ACCORDING to UK government statistics there are currently 1.2m Britons claiming a pension abroad and in recent years retired British couples in Spain have seen their monthly pension incomes severely affected by sterling/euro volatility.
In these tough economic times everyone is feeling the pinch, so it is no surprise that a group of expat pensioners have appealed to the European Court of Human Rights to have their UK state pensions inflation-proofed.
Although volatility in the foreign exchange markets was tame in August, the situation can change quickly.
Politics, economics and wars all need to be priced in, and with the US elections fast approaching the markets are bound to liven up again.
So far this year the markets have been strongly focused on the sovereign debt crisis within Europe, although the euro has started to show recent signs of fighting back.
With further sterling/euro volatility predicted, any British pensioners who are on a tight budget and who cannot afford to see the value of sterling decrease any further should consider the regular payment service we offer at HiFX.
Typically clients who use this service are making monthly transfers for a variety of reasons, including mortgage payments, pension transfers or salary transfers.
For these clients, buying currency on a regular basis is time-consuming, while currency fluctuations can make budgeting impossible.
International transfer fees and commission charged by the banks can also add up to a tidy sum.
Unlike your bank, HiFX allows you to automate your payments via direct debit and fix the exchange rates for up to 12 months ahead so you know exactly how much is being transferred every month and by using direct debit, you can save up to €380 on transfer fees alone, as the banks charge transfer fees of up to €38 on each and every transaction.
Keith is the new head of European Sales at HiFX. To contact HiFX and find out how the team can help you with your international transactions, call in at the office in Centro Plaza, call 951 203 986, mentioning the ‘Olive Press’ or email [email protected]