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
US Dollar gains after Fed predicts quicker recovery
18 Sep 2020
Sterling saw its biggest daily rise in two weeks but still remains under pressure due to ongoing Brexit risk. Furthermore, the Bank of England is widely expected to hold fire, policymakers are likely to conclude that downside risks to the economy are rising due to growing Brexit uncertainty and renewed restrictions on social activity.
The US Dollar gained on Wednesday after the Federal Reserve announced interest rates will remain unchanged near zero. The FED said it expects the US economy to recover quicker than expected from the coronavirus crisis as unemployment fell faster than the central bank expected in June.
The US central bank is likely to keep interest rates unchanged until the inflation target of 2% is achieved. New economic projections now see the FED predicting a 3.7% drop in growth as opposed to 6.5% in which they previously forecasted. The US economy contracted by more than 9% in April and June but the central bank are now predicting a better ending to the last quarter of the year.
FED chair Jerome Powell describes steps taken by the central bank as ‘powerful’ and ‘highly accommodating’ by keeping interest rates at record lows and supporting borrowing with ongoing bond purchases.
- 12:00 – GBP – MPC Official bank rate votes – Forecast 0-0-9 from previous 0-0-9
- 12:00 – GBP – Official bank rate – expected to be unchanged at 0.10%
- 12:00 – Monetary policy summary
Pound rebounds after positive jobs data
16 Sep 2020
The pound rebounded slightly yesterday after better than expected jobs data and the possibility that opposition within the government could threaten the controversial proposed internal market bill. There has been an increase in optimism that opposition to the bill is growing and that this can challenge legislation that has increased the likelihood of a No Deal Brexit. However, most analysts feel that this rebound will be temporary, as the majority in the house is significant and Johnson may yet make concessions to ensure the bill passes through parliament.
Yesterday’s job data may have been mixed but it had encouraging signs. The country’s employment rate rose to 4.1% from a previous 3.9%, but encouragement can be taken from the fact that the number of people in employment fell by a much smaller than expected 12,000. Job vacancies also rose to 434,000 between June and August, 30% higher than Q2 and almost half the pre-pandemic levels. As we approach the end of October, we wait to see the true impact of the much heralded furlough scheme ending.
- 07:00 – GBP – Consumer Price Index (YoY) (Aug); came in higher than expectations at 0.2%
- 13:30 – USD – Retail Sales (MoM) (Aug); expected to decrease from 1.2% to 1%
- 19:00 – USD – Federal Reserve Interest Rate Decision
- 19:00 – USD – Federal Reserve Monetary Policy Statement
- 19:00 – USD – FOMC Press Conference
Market Bill clears first hurdle
16 Sep 2020
Sterling remained close to multi-month lows against both the euro and dollar on Tuesday as the UK government won its first parliamentary vote on its controversial internal market bill which threatens to violate aspects of the UK-EU Withdrawal Agreement.
Boris Johnson, who commands a majority in Parliament and describes the bill as a necessary vital legal safety net, won the vote by 340 votes to 263 as the bill cleared its first hurdle known as the “second reading”. This was expected given the Conservatives large majority in the House of Commons. Johnson managed to keep the vast majority of his party on side by saying the most controversial part of the bill may “never be invoked” if a trade deal is struck with Brussels.
Unsurprisingly the bill has faced considerable opposition from both EU officials, senior UK ministers and former UK Prime Ministers alike. Officials have questioned the legality of the bill as it seeks to supersede aspects of the Withdrawal Agreement – a fully fledged international treaty.
The passing of the bill in its first stage may be concerning for some investors hoping for a Brexit trade deal. For instance, it was only last week that EU officials gave the UK an ultimatum to drop the bill by the end of September or face the EU withdrawing from trade talks altogether. However, it must be noted that the bill still needs to be debated and must pass the House of Lords before being implemented into UK law.
Sterling falls to five month lows
14 Sep 2020
Sterling fell to five month lows on Friday as fears of the UK leaving without a trade deal weighed on the pound. The pound had its worst week against both the euro and dollar since March when the initial outbreak of Covid occurred.
Positive data release showing the economy grew by 6.6% in July had little impact on the pound. Furthermore news of a potential trade deal with Japan did very little to support the pound also.
Reports that Brussels has stepped up planning for a ‘no-deal’ Brexit after Prime Minister Boris Johnson’s government refused to revoke an ultimatum on breaking the divorce treaty kept the pressure.
The internal bill put forward by Boris Johnson which overrides parts of the withdrawal agreement will be voted on Monday with some MP’s disagreeing as it breaks international law. Sterling is likely to remain highly volatile in the coming weeks due to ongoing Brexit risk.
Fear of a no trade deal weighs on the pound
12 Sep 2020
Sterling extended its losses falling to multi-month lows against both the euro and dollar yesterday amid fears that the UK and EU will fail to agree a Brexit trade deal.
The sharp move lower follows an emergency meeting yesterday between UK and EU officials who discussed the implications of Britain trying to force through a piece of legislation to supersede aspects of the Withdrawal Agreement. According to EU officials trust between both sides have been seriously damaged leaving a UK-EU trade deal in jeopardy.
It is understood the EU gave the UK government an ultimatum to drop plans to pass its controversial law which undermines the Withdrawal Agreement by the end of September or face legal action for breaking international law.
The news weighed heavily on sterling which fell by 1.1% against the dollar and 1.7% against the euro to multi-month lows.
The euro rallied yesterday in the wake of the European Central Bank’s September policy meeting.
Interest rates were kept on hold, however, comments from European Commission President Ursula Von Der Leyen increased demand for the euro. In reference to the recent bout of euro strength, Von Der Leyen commented that although the rise in the euro had been discussed, the Governing Council do not target the exchange rate. Reading between the lines, traders interpreted these comments as the EU would be comfortable with the rate going even higher before acting.
This is significant as weeks prior the euro had fallen due to comments made by the ECB’s Chief Economist Philip Lane, who expressed concerns at the recent rally in the euro. Markets had been half expecting the ECB to follow Lane’s dovish comments, instead comments from the ECB had a hawkish tone.
- 07:00 – GBP – Manufacturing Production (MoM) (JUL) Increased to 6.3%
- 07:00 – GBP – Industrial Production (MoM) (JUL) Increased to 5.2% from 4% consensus
- 07:00 – GBP – Gross Domestic Product (MoM) (JUL) Fell to 6.6% from 6.7% consensus
- 07:00 – EUR – Harmonized Index Consumer Prices (GER) (YoY) (AUG) Expected -0.1% consensus -0.1%
- 13:30 – USD – Consumer Price Index ex Food and Energy (MoM) (AUG) Expected 0.2%
- 13:30 – USD – Consumer Price Index ex Food and Energy (YoY) (AUG) Expected 1.6%