Timing is crucial when it comes to getting the best exchange rate. Currency markets are unpredictable, which is why being able to control the rate you receive can make your money go much further. Fortunately, we provide a number of specialist tools designed to help you navigate the market and achieve the best deal for you and your international payment.
There are three easy ways to target a rate:
Track a rate with an exchange rate alert
Through your online Moneycorp account, you can set up a currency exchange rate alert. This means that we will notify you via email or SMS letting you know when a currency reaches the desired level you set. With an exchange rate alert, you can take advantage of any upturns in the market, without needing to constantly check the moving rate.
Lock in exchange rate, pay later
Known as a ‘forward contract’, this foreign exchange tool allows you to secure the current exchange rate for a future payment. This means you can take advantage of a favourable rate and won’t have to worry about it moving before you need to make your payment.
You can lock in the exchange rate for up to two years, while any upturns or downturns in the market won’t affect the rate you receive. As such, you’ll know exactly much money you’ll receive when you convert money for your overseas payment. Locking in a rate with a currency forward may require a deposit and must be set up over the phone via one of our currency specialists.
Set up an FX order
An FX order allows you target a desired rate and set up an automated payment conditional to that rate.
This must be set up over the phone with one of our currency specialists and means that if your target rate is achieved, we will exchange your currency and make your overseas payment then and there. As a result, you won’t miss out if the rate moves overnight, and can get on with your day without having to worry about monitoring the market.