Despite Sterling rising yesterday following the Bank of England’s positive tone and the prospect of an early rate hike in 2022, on Friday it fell.

Asian and European stock markets were also down on Friday as well as risk-oriented currencies as the potential default of Evergrande can have significant repercussions on markets.

Pound and BoE

After the Bank of England’s meeting on Thursday, markets have brought their expectations forward as now the BoE is expected to start a rate hike cycle with a first increase in May 2022, followed by a second one in November 2022. While there are still uncertainties ahead for the pound, the British currency is still forecast to strengthen against the US dollar and the euro over the medium-term, as some analysts believe.  

Rate hike expected in early 2022

With markets now pricing in the first rate in the first quarter of 2022, the pound will find support, despite questions about the country’s economic recovery. Challenges will continue to exist, including unemployment and labour shortages that have become more prominent due to Brexit. Some analysts believe that if unemployment does not rise then the Bank’s Monetary Policy Committee could even add a small rate hike as soon as February. With market expectations for a rate hike already priced in, it is likely that the Bank will have to raise rates in early 2022 as it could otherwise create confusion and push the pound lower. For example, big banks such as JP Morgan have brought their expectations forward for a rate rise in early 2022 following the Bank’s announcement yesterday. Capital Economics said: "The Bank is moving closer to raising interest rates. As such, we now think that rates could rise in early 2022, rather than in 2023 as we had previously thought." They also added: "Given the gloomy tone of the recent news on economic activity, we had expected the MPC to place some weight on the downside risks to GDP growth.” However, the Bank’s minutes stressed price stability and the inflation target which remains the same. The Bank highlighted that growth uncertainties were external and depended on global supply chain limitations.

For Sterling, any news about when the rate hikes will start or the vote on QE will be key. Both Dave Ramsden and Michael Saunders voted to lower the purchase rate to £840bn instead of the £875bn. The fact that two policymakers want to tighten the policy is important.

Earlier interest rate hikes will offer more support to pound

With interest rate expectations and a first rate to take place for Q1 next year, the pound is expected to find support. It could rise even further if such expectations move even more forward.  While raising interest rates might not affect inflation, what other Central Banks do does have an effect on global markets and policy. The ECB and the Federal Reserve have both announced that they will begin the tapering and reduce their stimulus support, and if the Bank of England does not follow suit the pound could go lower, something that could push inflation to rise and import prices to go higher.

If you are a business transferring funds overseas, contacting a currency specialist could save you time and money. Get in touch with Universal Partners FX and their dedicated team to discuss the latest market movements ahead of your currency exchange. If you are transferring funds to pay your employees abroad, get in touch with Universal Partners FX to find out how much you can save in your international money transfers. Universal Partners FX can provide invaluable help on efficient risk management and tailored solutions to your business’ transfer needs.

 

If you need to transfer money to your own overseas account or to other businesses and employees abroad, you can find an online specialist currency transfer firm such as Universal Partners FX who will offer competitive exchange rates and cost-effective transfers. In a volatile and fast-moving market, it is best to choose a reliable currency transfer company who can keep up and provide consistency and security.

How to determine your currency transfer firm is reliable and reputable?

First, it is good to check whether your currency transfer provider is authorised and regulated by a recognised authority or regulator. In the UK, the specific legal body and authority of overseeing the financial services sector is the Financial Conduct Authority (FCA). A currency transfer company, for example, is obligated to make sure that their client funds are secure at all times, and it does so by keeping them separately from the firm’s own funds.

The FCA regulates the conduct of around 51,000 businesses. They are the prudential supervisor for 49,000 firms and sets the standards for around 18,000 firms. Established on 1 April 2013, the FCA took over responsibility for conduct and prudential regulation from the Financial Services Authority.

The FCA’s responsibility is to protect consumers such as yourself, as well as safeguard the integrity of the UK financial system. As an independent public body funded by the firms they regulate, they are accountable to the Treasury and to Parliament.

