How Consumers Can Protect Against Sterling’s Fluctuations

Francois BriodCEO and co-founder of Monito said:

There will always be fluctuations and there will also always be issues that influence a currency’s value, be it political or related to the economy, such as today’s decision

Previously, only those handling large transactions were offered solutions with complex terminology like “forwards” and “limit orders” to protect themselves. However, consumers now have more power than ever before to make sure they don’t suffer because of these fluctuations and issues.”

Top Tips To Protect Against Sterling’s Fluctuations

The first step is to prepare. Ahead of exchanging money, you need to keep an eye on the performance of an exchange rate, to do this you can set up alerts that keep you informed on any changes. For example, with Monito, you can set up daily alerts or receive an email when the exchange rates reach a two week high or a personalized target. The aim of our alert tool is to ensure that you are fully informed of the options available to you, at all times.

1) “Another tactic is to open accounts with multiple money transfer companies. First, you’ll be ready to transfer money when you really need it, without having to wait a few days for your account to be verified. But this way, you also won’t be tied to one specific company to make a transfer. For example, in the day after the EU referendum vote, a number of money transfer companies disabled transactions for new and existing customers. However, if you had multiple accounts and were able to secure your rate ahead of time, this gives you much more flexibility to make the right choice and save the most amount of money possible.”

2) “The last option to protect yourself from fluctuations in thefuture, when you already know that you will need to transfer at a certain date is to use services that allow you to lock-in the rates when you like it and transfer later.”

Author: Dylan Jones

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