Save time and money with our international payments service

For those accustomed to the unpredictability of the open seas, variables are just part and parcel of life. Whether you are sending funds to far-away family, buying or maintaining a second home overseas or are hoping to purchase that dream Sunseeker, most seafarers are exposed to the choppy waters of currency markets just by docking in another country. But is there anything they can do to ensure that unfavourable exchange rates don’t increase the costs of your international transfers? For any nautical enthusiast about to set sail for foreign shores, one event will have dominated their thoughts since the end of June: the UK referendum. As the UK public’s decision to leave the EU unfolded on the night of the election, Britswatched their foreign currency spending power fall off a cliff. In a matter of hours the pound plummeted 10% against the US dollar, and over the followingweek sterlingwould hit a 30-year low. The eurowas by no means immune to the uncertainty either, falling 4% from its high as questionswere raised about the future of the EU. For anybody that is used to dealing with currency markets, sudden exchange rate movements are expected. In fact, one could argue that, as Brexit always posed a threat to currencies like the pound and euro itwas easier to plan for; adversely, other events, such as natural disasters or the release ofweak economic data, are somewhat harder to predict and can have a disproportionate effect on the markets. One thing is certain though -it can pay to be prepared. But the question is, what can be done to protect against foreign exchange volatility?

Using a foreign currency specialist could be one answer. Motorboat and

Yachting has partnered with foreign exchange experts, moneycorp, to bring our readers an international money transfer service. With our service, you will be allocated a personal account manager who will provide expert market guidance and assist you with every aspect of your currency transaction. They can explain the specialist tools available to help protect you against exchange rate movements, such as a ‘forward contract’ (a forward contract may require a deposit). This allows you to secure an exchange rate for up to two years. So, if you’re happy with a rate right now, but don’t need to make your transfer until further down the line – as is often the case when purchasing a vessel – you can fix the current rate and, in doing so, remove any concern that the foreign exchange market will have an impact on the value of your transfer. Uncertainty is likely to prevail in the short-term, meaning the pound could remain volatile against other currencies; particularly the US dollar, which has been one of the main beneficiaries of the Brexit vote. While the pound and euro are away off their peaks, when compared to the aftermath of the 2008 financial crisis sterling has fared better against currencies such as the South African Rand and Australian Dollar. As such, it is important to look closer, and to put exchange rates in perspective – perhaps another reason to seek guidance from a specialist. The exchange rate you receive is not just down to markets either. Rates between different providers can vary considerably. For example, through our service readers get access to exchange rates that are typically 3-4% better than theywould get from a bank. Put this into the context of an international yacht purchaseworth £700,000 and you could save almost £30,000 with us. In addition to the expert market guidance available over the phone, our service lets you execute everything online in the sameway that you would with internet banking -so you can buy and sell currency and manage your transfers at the click of a button. moneycorp has been dealing in foreign exchange since 1979. In the last year alone they facilitated 7.2 million customer transactions and helped their clients send £22.6 billion in 90 currencies.

Our international money transfer service offers competitive exchange rates, low fees, and expert market guidance. To receive the offer of your FIRST TRANSFER FREE call: 0808 159 0357 “Rates between different providers can vary considerably”