Target an Exchange Rate
Make the most of your money when exchange rates are in your favor.2 minute read
Exchange rates are unpredictable and are constantly fluctuating, making it difficult to know when to make an overseas payment. Fortunately, with a Moneycorp account, you can control the rate you receive and enjoy better value when you send money abroad.
Our specialist FX tools allow you to target a rate and achieve the best deal for you.
Track a rate with an exchange rate alert
A currency exchange rate alert can be set up through your online account, which ensures we notify you via email or SMS if the rate reaches a level of your choosing. Now you won’t have to monitor the constantly moving rate and can take advantage of any upturns in the market.
Lock in the rate now, pay later
Lock in a current exchange for a future payment with a forward contract. This option allows you to secure the prevailing rate for up to two years and make a payment at that rate in the future.
Forward contracts may require a deposit and must be set up over the phone. They ensure you won’t have to worry about any volatile market movements, as any upturns or downturns won’t affect your locked-in rate. This way, you can rest assured you know how much your international money transfer will cost.
Set up a market order
You can also opt for a market order, which allows you to target an exchange rate and set up an automated transfer.
This must be set up over the phone, and means that if your set rate is achieved, we’ll exchange your currency and process your money transfer immediately. A market order makes sure that you don’t miss out on your desired rate, even if it’s achieved overnight.