Following the UK data however, we had a raft of negative EU growth figures which has weakened the Euro slightly, halting the decline in GBP/EUR rates. Rates to buy Euros have been flat hovering around the €1.17 mark for a week now, having risen from €1.13 last month, but with article 50 due to be triggered soon, there is the chance the Pound may fall. Over the last 3 months we’ve seen this trend repeated several times, where we get to the levels we’re at now before dropping away again.
Longer term, with political risks likely to weaken the Euro later this year I think we will see buying rates for the Euro get back to around €1.25 by the end of the year, but due to Brexit uncertainty things may get worse before they get better.
Fixing an exchange rate with a Forward Contract
If you need to buy Euros then you can fix the current rate and lock it in for up to 2 years, even if all your funds aren’t available. You simply lodge 10% of the total that you want to exchange, with the remainder due when you want us to wire your currency to your chosen account. This protects you against rates dropping and allows you to budget effectively. It’s very useful when purchasing property overseas, as normally you have several months before you need to pay the balance of the purchase during which time exchange rates could change drastically meaning you end up paying more for your property than necessary. (Click here for a free guide to buying property overseas).
We offer exceptional rates of exchange for private and corporate clients that are much better than available elsewhere. To get a quick quote simply click here or complete the form below.