This is a guest post by Cathryn Evans from Premier FX.
As the peak holiday season is coming to an end, we look forward to welcoming back those who go abroad for the summer, whether to escape the hustle and bustle of the Algarve or the hot weather. With their return it would be nice to see STG/EUR return to the high 1.26s that we saw in July and beginning of August.
Over August we saw quite a bit of movement in the STG/EUR from peaking to over 1.26 to dropping back down to the 1.24s. With inflation data released and the Bank of England taking a cautious approach to increasing UK interest rates it was a month of up’s and downs.
For those of you who receive your pensions, whether private or state you could find that the amount you receive each month differs. When you receive your pension directly from the UK to your Euro account the bank will use a spot rate. So if you are living to a budget this can leave you short from month to month and over the year this can add up. What the pension companies don’t offer you is the chance to fix the exchange rate, this can take out the uncertainty of the amount you receive each month.
When you next receive your pension payment it’s worth checking what exchange rate you are receiving, quite often we just accept what we get as it’s easy or may feel it’s too complicated to change, but it isn’t your currency broker can help you with this and its always worth getting a comparison as you could be losing out!
As we have seen the rate move over August, it is key to keep in touch with your currency broker especially for those who are looking to return money to the UK, the difference over the days can save you £100s.
Premier FX is authorised by the FCA (530712) and regulated by HMRC.
Tel: + 351 289 358 511