Avoid using your Bank

Don’t rely on your bank. From high costs and fees and high margins on exchange rates, your bank is not the ideal partner when sending funds. Instead find a reputable money transfer provider, like UPFX who can offer tailored assistance, competitive exchange rates and secure and fast delivery of your funds.

Monitor the markets

If you are sending funds regularly then you need to check what is happening in the financial markets and how the currencies you are exchanging could be affected by economic news and events. As a business, you want to make sure that you are not losing money when transferring your funds overseas, especially if you send big amounts of money to pay partners or employees overseas. To make sure you know which time is the best to transfer your funds, check an economic calendar or ask your currency transfer specialist. UPFX has a dedicated team to help you with any enquiry and publishes expert market insight on its website. Currency volatility is usually common before or after major Central Bank announcements or the release of important economic data such as inflation data, PMIs and employment figures.

Manage your risk

Again, your currency specialist can explain to you about the various risk management tools available to you and which ones you can use for your specific needs. A forward contract, for example, gives you the opportunity to secure today’s rate for a future transfer, so you can control what exchange rate you will get and how much it will cost you to transfer your funds.

Trading internationally? Save money with Universal Partners FX

If you are intending to start an international business or you are already dealing with international money transfers, you will need a cost-effective way to manage your overseas currency transfers. Universal Partners FX is the right partner for your foreign exchange. With UPFX, you can open a multi-currency account, send and receive money worldwide with low and transparent fees. You can also manage your money and send international payments 24/7 through UPFX’s easy-to-use online platform powered by Currency Cloud.

If you are an exporter or plan to start your international business, get in touch now with Universal Partners FX to find out how much you can save in your international money transfers.

 

The Bank of England remains on track to raise interest rates in the first half of 2022. The pound rose against the euro and US dollar following the bank’s update to keep rates the same. The Monetary Policy Committee voted 9-0 to leave the Bank rate at just 0.1% and to maintain its quantitative easing bond-buying programme at £895bn. Deputy governor Dave Ramsden and Michael Saunders, voted against this, as they wanted to stop the QE programme early by reducing the amount of UK government bonds the BoE buys. While the bank was not 100% yet positive as there are uncertainties about the global economy and the labour market, the pound is expected to regain some of its losses but not to climb to new highs.

According to Bloomberg, City traders have revised their forecast for the first interest rate to 0.25% after the Bank of England’s outlook for the UK economy has improved and that tightening of its QE programme could commence soon.  After Thursday’s meeting, markets now expect a 15-basis-point increase in March 2022, a month earlier than their expected one for May. They also expect a rise of 0.5% in November 2022. With markets now pricing an increase in March and two hikes by the end of next year, investors will be focusing on the bank’s November meeting when a new set of forecasts will be announced.

Inflation

The Bank of England has warned that inflation will rise above 4% by the end of this year, due to the energy crisis. The rise in gas prices is considered a risk to its projections for inflation and it has warned that inflation could remain above 4% into the second quarter of next year making things harder for households. The MPC expects that global cost pressures would prove temporary.

Growth forecasts lowered

The Bank of England has lowered its growth forecasts as supply chain problems are impacting output. Expectations for growth in the third quarter have been revised from 2.9% to 2.1%. The Bank has warned that supply problems such as access to raw materials and staff shortages are affecting economic growth. The Bank also highlighted that global recovery has lost momentum and inflationary pressures will continue.  

Tightening monetary policy

The case for tightening monetary policy seems now stronger. Consumer price inflation rose to 3.2% while global cost pressures and supply problems are pushing consumer goods prices higher. CPI inflation is expected to fall back to the bank’s 2% target in the medium term, but the bank has also pointed out that: “Indicators of households’ medium-term inflation expectations have increased in recent months, with the Citi/YouGov five-to-ten year ahead measure at its highest level since 2013 in September.”

The BoE is also under pressure, as other central banks such as the ECB and Federal Reserve have announced that they will begin unwinding their financial support. If the BoE does not act in the same timeline, Sterling could fall, pushing inflation and prices higher. A rising pound will push the cost of imports lower and will act as a deflationary force.

