Manage your FX exposure
We'll guide you through
the process and offer competitive rates of exchange
Ad-hoc International Payments
Many people have a need to make one-off or ad-hoc international payments, involving the purchase of a foreign currency. As with any transaction where the market fluctuates, you are exposing yourself to risk.
This is where we can really add value to your FX exposure. All our clients are assigned a dedicated Dealer, who explains how to manage risk and achieve the best rates. We know the market inside-out and our expertise and experience can really help you.
Examples
When purchasing any items from an overseas supplier, you often agree to a price fixed in the local currency. At that point, the eventual cost can vary greatly depending on currency market movements. Whether you are buying a motorbike from the USA, a timepiece from Switzerland or a TV from Japan, we can help make this happen, with minimal hassle and cost.
For example, if you are planning to buy a Harley Davidson from Milwaukee, USA, how would a currency rate change affect your purchase? If you are a British resident you will normally pay a deposit and the balance maybe some months later. The price is fixed in US Dollars.
But of course the main cost in Sterling will depend on the time you buy the USD to pay for the motorcycle. So, if Sterling appreciates in the time between the deposit and balance being due, then the actual cost will decrease. Conversely, if the USD strengthens then your costs will increase.
These fluctuations can make a big percentage difference to what you pay; a decrease from $1.55 to $1.35 against the Pound could result in nearly 2,400 increase, when purchasing the bike with a cost of $25,000. By securing an exchange rate early on in the process, you have security and peace of mind.
Process
Once you have opened an account, we will clearly establish the timescale involved and the currencies you need to buy and sell. We then discuss the most effective method of transaction and a rate of exchange. From the outset your dedicated personal Dealer will provide you with unrivalled support and a service tailored to meet your needs.
Once you have agreed to buy or sell a currency and indentified the time for delivery (value date), you will receive details of your transaction and will use this information to transfer your funds to Personal FX and supply us with details for onward payment of your currency.
Your funds are held in a segregated client transaction account with our bank, Lloyds TSB. Funds are kept there until we receive instructions from you on where the funds are to be transferred. Once we have forwarded your currency, payment confirmations are available on request.
Case studies
Mr Blackburn, who works overseas, repatriates his wages by selling Dollars and buying GBP.
Mr Blackburn selected us as his FX provider because of the service we provide is proactive and the rates are very tight to interbank rate. We meet his needs by keeping him in touch with current market movements by email and phone, taking time-zone difference into account.
We supply a variety of services including Limit Orders, taking verbal orders, selling Dollars using forward contracts, in short, being his eyes and ears in the market and enabling him to get on with his work. The difference between success and failure in Mr Blackburn's case can be a fine line, and a costly one. Because he is paid in Dollars, if the rate goes back to $2.05 against GBP he will incur a massive cut in earnings.
The benefits for Mr Blackburn in working with us are twofold; he can trade at a great rate, giving him more GBP for his hard-earned Dollar and he is informed when the Dollar reaches new lows (this is of real value as he is selling this currency).
Says Mr Blackburn: "Personal FX always gives great foreign exchange market advice"
Using a Forward contract the client above has reduced any further downside risk on the currency rate in addition to having the peace of mind that the sterling amount is now fixed and within their budget.
Fresh Property Albania has clients in UK, Ireland and USA buying property in Albania with Euros.
Introducer relationship with Fresh Property Albania
Fresh Property Albania has clients in UK, Ireland and USA buying property in Albania with Euros.
They selected us because of our efficient and friendly service with excellent rates that beat than the banks.
We provide the company with prompt currency quote requests and transfers at better rates and service than the banks offer.
Fiona Bosticky, an Introducer comments:
"Personal FX has always met and exceeded expectations in the area of customer service and helping with client questions."
