A new currency protection service is being offered to expats who move money between countries on a regular basis.
UK firm Currencies Direct have launched a special service aimed at saving expats money when they transfer their salaries into foreign countries, perhaps to loved ones back home.
Currencies Direct claim that expatriates can save a lot of money each year by using their protection service.
Currency fluctuations can cost people a lot of money when transferring funds across countries. By utilising fixed exchange rates people can protect themselves against damaging currency fluctuations, such as those that recently affected the Euro.
Currencies Direct director of dealing, Mark Sullivan, had this to say about the service: “We deal with over 40 types of currency pairings. Over a year, we estimate that the average person taking out Salary Risk Protection could save themselves around £300 per year in bank changes, fees and poor exchange rates. Taking advantage of some level of income risk protection enables you to not only take control of deciding the rate of exchange you want to fix at, but also gives you the flexibility to decide when you want to change and fix into a new rate. Crucially though, and perhaps the main advantage of the Salary Risk Protection package, is that it protects you from exchange rate swings that seem to be more commonplace in today’s global economic climate.”