If you are a business transferring funds overseas, contacting a currency specialist could save you time and money. Get in touch with Universal Partners FX and their dedicated team to discuss the latest market movements ahead of your currency exchange. If you are transferring funds to pay your employees abroad, get in touch with Universal Partners FX to find out how much you can save in your international money transfers. Universal Partners FX can provide invaluable help on efficient risk management and tailored solutions to your business’ transfer needs.

The pound was lower on Wednesday after investors became less confident about an earlier rate hike by the Bank of England, which is now likely to be delayed due to weak economic data. A weak US dollar and a stronger risk sentiment following news that Evergrande would repay a yuan-denominated bond on Thursday have not helped to support the pound.

Risks for the pound

The main event for the pound this week is Thursday’s Bank of England decision, and investors seem to have moved from expecting a hawkish BoE to grasping the fact that an interest rate hike is now more than six-months away due to the release of disappointing economic data. The currency market is expecting at least two rate hikes by the end of 2022, but now such expectations are considered too optimistic. With the market pricing the fact of an earlier interest rate for some time now, the realisation that the tables have turned, and a rate hike might take a while longer, means that the pound could react by falling. Sterling could find support if the BoE clarifies its timeline for raising rates starting early next year, but this is unlikely, analysts have noted. The Bank’s expectations will also be shaped by the health of the labour market, especially after the furlough scheme is completed at the end of this month, and analysts expect unemployment to rise. The BoE will also take into account disappointing data for July, retail sales’ numbers in August, and high inflation.

The pound was also weaker against the euro as investors are waiting to hear form the Federal Reserve any hints on the direction it will take for its future policy, including whether it will start tapering its bond buying by November.

Factors that could support the pound

The possibility of Britain joining the North American free trade deal, an idea that has been shared by media, could boost UK-US trade and help offer support to Sterling. As a UK government figure said, the UK is interested in pursuing this option but “The ball is in the US’s court. It takes two to tango.”

The trade partnership between the US, Canada and Mexico, is now a possibility after Boris Johnson failed to secure a bilateral deal with Washington. It appears that a direct free trade agreement (FTA) with the UK is not something that the president Joe Biden will be interested in pursuing and the Prime Minister said that Biden “has a lot of other fish to fry.”

The UK government’s interest in joining the North American deal follows the opening of talks for the UK to become a member of the CPTPP Pacific trade group. The likelihood of Britain joining NAFTA is an attempt to secure a tariff-reduction deal as new barriers have been erected to trade with the EU with Brexit.

If you are a business transferring funds overseas, contacting a currency specialist could save you time and money. Get in touch with Universal Partners FX and their dedicated team to discuss the latest market movements ahead of your currency exchange. If you are transferring funds to pay your employees abroad, get in touch with Universal Partners FX to find out how much you can save in your international money transfers. Universal Partners FX can provide invaluable help on efficient risk management and tailored solutions to your business’ transfer needs.

The beginning of the new week has seen the pound fall as market sentiment deteriorated following fears the Chinese property sector will suffer from the Chinese mega developer Evergrande’s collapse. Additionally, fears of a global economic slowdown and a gas crisis have left the market in a risk off mode, with the pound lower against the safe havens of the US dollar, Yen and the Franc. Sterling was also lower against the euro and commodity currencies including the Australian dollar, New Zealand dollar and Canadian dollar.

Energy markets

The UK’s wholesale energy markets have risen recently due to a global increase in demand for gas after a prolonged cold winter that left gas storage facilities depleted, with increased energy demand across Asia. Prices have surged as a result of a global attempt to refill gas storages before the winter.

With half of the UK’s electricity coming from gas-fired power plants and a rising demand for gas power after a series of nuclear reactor outages and the recent closure of a major power cable that brings in electricity from France, the situation has generated concerns about the coming winter months.

