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
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- Authorised by the Financial Conduct Authority
- Segregated Barclays Bank Client Accounts
PMI data causes sterling to fall
26 Oct 2020
Sterling fell on Friday against both the US dollar and euro after the UK Purchasing Managers’ Index (PMI) fell to a four-month low. The PMI fell to a low of 52.9 in October from 56.5 in September.
The UK’s economic recovery has stalled since August. The threat of a second wave of coronavirus cases, Brexit uncertainty and potential negative interest rates are all downside risks for the British currency.
Brexit talks are set to continue until Wednesday this week with Michel Barnier stating ‘each day counts’ and calls for ‘fundamental changes’ to be made. Furthermore fishing rights remain a stumbling block as France refuses to budge, but Angela Merkel is being touted by government sources to be able to break the deadlock in talks.
The US dollar remained stable on Friday. Surges of new cases of coronavirus in Europe and the US, and a lack of progress towards the stimulus package put investors in a cautious mood.
US House Speaker Nancy Pelosi said on Sunday that she expected a White House response on Monday regarding the latest stimulus spending plan, but there have been few tangible signs that a long-stalled deal is actually nearer.
Brexit talks set to resume
24 Oct 2020
Over the course of the week sterling saw major gains across the board as an agreement to intensify Brexit trade talks was announced on Wednesday. However, GBP/EUR revered some of these gains heading into the weekend as markets still remain wary. Michel Barnier arrived in London yesterday as discussions were set to resume. During a briefing held with EU diplomats on Wednesday he was quoted saying ‘ he wasn’t worried about anything apart from fish’. As we know, fishing rights has been a major issue throughout these talks and it appears to be the last hurdle for a deal to be reached. Analysts are predicting that a deal could be reach by mid-November, however, both sides are still willing to walk away should no concessions be made.
Yesterday Rishi Sunak unveiled yet another multi-billion pound job package amid fears of mass unemployment. With the furlough scheme set to end next week changes have been made to the new Job Support Scheme (JSS). These include reducing the level of employer contributions required to access the support to 5% of a worker’s usual wage, down from a previous level of 33% and also cutting the number of hours an employee must work from 33% to 20%. These changes came after increased pressure on Sunak to provide further support as parts of the country adhering to new tier lockdown restrictions.
Finally, Britain signed its first major post Brexit trade deal with Japan this morning. The deals comes after only four months of discussions. The deal would allow 99% of the UK exports to Japan to be tariff-free. It would also mean Britain remove tariffs on Japanese cars in stages until 0% in 2026.
Yesterday saw the final presidential debate between Donald Trump and Joe Biden. After the first debate turned into a shouting match, last nights was carried out in a more civil demeanor. However, Trump didn’t hold back as he continually accused Biden and his family of corruption. A widening lead in polls by Biden is prompting many investors to bet on a Biden Presidency and a ‘blue sweep’ where Democrats with both chambers of congress. While Biden has proposed to increase corporate taxes, his pledge to offer a large, much needed, stimulus package is driving this lead. With just under two weeks until the election we expect markets to remain volatile.
08:30 GMT – German Manufacturing PMI (OCT)
08:30 GMT – UK Markit Manufacturing PMI (OCT)
08:30 GMT – German Markit PMI composite (OCT)
09:00 GMT – EUROZONE Market PMI Composite (OCT)
Sterling rallies to six week highs
22 Oct 2020
Sterling rallied to a six week highs against the US Dollar on Wednesday as Brexit talks are set to resume this week. EU Chief Negotiator Michel Barnier stated that both sides must be willing to compromise and that a deal was within reach. He went onto say “we will seek the necessary compromises on both sides in order to do our utmost to reach an agreement and we will do so right up until the last day which it’s possible to do so”.
David Frost speaking on Wednesday welcomed the idea of continuing talks with the EU and will meet with EU negotiators this week. This boosted the pound as it gained over 1.7% against the dollar.
The dollar fell against a basket of major currencies on Wednesday as US stimulus remained the focus for markets. US president Donald Trump and House Speaker Nancy Pelosi boosted hopes an agreement on stimulus was close, sparking demand for riskier assets.
A compromise is still needed in regards to a sizeable package of stimulus to help boost the US economy. Federal Reserve Governor Lael Brainard said the biggest risk to her outlook for economic recovery was that fiscal support from the federal government would be withdrawn too soon.
10:25 – USD – BOE Governor Andrew Bailey speaks
1:30 – USD – Unemployment claims – Forecast at 860k from previous 898k
Brexit talks hang in the balance
22 Oct 2020
Talks between Britain and the European Union over a post-Brexit trade deal are mired in a stalemate after a call between the two sides’ chief negotiators concluded without a breakthrough. David Frost and Michel Barnier held discussions for the second day running on Tuesday as they tried to restart talks that were suspended by Prime Minister Boris Johnson on Friday. The UK rebuffed the EU’s push to revive the deadlocked trade talks, holding out for more concessions from the bloc. UK Prime Minister Johnson has asked for a fundamental change in the talks and that it’s going to be a genuine negotiation rather than one side making all the moves.
Meanwhile, the House of Lords inflicted a defeat on Johnson as peers voted by 395 to 169 to protest the government’s Internal Market Bill. The rare motion of “regret” is a sign the bill is likely to be extensively rewritten at a later stage by the unelected upper house.
Even with the current stalemate it is unlikely to alter the markets expectations that by the year end a deal will be done. The pound softened against the euro to 1.0950.
US dollar dipped on Tuesday, hitting a one-month low against a basket of major currencies, as investors awaited the outcome of fiscal stimulus talks ahead of the upcoming US presidential election.
House Speaker Nancy Pelosi is optimistic that the democrats would reach a deal with the Trump administration on additional COVID-19 relief that could get aid out by early next month.
The euro was up against the USD to 1.184 which is a one-month high. Sterling however dipped marginally 0.07% to 1.2941.
Markets are confident a win by Biden would lead to more fiscal stimulus, but investors are also wary of a potentially contested election result that might boost the USD safe-haven appeal. The dollar will continue to react to polls as the election day draws closer.
- 13.10 – MPC member Ramsden Speak
- GBP UK net borrowing – Result 35.4B Forecast 32.5b
- UK CPI – Result 0.5% Forecast 0.4%
Lack of clarity over Brexit hurts sterling
20 Oct 2020
Sterling began the week on a strong footing as the pound shrugged off Boris Johnson’s threat of an Australia trade deal and focused on the path laid out by EU and UK negotiators to ensure further talks and an eventual deal. However, as the day progressed, this strong start faded as UK Chief Negotiator Frost said that there is no point in resuming talks under the current conditions.
EU Chief Negotiator Barnier seemed more open than his counterpart and he confirmed that the EU will remain available to intensify talks around key battleground issues. However, there is no indication that the EU is prepared to meet the requests of the UK, particularly on the key issues of fishing and competition. The lack of clarity and lack of meaningful progress saw the pound lose early gains and finish the day lower against its peers.