Farmers - Single Farm Payments
Subject to formal confirmation in the Official Journal of the European Union on 29 September 2012, payments for the 2012 Single Farm Payment will be made using the exchange rate of €1 = £0.79805 (1.2530) - the exchange rate for 2011 was 0.86665 / 1.1539.
When faced with the question of whether to receive the single farm payment in GBP or Euros, perhaps it is inevitable that one would tick the GBP Box, after all what alternative do you have? With the help of Currency UK , farmers can get more for their money and benefit from great service.
As payments are made in Euro, why get someone else to change it for you at a rate that may not benefit you when you can use the experts to get more then you otherwise would.
The set rate for 2012 is 1.2530, as such if the option to receive the subsidy in Euro had been selected Currency UK could then be tasked with achieving a better exchange rate. Looking at the GBP vs EUR exchange rate over the last 12 months, Currency UK could have potentially improved the amount received by £2,000.00 on a payment of €40,000.00. On a payment of €100,000.00 the additional amount received could have been nearly £5,000.00.
If you would like to make more of your EU subsidies then call is now on 020 7738 0777
Watching the exchange rates go up and down and so seeing the size of your payment do likewise can be extremely stressful. That is why with currency UK you can book an exchange rate for up to 12 months in advance. So, regardless of where the rate goes, you can already know how much money you are going to receive before you have even received it. This is achieved using a forward contract.
How can I fix a rate in advance if I do not know when I will actually receive the subsidy payment?
We have a version of the forward contract called a 'flexible forward contract' - this allows you to choose a window of time in which you expect to receive the funds rather than a specific date.
- to find out more about forward and flexible forward contracts click here.
When faced with the question of whether to receive the single farm payment in GBP or Euros, perhaps it is inevitable that one would tick the GBP Box, after all what alternative do you have? With the help of Currency UK , farmers can get more for their money and benefit from great service.
As payments are made in Euro, why get someone else to change it for you at a rate that may not benefit you when you can use the experts to get more then you otherwise would.
The set rate for 2012 is 1.2530, as such if the option to receive the subsidy in Euro had been selected Currency UK could then be tasked with achieving a better exchange rate. Looking at the GBP vs EUR exchange rate over the last 12 months, Currency UK could have potentially improved the amount received by £2,000.00 on a payment of €40,000.00. On a payment of €100,000.00 the additional amount received could have been nearly £5,000.00.
If you would like to make more of your EU subsidies then call is now on 020 7738 0777
Fixing a rate of exchange in advance of receiving the funds:
Watching the exchange rates go up and down and so seeing the size of your payment do likewise can be extremely stressful. That is why with currency UK you can book an exchange rate for up to 12 months in advance. So, regardless of where the rate goes, you can already know how much money you are going to receive before you have even received it. This is achieved using a forward contract.
How can I fix a rate in advance if I do not know when I will actually receive the subsidy payment?
We have a version of the forward contract called a 'flexible forward contract' - this allows you to choose a window of time in which you expect to receive the funds rather than a specific date.
- to find out more about forward and flexible forward contracts click here.
Personal Account Manager
When speaking with Currency UK, you will not be dealing with a call centre. You will have your own designated Personal Account Manager. Our experienced staff are always available to help and advise you on how achieve the most for your money and answer any questions you may have.