The UK government is also taking part in discussions about a possible financial bailout to energy providers. Kwasi Kwarteng, the Business Secretary, has been in various meetings over the weekend and will continue to meet the heads of energy businesses this week, to explore the possible options amid warnings that many companies could go bust. One of the potential solutions that have been discussed is a bail-out fund and the industry is now fearing a financial collapse according to the FT.

Following his emergency meeting with energy companies on Monday, Kwarteng  tweeted that he will update MPs this afternoon, and that the government is looking at different options to protect customers and to they have continuity of supply if their supplier fails, through a “Supplier of Last Resort” or a special administrator if needed. The energy price cap will remain in place he confirmed. A spokesman for the Prime Minister told reporters: “The price cap remains in place, as I say, to protect consumers from sudden increases in global gas prices and it will save them money this winter.”

With the possibility of millions of customers being unable to be served by failing companies, supply energy companies are requesting support from the government, and a "Northern Rock-style bad bank" could be created to house such customers without losing money.

BoE

The gas crisis comes ahead of Thursday's Bank of England policy meeting which is a crucial event for the pound. The Bank could warn the gas crisis could slowdown growth and possibly push back the timing of an interest rate hike.

Evergrande

Another event that has rattled the markets was the news that the Chinese mega developer Evergrande is heading for a corporate restructuring that could see investors lose tens of billions of dollars. Shares in Evergrande have plunged 17% and the group’s massive debt problems could trigger a broader sell off across all financial markets. Evergrande's importance to the Chinese economy is huge, as its debts amount to around $447 billion (US$315b). This is more than three times the entire debt load of the New Zealand government and two-thirds of all outstanding Australian federal debt.

The rising natural gas prices and the energy crisis, the potential of produce shortages and surging inflation have already painted a rather dire image of the global economy. The Fed’s meeting this week and the German election create further uncertainty.  Monday’s major shock for the markets came from Evergrande’s meltdown and investors could possibly avoid China. These are now being factored in by the markets, and it will be especially revealing to see how the Fed will position itself in terms of another rate hike amid inflationary pressures.

The pound has hit a four-week low this Monday as investors turned to safer assets, but GBP currency traders will be looking at this Thursday’s BoE meeting for more guidance.

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The pound rose against the US dollar following strong UK labour-market numbers. British employers added a record 241,000 staff in August, pushing the total number of employees on company payrolls above pre-pandemic levels, official data showed on Tuesday.

The latest unemployment report by the Office for National Statistics shows job vacancies rose above one million for the first time since records began as the UK economy continues to recover from the Covid-19 pandemic, while payrolls rose by more than expected. The strong data will possibly help persuade Bank of England policymakers that perhaps UK monetary policy could be tightened sooner than expected.

Jobs data

The latest unemployment report showed the number of vacancies in the three months to August to have reached above one million, as firms struggled to fill positions mainly in the hospitality, transport and storage sectors. It also showed a lower unemployment rate and a monthly increase in August payrolls.

The ONS stated: “The fastest rate of growth was seen in other service activities, which grew by 93.3% (12,500), followed by transport and storage at 76.3% (20,300) and accommodation and food service activities at 75.4% (57,600). In the latter two categories labour demand has increased rapidly while staff availability fell because of a mix of employees leaving these sectors to find employment elsewhere and a reluctance of workers to return to their previous roles.”

Minister for Employment Mims Davies MP has welcomed the rise in payrolls and said: “As we continue to push ahead with our recovery, it’s great to see another significant fall in unemployment and the number of people on payrolls rising by 241,000 in August – the biggest monthly increase on record – showing our Plan for Jobs is working. We’re helping employers recruit for the record number of vacancies out there, particularly in growing sectors, and supporting people of all ages and backgrounds to overcome barriers, land their next role, and progress in work.”

While payroll employment is back at pre-pandemic levels, there are still many years ahead of recovery, with employment more than 700,000 down and long-term unemployment up 45%. There are still more than a million people furloughed and with the scheme ending this month, more people will be looking to find employment.  

