Sending money overseas in 2021? Three things to consider before you do
The coronavirus has had varying impacts on people’s lives—you might have considered emigrating or buying a holiday property before this year, and suddenly found your 2020 plans challenging to continue with. If you’re hoping to be able to spend time overseas for work, study, or leisure in 2021, we're discussing three things to consider before you do.
For property: Prices could be higher, consider locking in a rate
Despite the Covid pandemic, property prices have been increasing in some countries. It’s worth doing your research when hunting for a home, to make sure you’re getting a fair deal, and always double-check the rules of property ownership in your country of purchase to ensure you’re not taking on any additional debts against the property. When buying overseas, using a currency broker could be useful for locking-in an exchange rate for up to two years for your property purchase. There have been some significant market shifts this year, so speaking to a currency specialist can help you minimise the effect of market fluctuations.
While you may not have considered the significance a market shift could create, it’s worth thinking about as it can have a dramatic impact on the amount you pay for your currency. For instance, on the 19th February 2020, the interbank GBP/EUR exchange rate was in the region of 1.20. By the 19th March, the same currency pair sat at 1.06. Just to illustrate, had you made a £200,000 currency transfer with a rate of 1.20* you may have received in the region of, €240,000. Meanwhile, the same transfer a month later with a rate of 1.06 would only have seen you receive around €212,000, a difference of as much as €28,000.
For pensions and salaries: Make cost-effective regular transfers
If you’re looking to make a series of regular payments for pensions and salaries, using a currency specialist can help to make them cost-effective. We can set up regular payments, and offer an award-winning online platform to give you more flexibility in your transfers.
For one-off payments: Make informed decisions
It might be that you need to make a one-off payment overseas, but it’s important to get a competitive rate to really maximise your currency transfer. We can help you make quick and simple international payments, whenever you need. You’ll be offered a tailored transfer designed around your needs and timescales—so whether you’re planning for a year ahead or you want to make a transfer right away, you’ll get a service designed around you.
Global Reach is a winner of Feefo’s Gold Trusted Service Award, an independent seal of excellence that recognises businesses for delivering exceptional experiences, as rated for by customers.
If you need to make an overseas money transfer and want to discuss how to protect or make the most of your funds, contact our Dealers, on +44 (0)20 7989 0000.
*Interbank rates used for illustrative purposes and may not be achievable for clients.