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
Market report: US could be forced into rate hike
13 May 2021
Highly anticipated US inflation data was released yesterday. This was of great interest to investors who had grown increasingly nervous about growing inflationary pressures at home and abroad.
It wasn’t good news. Data showed the inflation rate jumped to a 13-year high. And it was a similar story for core inflation, which rose by 0.9%, the highest monthly gain since 1982. Wall Street stocks and US government bonds duly responded and dropped. This all heightened concerns that the Federal Reserve could be forced to tighten monetary policy earlier than expected.
Consumer prices in the US increased 4.2% in April, year on year, the most rapid increase since 2008. Analysts had been expecting a 3.6% reading. US government debt also experienced pressure, sending the yield on the 10-year Treasury note to 1.69%. This caused USD to rise sharply but it soon leveled off.
Despite all this, the Fed said they were in line with expectations, deeming the data “transitory”. Fed vice-chair Richard Clarida said he expected price rises to exceed the target for “the next few months” but was still surprised by the number. The Fed have already made it clear that they will allow the 2% inflation target to be be exceeded for a while, giving the pandemic hit labour market vital time to recover.
Before yesterday’s release, the Fed said it’s employment that really matters when considering monetary policy. Given the poor non farms release last week, investors were inclined to take the Fed’s word that rate hikes were a way off. But after yesterday’s readings, the pressure to start discussing the appropriate timing of tapering and hiking interest rates will now likely increase.
12:30-USD- US initial jobless claims (previous 498k, consensus is 490k)
16:00-GBP– Bank of England Governer Andrew Bailey speech
Market report: pound stays strong against dollar
13 May 2021
Sterling’s recent gains against the dollar continued yesterday, ending a third consecutive day at multi-week highs. The rally was mainly down to persistent dollar weakness and a vague sense of political calm.
Encouraging news regarding the pandemic is also having an impact. Covid cases are dropping rapidly and lockdown restrictions are easing further this Monday, both boosting the pound.
This morning’s UK GDP data release showed the economy shrank 1.5% during the first quarter of this year, beating expectations of 1.6%. The UK economy’s lengthy lockdown at the start of the year was the driving factor for the shrinkage.
However, as lockdown eased, March saw a strong recovery as the economy grew 2.1%, boosted by retail spending and schools reopening. But this wasn’t enough to stop the economy from contracting.
The outlook for the year’s second quarter remains positive as the vaccination rollout continues and further easing of restrictions is likely to increase economic activity, aiding recovery and an expansion of GDP.
It could be a volatile day for the dollar ahead of the release of US inflation data. Forecasts are predicting inflation to come in lower than expected with CPI month on month forecasted at 0.2% from a previous 0.6%.
Any surprise which shows an upside to inflation could see the Federal Reserve intensify the taper debate, a move which would see treasury yields rise, boosting the dollar.
On the other hand, a relatively soft or in-line reading on inflation might be viewed as a disappointment and cause traders to unwind bets for a less-dovish FOMC.
07:00 -GBP- GDP Q/Q – actual figure -1.5%
07:00 – GBP- GDP M/M – actual figure 2.1%
07:00- GBP- Manufacturing production – actual figure 2.1% from previous 1.5%
10:00 -EUR– EU economic forecast
10:00 -GBP- Governor Bailey speaks
13:30 -USD- Core inflation m/m – Forecast 0.2% from previous 0.6%
13:30 -USD- Core CPI inflation – unchanged at 0.3%
RationalFX partners with Railsbank to expand and strengthen product suite for European client base
11 May 2021
London, 11th May, 2021. Railsbank, the leading global Banking-as-a-Service platform, has announced a collaboration with RationalFX, a leading UK payments and foreign exchange provider, as the latter strengthens its product offering in Europe.
Railsbank now provides ledger and payment services that enable RationalFX’s customers to better control liquidity and have enhanced visibility over their funds. RationalFX continues to focus on building market leading customer-focussed products with market leading support and built-in automation.
RationalFX, headquartered in London, UK, serves thousands of business, individuals and financial institutions and are able to transfer users’ funds in over 50 currencies worldwide. The firm’s deep market expertise helps clients take advantage of competitive exchange rates and navigate the constantly changing payments landscape. The Rational Group continues to win significant business in continental Europe, adding new customer accounts at nearly 17% YoY.
The partnership will also see Railsbank and RationalFX collaborate on a regulatory framework that lets RationalFX and Xendpay serve their clients in an uninterrupted fashion post Brexit.
Louisa Murray, Railsbank COO, UK and Europe, said: “RationalFX uses the Railsbank platform to add efficiency to their processes which in turn benefits their customers. We are excited to be alongside them as they enter this exciting phase of their development, continuing to attract customers on a global basis and building out their leading product suite and platform.”
Jigar Shah, Chief Operating Officer at RationalFX, said: “We’re always thinking of ways to provide our clients with a service that feels localised and can be accessed 24/7. This partnership means we can now offer our continental clients localised EUR payment solutions, access to the Single Euro Payments Area (SEPA) and enhanced reconciliation.
“We’ve acquired a substantial number of European clients this year and this will allow us to provide them with the exact same level of service our UK clients are used to. It will also allow us to incorporate solid controls that ensure we’re always in line with the European authorities’ compliance requirements.
