Our partners at Halo Financial give you the lowdown on currency exchange.

Foreign exchange is a highly volatile market in which the right exchange rate can come and go in the blink of an eye. The timing of when you choose to buy or sell your currency will ultimately determine the exchange rate and how much foreign currency you’ll receive. So timing is key!

How can you be sure you’re getting the most out of your money when you exchange it? The answer: unless you plan ahead, you can’t, since currencies fluctuate all the time. Without the help and expertise of a dedicated currency expert constantly watching the exchange rate markets for you, you may lose money simply by converting it at the wrong time.

Getting the best deal

That’s where a Currency Broker such as Halo Financial adds true value. Halo Financial can help you make the most out of your money, whether you’re making a one-off international money transfer or payment, or transferring money every month. With Halo Financial, you will have the choice of using the Halo Online service, where you can register and transfer your money 24/7. If you would prefer to have a currency expert on hand, Halo can provide you with a dedicated currency specialist who will assess your FX requirements and circumstances to help you achieve your desired exchange rate. It’s all part of the Halo service! You can save money and be sure that your money is transferred and received safely and promptly, without fuss. Halo does not charge a fee to transfer your money, nor do they charge for their award-winning service.

Currency Transfer Options

Confused about the different kinds of currency solutions available? Halo is here to help. Halo’s currency experts can guide you through the various types of transfer options and help you select a solution or a combination of services that are right for you. This will assist you in obtaining the best possible exchange rate within your timeframe.

Spot contracts:

A Spot contract is an agreement to buy or sell currency for immediate delivery at an agreed exchange rate. It’s a ‘trade now, pay now’ type contract and is the simplest and fastest means of buying or selling currency.

Forward contracts:

Forward contracts enable you to fix an exchange rate to buy and sell currency for settlement on or before an agreed date up to 24 months in advance. It’s a ‘trade now, pay later’ type contract and because the rate is fixed, it isn’t affected by currency movements between the date it was agreed and the date the contract is due to be settled. Great option, if rates are currently in your favour, but your funds aren’t available yet.

Your currency can be delivered earlier or later than the agreed settlement date either in full or in multiple payments on different dates by drawing down from the initial lump sum. Perfect if, for instance, you have bought a property in the US, and you need to pay different amounts on fixed instalment dates.

Automated currency orders:

Halo Financial provides the best available exchange rates by using automated currency orders that help you to use currency volatility to your advantage; protecting you against losses and maximising your money. You don’t have enough time to monitor exchange rates continually. So Halo can do this for you – 24/7.

Stop Loss orders:

A Stop Loss order is an automated order to buy or sell currency at a predetermined ‘worst case’ exchange rate, which if achieved, will automatically fulfil your instruction. It is used to protect yourself against the exchange rate moving against you.

Limit orders:

A Limit order is an automated order to buy or sell currency at a predetermined ‘best case’ exchange rate, which if achieved, will automatically fulfil your instruction. By exchanging at a better exchange rate you will receive more currency for your money.

Tips for Transferring Money:

• Don’t leave it till the last minute – leave yourself enough time to plan
• Look at options to reduce currency movement risks
• Talk to your Currency Specialist– they offer guidance on timing and insights to help you achieve the best possible exchange rate
• Look at trends, what’s been happening with your currency pair over last week/months/years

Halo Financial is an award winning, safe and secure Foreign Exchange Broker. Halo has been assisting clients transfer their money all over the world since 2004.

Read Platinum Trusted Service Award Reviews here https://www.halofinancial.com/about-halo/reviews

For more information on how Halo Financial can help reduce your currency risk, achieve great rates, guide you on getting the timing right and simplify the process of transferring money to the US (other currencies available), please visit http://www.halofinancial.com/transatlanticists.

Email address: geraldine.collett@halofinancial.com

This is a post written by our partners at Halo Financial, which is authorised by the Financial Conduct Authority under the Payment Services Regulations 2017, FRN: 528727. © 2019 Halo Financial Ltd. Registered in England No. 5155787.