The Brexit saga has hit the United Kingdom hard. The GBP/USD pair (the cable) plunged from 1.48 to a 52-week low of 1.1988 after the Brexit decision. The consequences of such a dramatic fall are devastating for UK small businesses and individuals alike. Consider an investment of £1 million abroad prior to June 23, 2016. The value dropped from $1,480,000 to $1,198,800. As investment values increase, it becomes evident how crippling a depreciating currency can be on personal finances, business finances, and international transactions.
Already, we are seeing the effects of Brexit-related stress factors weighing heavily on personal disposable incomes in the UK. Rising import costs (in GBP terms) are eroding personal disposable income levels. Inflation reached 3% in September 2017, while real wage growth only increased at around 2.2%. The recent 25-basis point bank rate hike helped to stabilize GBP to a degree, but it is insignificant to guard against the widespread losses that personal and business clients are agonizing through on a day-to-day basis with FX transfers.
Banks are Largely Ineffective for Money Transfer Purposes
Banks are unable to assist clients in an effective way owing to large spreads on currency pairs – significantly less favourable than the Reuters or Bloomberg exchange rates. Additionally, fees, commissions, hidden charges, regulatory constraints and the rest make it difficult for any cost savings to be enjoyed on a personal or business level. As such, clients are turning away from High Street banks in favour of money transfer corporations such as WorldFirst. Forex rates are greatly reduced when clients utilize the services of non-bank providers, owing to the spread, fees and commissions components. WorldFirst has won critical acclaim from UK businesses and individuals. Among the many benefits of using this Forex transfer service are its huge list of registered clients (75,000+ active clients) and high positive feedback of 98% +. The currency transfer services of this non-bank entity are especially useful for transfer amounts greater than £1,000.
WorldFirst was established in 2004 and it offers clients online money transfer services, email transfers, or telephonic transfers. It is ideally suited to business clients and private clients, and it operates with some 121 currencies across 6 continents. It is the UKs premier Forex currency transfer service, and it operates fully online. This means that clients are not required to visit a land-based bank or financial institution to transfer money. Dedicated account managers are also available for regular transfers, making it more convenient and cost-effective to move money around.
In terms of regulation, WorldFirst is fully regulated in multiple countries, including Hong Kong, Australia, the USA, and Canada. Here in the UK, it is fully licensed and regulated by the Financial Conduct Authority (FCA). UK clients get to enjoy the added benefit of Forex rate guarantees – for the best FX rates in the market. Today, WorldFirst has offices in 4 continents and employs 300+ people. It is a highly reputable organization, having won the Sunday Times Virgin Fast Track 100 award in 2011 and the Top 10 Sunday Times Fast-Track Company’s Award in 2016.
How much money can you save using WorldFirst?
The cost savings of using a money transfer service like WorldFirst are evident across the board. Multiple client and corporate reviews of WorldFirst attest to the dramatic cost savings that are evident. For starters, clients are not required to take time out of their day to frequent a land-based bank or Forex broker. All Forex transactions can be efficiently conducted online. The registration process is quick and easy, and clients routinely attest to the cost savings they enjoy from using this expedited currency transfer service. There are no fees incurred in the United Kingdom, and no fees incurred in Europe. Currency transfer fees in the United States are $10 for transfers under $10,000.
As for exchange rates, there is greater flexibility in this regard. Typically, customers will save more than 50% in comparison to UK banks, and margins hover around 1%. It is imperative that clients – personal and corporate – speak to the customer support and management if a transfer of £20,000 or more is being conducted. It is important to remember that a minimum transfer of £1,000 applies to transfers across the EU. There is no upper limit on the amount you can transfer. Various cost-saving resources are available in the form of forward contracts, market orders, limit orders and rate watch. These can protect your international money transfers against the volatility of the GBP and other currencies.