The currency market is notoriously volatile, with exchange rates in constant flux thanks to the influence of economic data and political developments. This has been especially true in the age of Brexit and the rise of an unpredictable US administration, with currency volatility becoming more pronounced over the last three years.
For instance, in 2019 we saw the GBP/USD exchange rate trade in a range between $1.25 and $1.33. This means that a transfer of £100,000 could have been worth up to $8,000 less when transferred into USD, depending on when it was made
This volatility can of course be hugely disruptive to both businesses and their clients, and potentially result in lower returns than expected when the proceeds from a legal claim are repatriated.
Fortunately, we’ve partnered with award-winning currency broker TorFX to power our new currency transfer service. This partnership means we can offer our clients currency transfer solutions that can help mitigate some of the risks faced when making a corporate currency transfer.
TorFX and Title Research can support your practice in the following areas:
• Transferring an inheritance to overseas beneficiaries
• Repatriating an inheritance from abroad
• Transferring funds to/from overseas solicitors’ firms
• Transferring funds for foreign investments
• Repatriating proceeds from overseas sales, including properties, shareholdings and bank accounts
Opening a corporate account with TorFX is quick and easy and can provide you and your clients’ with significant advantages over transferring funds through a high street bank. First and foremost, there are the potential savings to be made through the offer of more competitive exchange rates and the lack of transfer fees often tacked on by banks. On top of this there are a range of extra transfer options to help you make the most of your transfer.
One such service is a forward contract, which allows an exchange rate to be fixed for up to two years, protecting a future transfer from any adverse movement in the currency market. Meanwhile, market orders are useful when targeting a specific exchange rate, with limit orders allowing you to target an exchange rate above the current level. Set the rate you want to achieve and your trade will be executed automatically if the market hits that level. Stop loss orders, on the other hand, allow you to set a worst-case rate but hold out for a more favourable one.
TorFX can also help you time your currency transfers effectively by keeping you up-to-date with all the latest currency movements through their rate alerts and daily market insights. All this can be accessed 24/7 through an online service or by speaking to your dedicated Account Manager, a currency expert who can provide all the insights needed to make an informed decision.
To receive a free quote for our new international currency transfer service with TorFX, click here.