Sending money abroad to friends and family
Customer requirement: Sending money to friends and family
Currencies involved: Pounds to Euros
How Currency UK helped:
Mr Harvish wanted to send €10,000 to his brother in Germany for his wedding in 6 months. Mr Havish wants to ensure he gets the best possible exchange rate and is constantly watching the foreign exchange market to see when it is best to make the transfer.
After speaking to Currency UK Mr Havish was able to set up a market order so that his transfer would automatically be triggered if a certain exchange rate was reached. Currency UK put in the order for €10,000 for when the rate reaches 1.20. If GBP does improve against EUR to 1.20 then Currency UK will automatically buy €10,000.00 for Mr Havish – regardless of if that happens at 5am on Monday or 11pm on Friday.
The market did move in the right direction, triggering the automatic transfer and locking in the exchange rate. Mr Havish was delighted to have been able to help his brother with the wedding costs and the happy couple had a fantastic day.