“We love that Railsbank offers a pure, fully automated API solution and as we expand our services across the globe, we can’t wait to work with them to utilize their growing capabilities in those locations.”
Railsbank is based in the UK (headquartered in London with further offices in Newcastle) and also has offices in Singapore, Lithuania, Germany, the Philippines, Malaysia, Vietnam, Sri Lanka and the US.
Railsbank: Neil Martin
RationalFX: Harry Waters
Railsbank is a global leader in BaaS and Embedded Finance, empowering a company, or a brand, to easily prototype, build and scale any financial use case. Its customers use Railsbank’s super simple APIs as building blocks to deliver exciting products for their own end users, including apps that help manage and distribute money in real-time, reflecting the needs of the 21st century financial consumer.
Railsbank’s innovative products have been developed out of its powerful core finance platform and include Banking-as-a-Service and Cards-as-a-Service. The Railsbank ethos is that beneficial financial services should be for everyone, not just the few.
The Rational Group is a leading group of financial services and payment technologies companies. Headquartered in London’s Canary Wharf, the group was founded in 2005 by Rajesh Agrawal, now Deputy Mayor of London for Business, and Paresh Davdra. Since its inception, it has processed more than $12bn in international payments.
Companies that are part of the Rational Group include:
- RationalFX – A leading UK payments & foreign exchange provider dedicated to helping businesses and private individuals transfer foreign currency through a currency specialist or online 24/7, at highly competitive rates.
- Xendpay – The world’s first Pay What You Want money transfer service, it’s dedicated to democratising global remittance and helping small businesses manage their international payment needs.
RationalFX is authorised by the Financial Conduct Authority (FRN: 507958) under the Payment Services Regulations 2009, for the provision of payment services. It is also a registered Money Service Business under the Money Laundering Regulation 2007 (MSB No. 12206957).
Rational Foreign Exchange EU, UAB is an EMD Agent of UAB PayrNet, an Electronic Money Institution authorized by the Bank of Lithuania under the Law on Electronic Money and Electronic Money Institutions (license reference 72, issued on 2020-08-28) for the issuing of electronic money and provision of the related payment services.
Market report: pound hits two month high vs dollar
11 May 2021
The pound hit a two month high against the dollar yesterday, up 1.1%, as upbeat economic forecasts and an easing lockdown mixed with dollar weakness to bolster the pound.
The dollar has struggled over the last few days following Friday’s disappointing job numbers. This is in contrast to the pound where further re-opening of the UK services sector is expected to provide a further boost. This is as well as the likelihood the Bank of England will raise rates before the Federal Reserve does.
Tomorrow’s GDP number is likely to show an improving economic picture with the contraction over the year’s first three months likely to be 1.6%. This is despite the country starting the year in lockdown. However, if the contraction is much worse sterling may drop again.
Markets also appeared at ease with the Scottish election outcome despite pro-independence parties winning a majority. The pound strengthened as investors don’t see this as a near-term risk as Sturgeon’s party failed to win an outright majority. Boris Johnson still has to approve any referendum vote and the Prime Minister has ruled this out, stating a second referendum would be irresponsible and reckless.
The dollar hovered around a two and half month low as investors bet rising inflation will devalue the currency. This comes as the Fed vowed to maintain its ultra loose monetary policy to aid recovery from the pandemic.
The market will now shift its attention to Wednesday’s CPI and Friday’s retails sales data. This should help gauge inflationary pressures with many now expecting interest rates to stay where they are until 2023.
Yesterday San Francisco Fed President Mary Daly noted bottlenecks like shipping costs and lumber shortages would cause inflation to rise above the 2% target over the next few months. But in her opinion this will be a short term move. She went on to say it’s not even time to start “talking about relaxing the accommodations we’ve given”, another clear sign interest rates will likely stay on hold until the pandemic is over.
10:00 – EUR- German ZEW Economic sentiment
15:30 – GBP– Bank of England Governer Bailey Speaks
Market report: dollar drops after job numbers miss the mark
11 May 2021
The dollar fell to its lowest level in over two months on Friday. This is after April jobs data came in well below expectations, dampening hopes that a surging economic recovery would spur higher interest rates.
Non-farm payrolls increased by only 266,000 jobs last month, miles from the 978,000 predicted. The number was so off, the market expectation of super-high rates and a squeeze on inflation has been pushed aside. It likely means US interest rates will remain at ultra-low levels for quite a while, keeping pressure on the dollar.
After the Scottish National Party’s (SNP) electoral victory on Thursday, Scotland’s First Minister, Nicola Sturgeon, told Prime Minister Boris Johnson that a second independence referendum is a matter of when – not if.
The UK government’s current focus is on moving out of lockdown and getting the economy back on track, with Johnson inviting Sturgeon and her Welsh counterpart Mark Drakeford to a summit on a UK-wide approach to recovery from the pandemic.
Having a referendum now would be reckless and irresponsible, said Johnson, and the UK government isn’t expected to grant formal consent for a vote to be held – as it did ahead of the 2014 referendum.
Any hint of another independence vote will put significant downward pressure on the pound.
17:00-GBP- Boris Johnson press conference