We are fast approaching the best rate for exchanging U.S. dollars to euros this year.
As of June 19th, the exchange rate is at 1.1570. A positively performing U.S. economy, coupled with rising interest rates, has aided the dollar in recent months.
To put this in perspective, let’s say you are thinking about purchasing a €200k property at the current exchange rate of 1.1570. Right now, the cost would be around $231,400 USD.
Rewind a few months ago to Feb 19th, when the exchange rate was 1.2420, and that same property would have cost you $248,400 USD. That’s a difference of over $17,000 in as little as four months. When it comes to making transactions across the global marketplace, timing is everything.
The best way to maximize your affordability when working across different currencies is to contact an international money transfer service. These services help to monitor the constantly changing landscape of global exchange so that you can finalize your transactions when the market is most favorable to you. Some transfer services, like Moneycorp, take things a step further – allowing you to set alerts for processing payments when the market hits a target range or even locking in advantageous prices over a period of time.
Based out of the UK, with offices in the U.S., Spain, Ireland, and France, Moneycorp is one of the industry leaders when it comes to non-bank exchange services.
How Does Moneycorp Work for You?
Anyone looking to set up a business overseas, pay foreign employees, hold accounts in different currencies, or purchase real estate abroad should make sure and consult a money transfer service like Moneycorp before they pull the trigger on a transaction.
While traditional banks can provide the service of transferring money between currencies, it is not their primary area of expertise and they have other priorities than getting you the best rates. With Moneycorp, you can work with an exchange expert to create a detailed plan that helps you save time, money, and sanity during your international purchases.
A breakdown of some of the uniquely valuable services that Moneycorp offers includes:
- Forward Contracts: This service allows you to actually lock in a beneficial exchange rate for future transfers. If you find the market to be in a satisfactory place for your transfer, you can claim that specific exchange rate for all transfers up to at least a year in the future (sometimes longer).
- Limit Orders: This feature allows you to set a specific ideal exchange rate alert. As soon as the market reaches that rate, your transfer will automatically be processed at that price.
- Stop Loss: The stop loss service lets you set a minimum exchange rate that is acceptable for you to transfer. This allows you to swiftly make a transfer as soon as the market climbs into a threshold you’re satisfied with.
- Spot Contract: A spot contract is useful when there is an expected drop coming in the market. With this feature, you can make sure that all your transfers process immediately at the current rate before fluctuation.
By signing up for a Moneycorp account, you gain access to a professional in the industry who will work with you to tailor a game plan to save as much money on your move overseas as possible. In reality, this can amount to thousands of dollars in savings that could have been lost through conversions by traditional methods.
Additionally, Moneycorp transfers are both cheaper and quicker than banks. With the Standard Transfer, the transaction will be completed within 2-4 days, at a price of £4 ($5.35 USD) per online transfer. Express Transfers will process in under 2 days, at a price of £9 ($12.01 USD) per online transfer.
With the exchange rate being so favorable right now for U.S. investors, you might want to consider Moneycorp’s lock-in option (forward contract), allowing you the security of keeping a positive exchange for 1-2 years. This grants you the peace of mind in knowing that you can plan your future purchases on your own schedule while guaranteeing the best bang for your buck. Alternatively, you can simply take advantage of opening a free account and have an expert currency dealer monitor the rates on your behalf.
Don’t let this great opportunity slip through your fingers. If you’re considering any kind of overseas purchase in the near or distant future, contact Moneycorp to learn how to make the currency exchange marketplace work for you.
“One of the biggest mistakes I see clients making is waiting until the very last minute to arrange the currency exchange and transfer for their overseas investments.”
– Darren Connor, Senior Wealth Dealer, Moneycorp USA