Seek advice to make the most of sterling dollar rates

With the dollar at its lowest level for a generation, it’s no wonder the US based supermodel has allegedly asked to no longer be paid in dollars, but in Euros.

Gisele’s decision throws the risks of currency fluctuation in to the limelight. Whether working abroad, buying a property overseas or emigrating, according to currency specialists HiFX, it’s not just the rich and famous who should be thinking about the effect of the falling dollar on their income.

While Gisele herself might not quite be ready to retire yet, more than one hundred thousand British pensioners live in the US and claim their UK pension.

Mark Bodega, Director at currency specialists HiFX, who help over 30,000 people buy property and emigrate abroad each year, comments, “Anyone planning to retire to the US – or indeed living there already - should investigate locking into the great rates available at the moment to make the most of their pensions.

“Buying currency on a regular basis for any reason is time consuming and currency fluctuations can make budgeting impossible. Also the international transfer fees and commission charged by the banks can soon add up to a tidy sum.”

HIFX runs a regular payment service to enable British people who have emigrated or bought property abroad to manage their currency payments – such as pensions, salaries and mortgage transfers. HIFX do not charge their customers to send money overseas through their regular payments plan and also eliminate all receiving charges. The plan also protects people against currency fluctuations, by fixing exchange rates for between six and twenty four months.

Unlike your bank, the larger more established currency companies will also allow customers to automate their payments via direct debit and fix the exchange rates for up to 2 years ahead so customers know exactly how much is being transferred every month.

Bodega continues, “Using direct debit can save people up to £300 on transfer fees alone. In addition, customers make further savings as they'll also avoid other charges such as commission (most banks can charge up to 2% of the amount being transferred). Unlike the banks we also guarantee that clients will not pay any overseas bank receipt charges when they send their funds abroad. Depending on the amounts you're sending you could save thousands of pounds a year on bank charges alone.”