Advisers are often approached by their clients with all manners of financial enquiries – this can include handling funds in different currencies.
Rather than point them back in the direction of their bank, advisers can refer their clients to currency transfer specialists such as TorFX. This assistance is not deemed to be advice, rather making them aware of cost-saving, secure alternatives in the market.
To help advisers identify the types of requirements TorFX can help with, we’ll be sharing the top 12 reasons for client currency transfer throughout 2020.
Whilst the general feeling is that Brexit is dramatically reducing the purchase of property overseas, our trusted international money transfer provider, TorFX, has hardly seen it slow at all and it still remains at the top of the 12 reasons advisers’ clients make currency transfers.
Further to last month’s article (January’s Case Study – Clients Buying Property Abroad) this month we are looking at the 2nd most popular reason for transfer – selling property abroad.
Adam began planning his move back to the UK in August 2019, with his Spanish property estimated to sell for around €300,000.
With the EUR/GBP exchange rate at a high of £0.93, Adam predicted he would have around £279,000 once he transferred his funds back to the UK.
However due to a number of prospective buyers pulling out at the last minute, he was unable to sell his property until December, at which point the EUR/GBP exchange rate had fallen to €0.83, resulting in his transfer only being worth £249,000.
Fortunately, Adam opened an account with TorFX in August and used a Forward Contract to fix the exchange rate. This meant his transfer was protected from the market dip, saving him from potentially losing out on £30,000.
As of last month, TorFX won the Moneyfacts Consumer “Best International Money Transfer Provider of the Year” for the 5th year running (2016-2020). They were also awarded overall “Best Customer Service” for a fourth year.
To find out more about referring your clients to TorFX, please click HERE