Furlough scheme concerns

Economists and politicians are worried that with the furlough scheme ending this month, jobs recovery will be hurt, after the rise in payrolls and vacancies. A lot of furloughed staff might not even return to their jobs as a lot have had their wages subsidised and might not be kept into full-time employment.

There is also a skill shortage as many industries have reported a lack of available labour and hiring difficulties. With Covid adding more uncertainty after Brexit and the new national insurance tax adding more costs to employers, it is unclear how businesses will respond to future hiring needs.

While the data is positive for the pound, investors remain cautious ahead of Wednesday’s UK inflation data, which could show an increase in the core rate in August to 2.9% year/year from July’s 1.8%.

If you are a business transferring funds overseas, contacting a currency specialist could save you time and money. Get in touch with Universal Partners FX and their dedicated team to discuss the latest market movements ahead of your currency exchange. If you are transferring funds to pay your employees abroad, get in touch with Universal Partners FX to find out how much you can save in your international money transfers. Universal Partners FX can provide invaluable help on efficient risk management and tailored solutions to your business’ transfer needs.

Analysts are positive that the pound will likely continue to strengthen in the coming days and even weeks, after encouraging news that the economy should show strong growth in the third quarter and the Bank of England is considering raising interest rates in early 2022.

Growth is expected to continue

Friday’s disappointing GDP data which showed that the economy grew very little did not affect market sentiment, as economists argued that many of the reasons behind the slowdown were associated with the past including self-isolation rules. August and September GDP numbers are expected to be stronger, confirming expectations that the economy is healthy. Economic thinktank NIESR has forecast that UK growth will have picked up in August and September, due to the domestic tourism and hospitality industries, with September’s growth to rise to 0.8%.  

The pound was higher against both the euro and the US dollar on Monday morning, as markets are confident that the BoE could move faster than both the ECB and Federal Reserve and raise interest rates early next year. This will also depend on positive economic data coming out of the UK and investors will want to see consistently positive news before they become confident about the strength of the UK currency.

On Friday, the pound reached a two-week high, following its previous lows, but fell again after global sentiment was threatened by rekindled fears regarding the troubled relationship between the US and China.

Bank of England and rates

The Bank of England is expected to raise interest rates in the first half of 2022 due to improved economic conditions including growth rates and rising inflation. Economists are concerned that inflation will rise above the Bank’s target and for a longer period of time, which could lead to further interest rate rises. This will help boost the pound too.

The Bank of England appears to be more positive and ready to push interest rates higher than many other central banks such as the Swiss National Bank, the ECB and the Bank of Japan.  Following last week’s Monetary Policy Committee members’ appearance before a Parliamentary sub-committee and the revelation that half of the members are already convinced that the minimum conditions for an interest rate hike have been met, the pound has strengthened.

If the recent uncertainty caused by the rapid spread of the Delta variant of the coronavirus proves to be temporary, then the pound will find further support. Economists are still cautious about the pound considering the return to school and the possibility of more cases. The winter is also a concern, and with the number of high cases continuing, consumer spending could be affected. With or without any new restrictions, activity could still suffer as consumers become more cautious. Bloomberg has also highlighted the ending of several government support programmes this month that could weigh on sentiment.

If you are a business transferring funds overseas, contacting a currency specialist could save you time and money. Get in touch with Universal Partners FX and their dedicated team to discuss the latest market movements ahead of your currency exchange. If you are transferring funds to pay your employees abroad, get in touch with Universal Partners FX to find out how much you can save in your international money transfers. Universal Partners FX can provide invaluable help on efficient risk management and tailored solutions to your business’ transfer needs.

The pound rose in response to Bank of England Governor Andrew Bailey’s comments that a 2022 rate hike is possible. While soon after, the pound was unable to hold its gains, the revelation by the central bank was important as it confirmed market expectations that a rate rise in the first half of 2022 is possible.

