Earlier this week, the Pound to US Dollar exchange rate reached its highest level in five years, as a combination of positive UK employment data and news that the US Central Bank has continued to keep faith with its current accommodative monetary policy has led to a negative impact on the US Dollar. This can only be viewed as good news for those planning to call the US their new home in the near future.
While the subtleties of the foreign exchange markets aren’t likely to be the main consideration a potential new immigrant has when going through the emigration process, it perhaps should be.
Unlike exchanging money for holidays abroad, those who are emigrating are likely to want to transfer substantial sums into their new home currency and small fluctuations in the exchange markets can have a huge bearing on the amount of money a new migrant will have to start their new life with.
For example, in mid November 2013, £1 was worth US$1.590 – meaning that an exchange of £150,000 would have netted you US$238,500. Fast forward little more than five months, however, and earlier this week a single pound was worth US$1.680 – or US$252,450 when exchanging $150,000. That’s a difference of US$13,590 in less than half a year for doing very little!
Fortunately, you don’t have to become a financial clairvoyant in order to stand the best possible chance of making the most of the currency exchange process. Foreign exchange specialists like Halo Financial are on hand to make sure that soon-to-be immigrants can make the most of any exchange rate fluctuations.
Okay, so foreign exchange firms don’t have a crystal ball which guarantees their clients the best time to turn their Pounds into Dollars, but these companies do understand why the exchange rates are moving and just what impact this has on a currency transaction. What’s more, they can also explain how to make a buyer’s money go further and give would-be exchangers a range options on exactly when they can exchange, and how much they should exchange at a time.
Such advice will certainly give you the best possible chance to maximise your spending potential in your new homeland.
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 our Currency Partners Halo Financial @ www.halofinancial.com