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Why Brexit still matters if you need to transfer money to the UK

There is still time for Americans to capitalize on the disparity between the dollar and the sterling, which as of March 2, showed every 1 USD valued at 1.23 GPB. Economists have forecasted that disparity to either hold steady or narrow further, which means if you’re planning a sojourn to the UK now, or about to transfer money to the UK for business reasons, it may behoove you to act sooner than later.

What could affect the exchange rate in the near term

According to reports, UK Prime Minister Theresa May is successfully moving forward thus far with the country’s preliminary plans to leave the European Union. Her draft law, which would invoke Article 50 that kick starts an approximately two-years-long discussion to finalize a formal plan, will be reviewed this week. This will remain a hot button issue well through the end of the first quarter this year, and currency market forecasts have indicated that this could lead to more volatility in the sterling, which has to be accounted for when planning your currency transfers, be they for business or personal reasons.

Ways you can transfer money to the UK

Spot contracts help you transfer money to the UK now

Spot contracts – contracts done “on the spot” – allow you to secure a rate and transfer money to the UK straight away. This is the ideal option if you’re a busy person and just need to get things moving as soon as possible.

Forward contracts can help you plan your money transfer to the UK

Forward contracts are the ideal option if you’re a planner. Such contracts allow you to lock in an exchange rate today and make your payment later. In fact, you can secure a rate up to three years in advance. If you are transferring money to the UK in the future, let us know, we can help!

Recurring payments let you skip the paperwork for ongoing transfers to the UK

Recurring payments allow you to transfer money to the UK at regular intervals determined by you. Once the recurring payment is set up, World First will convert your funds quickly, reliably and securely. You can choose if you want your money converted at the rate on the day you transfer money to the UK, or you can lock in a rate via a forward contract, making budgeting a whole lot easier. Either way, take solace in the fact that a monthly transfer of money to the UK doesn’t have to be a monthly paperwork (or bank line!) affair.

More about World First

World First is market-leading, award-winning, rapidly-growing international fintech business that specializes in currency exchange rates, foreign exchange, and international wire transfers. We can assist you in moving abroad to work, sending money overseas for school, or launching an international business.

World First combines specialty knowledge of foreign exchange markets with technological innovation to help individuals and businesses manage cross border currency payments quickly, securely and transparently. If you need to know about live forex rates, international payments, or money transfers anywhere in the world, we’re here to help. Just give us a call.

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