UK tax hike

The pound was higher, especially after it lost ground due to an announcement on Tuesday of a UK tax hike. The proposal, which on Wednesday was backed by British lawmakers in a parliamentary vote, intends to raise taxes to fund the health and social care systems. The government will raise the rate of National Insurance payroll taxes paid by both workers and companies by 1.25 percentage points. The tax on shareholder dividends will also rise by the same percentage. The plan is expected to help raise 12 billion pounds ($17 billion) a year.

Bank of England Vote to Raise Interest Rates

Andrew Bailey clarified that the eight members of the Monetary Policy Committee (MPC) were divided as to whether the UK economy was healthy enough for interest rates to be raised. In a testimony to the Treasury Select Committee of the House of Commons, Bailey noted that the vote was split: “Let me condition this by the fact that it was an unusual meeting because there were only eight members of the committee - so it actually was four-all.” In the August MPC meeting, however, all 8 members voted to keep interest rates unchanged. So, the bank feels more confident about the state of the economy now. Nonetheless, Bailey explained that the

Bailey said that the conditions were not yet sufficient. Markets expect the MPC to end quantitative easing in December before proceeding to raise interest rates. While Silvana Tenreyro did not believe that the conditions have been met yet, other members of the MPC including Bailey, Dave Ramsden and Ben Broadbent and Michael Saunders, all believed that the minimum conditions had been met for a hike. The remaining members of the MPC, Gertjan Vlieghe, Jon Cunliffe and Jonathan Haskel were possibly the more dovish members who believe that conditions have not been met yet.

Has the 2022 interest rate already been priced in by markets?

It would appear that it has been priced in by markets, as the pound was unable to hold gains. For the pound to strengthen, the Bank will need to provide more evidence of future rate hikes. If inflation stays above the Bank’s 2.0 % target, then the need to raise interest rates will rise too. The Bank’s economists expect inflation to rise 4.0% in 2021 but fall back in 2022. Bailey said that some issues could disappear, but unemployment and job vacancy issues could persist. Higher commodity prices and problems with supply chains could go away, but the labour market will need to improve consistently.  

Economists are concerned that after the end of the government's furlough scheme, unemployment will rise. But with many businesses finding it difficult to fill in their vacancies, the end of the support program might be positive.

If you are a business transferring funds overseas, contacting a currency specialist could save you time and money. Get in touch with Universal Partners FX and their dedicated team to discuss the latest market movements ahead of your currency exchange. If you are transferring funds to pay your employees abroad, get in touch with Universal Partners FX to find out how much you can save in your international money transfers. Universal Partners FX can provide invaluable help on efficient risk management and tailored solutions to your business’ transfer needs.

Sterling fell on Tuesday against a stronger dollar, following a drop at the start of the week due to the UK’s economic slowdown.

Weak surveys push pound lower

While earlier this year, markets were upbeat about the UK’s economic prospects as the fast pace of the Covid-19 vaccinations injected confidence about reopening the economy and a quick economic rebound, more recently indications of a slowdown have pushed the pound lower. Additionally, the combination of factors such as Covid-19 that forced lots of employees to stay at home and hurt businesses, as well as global supply issues due to Brexit, have also drove the British currency lower.

On Monday, it fell after a survey of purchasing managers showed that the UK construction industry was hurt by a shortage of building supplies which weakened its growth last month. Friday’s PMI data also showed that growth in the services sector slowed down in August compared with July.

Bank of England’s Michael Saunders

The positive comments by Bank of England’s policymaker Michael Saunders did not have a significant effect on the pound. Saunders said the central bank may need to raise interest rates next year if both growth and inflation continue to rise. His comments did not surprise markets as investors possibly do not consider him as an influential voice of the MPC (Monetary Policy Committee).

Saunders believes that the Bank could stop its stimulus programme and that the continued purchases could put inflation expectations at risk. In an online event hosted by Intuit, Saunders explained why he voted to reduce the Bank’s QE bond-buying stimulus programme at last month’s MPC meeting: “My own view at the August meeting was that with the recovery in the economy, and inflation back to target, we no longer need as much monetary stimulus as previously.”

