An announcement made by the International Monetary Fund yesterday that the UK’s economic growth for the rest of this year is set to outstrip all other major advanced economies will have potentially been good news for those looking to emigrate in the near future.
The strong economic forecast, following stronger than expected manufacturing figures from January, has led to the Pound strengthening against many major currencies in the past 24 hours – meaning that those who exchanged their pounds for dollars or euros yesterday will have received significantly more than they would have a day earlier.
Take the Pound-US Dollar exchange rate. On 9th April, £1 would have bought you US$1.66416.Yesterday you would have received US$1.67446. Put another way, on an exchange of £150,000 – say from the proceeds of your UK house sale – this is the difference of having an extra US$1,545 to spend in your new home country. What a difference a day makes!
It was a similar scenario for those looking to exchange euros. A rate of £1 was worth 1.2008 euros on Wednesday but had increased to 1.213135 euros yesterday – or a difference of 1,850 euros on an exchange of £150,000.
Fortunately, you don’t have to spend hours upon hours studying the world’s financial markets in order to make sure you receive the best possible rate of exchange – companies like Halo Financial are happy to do that for you.
Foreign exchange companies understand why the exchange rates are moving and just what impact this has on your currency transaction. What’s more, they can also explain how to make your money go further and give you a range options on exactly when you wish to exchange, and how much you should exchange at a time.
To find out how you can make sure you can get the best exchange rate possible, and take advantage of positive fluctuations in the markets, visit www.halofinancial.com