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Rachel and James were planning a move to Ireland in January 2020. They were in the early stage sand hadn’t really thought about currency transfers, but on a recommendation they engaged our recommended Currency provider.
They explained their plans and decided to open a currency account.
The GBP /EUR exchange rate was around €1.17 at the time, and as they didn’t need to move their money to Ireland right away, they decided to keep an eye on the currency market and signed up to receive daily updates straight to their inbox.
They set a rate alert so if the market moved to €1.20 they’d be informed by text and email straight away.
The GBP/EUR rate did hit €1.20 in February 2020, and while their property purchase wasn’t due to complete for a few weeks they chose to secure the rate with a forward contract.
By late March, (when the couple needed to pay for their property) the rate had crashed back to €1.11.
Fixing the rate with a forward contract meant Rachel and James received €2,200 more than they would have achieved at the lower rate.