Is Now the Time to Buy Foreign Exchange?

Is now a good time to buy foreign exchange?

For month’s now, the foreign exchange market has been a little nervous. With the right, professional, advice from a currency exchange expert, you can weather the storm.

As the whole Global foreign currency market is interlinked, an economic downturn in the United States can, and does, have an effect on the currency exchange rates between the US and wherever it does trade. As this is virtually every Country, the current economic downturn in the States has had detrimental effects on the Global economy. Equally, if the major lending bank in Europe hints that it will lower interest rates, as it just has hinted, then the Euro could weaken against the Pound.

While Global Currency Exchange Network don’t have a crystal ball, they can help to guide you through the maze and help to reduce the potential losses you make otherwise.

Is now a good time to buy?

Well, it depends on when you want the money available in another currency, and how much you can spare at the moment that the best foreign exchange rates are available.

Global Currency Exchange Network have a team of experienced currency dealers on hand to guide you through the process. In order to do this professionally, they will need some information. Particularly, the date when you need the foreign currency as they may be able to advise holding off buying the currency today. Sometimes, it’s better to buy currency at today’s price, but keep that price for a date at some time in the future.

This is particularly useful if you’re buying a property overseas and it won’t be built for another year, when you will have to make a large final payment. If you waited until the completion day to change your money, the foreign exchange rates may have gone against you, and in effect, the price will have risen by as much as
£10,000 when you make a comparison to the exchange rates from the previous year.
This system is just as useful to businesses. When a company decides to buy goods from abroad, they agree to pay in the currency that is local to the supplier. The rates on that day may give the business a potential gross profit on those goods of a fixed amount. If the exchange rates change in a negative way, between the date of ordering and when the business has to pay for them, the potential gross profit could be wiped out.

Most businesses hedge their bets by ordering the goods and fixing the exchange rate by asking Global Currency Exchange Network to ‘forward buy’ the foreign exchange for them at a fixed price. That way, they have peace of mind and relax, safe in the knowledge that the one thing that can’t change now is the exchange rate.

Global Currency Exchange Network are a commercial currency brokerage, based in the UK. We care for other people’s money and save clients vast amounts of money daily by offering competitive exchange rates, with no commission attached. In some cases, transfers abroad are free.
For a fast, safe, service go to our site and first open a free account. We will then contact you to discuss how we can help. Alternatively, call +44 (0) 1480 406080.

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Tags: Currency exchange for businesses, foreign exchange rates