He also noted that interest rates could rise when the health of the economy is undeniably strong: “As to when I think interest rates might rise, that would depend on the economic outlook.” He added: “If the economy continues to recover, and inflation shows signs of being more persistent, then it might be right to think of interest rates going up in the next year or so. But that is not a promise and depends on economic conditions.” In relation to inflation, Saunders said that he was worried “that continuing with asset purchases, when CPI inflation is 4% and the output gap is closed - that is the likely situation later this year - might well cause medium-term inflation expectations to drift higher. Such an outcome could well require a more substantial tightening of monetary policy later, and might limit the committee’s scope to respond promptly the next time the economy needs more stimulus.”

Saunders argued that the UK economy has recovered and that the pandemic’s effects will prove to be minimal in the log run. Brexit, on the other hand, will have long term repercussions. For him, ending the current asset purchase programme would not hurt economic recovery as it would still  leave a “very supportive monetary stance in place.”

Last month the BoE said that it could start reducing its financial support which was so necessary during the Covid-19 pandemic and lockdowns, and it has explained how it will do so after it has raised interest rates.  

If you are a business transferring funds overseas, contacting a currency specialist could save you time and money. Get in touch with Universal Partners FX and their dedicated team to discuss the latest market movements ahead of your currency exchange. If you are transferring funds to pay your employees abroad, get in touch with Universal Partners FX to find out how much you can save in your international money transfers. Universal Partners FX can provide invaluable help on efficient risk management and tailored solutions to your business’ transfer needs.

International currency transfers can be easy and stress-free if your business has a plan and partners with a currency specialist right from the beginning. Whether you are a small business owner or a large business, if international currency transfers are an essential part of your operations, then a currency specialist will prove to be a valuable asset. From securing competitive exchange rates and providing risk management, a currency transfer firm such as Universal Partners FX will provide much-needed support and guidance.

Get more for your hard-earned money

One of the easiest ways to give your business a boost is by taking advantage of competitive exchange rates and securing the best possible return for your international currency transfers. If you plan ahead and lock a desired exchange rate for a future transfer or benefit from a current exchange rate, you will be able to save money and invest your funds in other assets or in developing your business further. This is the case when you send large amounts of money regularly overseas.

UPFX can help you access the best possible exchange rates available with no hidden fees or extra costs.

Know the markets

The markets are constantly changing and for this reason you want a stable and reliable currency transfer company to act efficiently and provide the best exchange rates, as these can change drastically from one moment to the next and from one day to another. One of the valuable and beneficial services UPFX provides, is its news articles on currency movements and how economic data may affect the pound or other major currencies. These regular updates are useful as they can provide a good picture of how the markets are and what could potentially influence them.

Online platform

With UPFX’s online platform, you can trade from anywhere and at any time, through your computer or mobile device. Currency transfers have never been this easy. In a fast world, where convenience is paramount, we have tried to cater to all our customers and provide services that make a difference and save you time and money. If you are regularly transferring funds for your business this is a perfect way to do so.

Security of funds

When we transfer your funds, we pay the utmost attention and provide fast and secure transfers. As a regulated firm we adhere to specific rules and regulations. We always protect your funds by operating segregated accounts.

Dedicated team of experts

We are always on hand to offer help and guide your through the process of transferring your funds. If you’re not sure about how to tackle your business’ payments, our currency experts will discuss with you and review your business’ needs and requirements, explain which currency transfer options would best suit your company and deliver tailored solutions and payment plans. They can also help identify areas where you could streamline processes and manage risks more efficiently.

Trading internationally? Save money with Universal Partners FX

If you are making international money transfers, you will need a cost-effective and secure way to do so. Universal Partners FX is the right partner for your foreign exchange. With UPFX, you can open a multi-currency account, send and receive money worldwide with low and transparent fees. You can also manage your money and send international payments 24/7 through UPFX’s easy-to-use online platform powered by Currency Cloud.

If you are an exporter or plan to start your international business, get in touch now with Universal Partners FX to find out how much you can save in your international money transfers.