing.
Yesterday, EU chief negotiator Barnier rejected the UK’s plan for the City of London’s access into the EU. Barnier said the UK plan would see minimal representation from Europe of businesses based in the UK. He was quoted as saying ‘I will be blunt, it’s proposals are unacceptable, there is no way states or the European Parliament will accept this’. This news heaps more pressure on the pound which is already dealing with an extremely short deadline to agree a Brexit trade deal before the end of 2020.
The USD moved lower during yesterday’s trade owed to a reversal of some safe-haven positions, as optimism grows that a global economic recovery from the coronavirus is underway.
US markit manufacturing activity beat expectations for June, with the manufacturing activity index (ISM) showing business conditions in the manufacturing sector improving by posting it’s highest gain in 14 months. This data, along with similar surveys from the eurozone and China, all point to a recovery which has resulted in a reversal of some safe-haven positioning.
Despite this, investors remain cautious of the growing number of coronavirus infections in the US as further lockdowns will likely threaten the speed at which the US economy recovers from the current pandemic.
13.30 – US – Non-Farm Payrolls
13:30 – USD – Unemployment rate
Sterling volatility remains
01 Jul 2020
Sterling remained highly volatile on Tuesday and was affected by worse than expected GDP data. The British economy shrank by 2.2% in the first quarter which was the biggest drop in GDP since 1979. The Bank of England has warned that GDP could have contracted by more than 20% during the first six months of 2020 due to the impact the coronavirus pandemic.
Another worrying sign for the UK is the balance of payments deficit which widened to 21.1 billion pounds in the first quarter, versus a forecast of 15.4 billion pounds. With businesses being closed the inflow of money coming into the UK has declined massively and has led to the currency account deficit worsening.
The pound did make a recovery in the afternoon but analyst believe this was more down to some end of quarter rebalancing rather than an improvement in risk sentiment. The fears of a second wave of Covid-19 is still on the table with Leicester back in full lockdown.
Lastly Prime Minister Boris Johnson announced a plan to fast track an economic recovery by introducing a £5 billion package to improve infrastructure investment and slash property planning rules to revive the economy. This announcement had little impact on Sterling. The risk of a no deal Brexit has now come back on the table as Britain have not asked for an extension to the current deadline, and the deadline to ask for an extension has now passed with little progress made in trade talks.
1:15 – USD – ADE Non-Farm Employment Change
19:00 – FOMC minutes meeting
Brexit risk weighs on sterling
30 Jun 2020
Sterling continued to trade at recent lows as Brexit worry continues to force pressure on the currency. The pound dropped to three month lows against the Euro and a one month low against the US Dollar, as a worse than anticipated Brexit deal became more likely over the weekend along with further worry that the UK economy will not pick up as quickly as many of its European rivals.
Despite UK coronavirus cases showing a steady drop, early data suggest other European countries are starting to show quicker signs of recovery, coupled with rising cases in the US, Sterling is not looking like a good bet for currency investors that are looking for either safety or growth.
The single currency continued to edge stronger as the eurozone’s consumer and business sentiment picked up in June to add confidence of an economic recovery in the single market.
Europe for the most part also seems to have the virus under more control than some of the world’s other leading economies and currencies – the US being the main comparison adding confidence to investors looking at the Euro at the moment. Brexit talks are still an ongoing issue and the markets are still very sensitive to any updates or lack of it.
07.00 – UK – GDP – Q1 data
10.00 – EU – CPI