The current COVID19 situation can be feel really overwhelming, especially where money is concerned, so our partner moneycorp has given us the following currency update and guidance for Members
"The CV19 crisis has brought a great uncertainty in the markets leaving companies and individuals that need to make international payments really concerned about how this will affect the value of their transactions.
Last week was particularly volatile in the currency markets following a record negative oil prices and the return of Brexit discussions. The pound lost some ground on Friday despite the EU leaders failing to agree a common response to the pandemic.
The pound has already started the week stronger, with the news that Boris Johnson is returning to work after having been hospitalised with Covid-19. Investors hope that he will provide some leadership on the nature and timing of an end to the lockdown. Conversely, the US Dollar took a hit after its President’s much-disputed comments on a potential cure for the virus which attracted worldwide ridicule.
Mr. Johnson has confirmed that there will not be any immediate lifting of restrictions on the UK but he will be keeping a close eye on what is happening in France, Italy and Spain. Whilst stock markets rallied on the prospect of the easing of lockdown, some economists are saying the UK economy could take three years to recover. The pound may be under pressure for some time yet.''
What can you do to make sure the volatility of the exchange rate and the general uncertainty of the market don’t end up affecting the value of your transaction?
You might need to repatriate your pension payments or pay your overseas mortgage. Or you could be in the middle of buying or selling a property and the transaction might have been delayed
We are aware that the current circumstances can be overwhelming, so we offer free guidance on ways to plan your current or future payments through our international payments partner moneycorp. All their foreign exchange dealers have extensive experience with overseas transactions, so it is always worth it to have an initial conversation with them.
You can also book and manage payments 24/7 via moneycorp’s secure online platform.
Opening an account with them is easy and free of cost or obligation. And with Forces Pension Society, there are no transfer fees on your payments.