Order to buy/Order to call
There are many reasons why you may need to move money abroad, or indeed to the UK from overseas; perhaps you are buying a property abroad and need to pay a deposit or monthly mortgage repayments, or you might be buying a car from abroad or paying for some work you have had done on a property overseas. Whatever the reason, Smart Currency Exchange can help you to save money on your foreign currency.
There are some key things you should consider when it comes to moving or buying currency;
• How much currency do you need to move?
• What is your budget?
• How often will you need to move your money?
• How quickly do you wish to move it?
Depending on your answer to the above points, Smart Currency Exchange will be able to advise you on the best contract for you. An ‘Order to Buy’ is very much what it sounds like, and is perfect if you do not need the money moving in a hurry, or if the exchange rate has not yet reached a rate that you are happy to pay. Simply discuss with your Smart trader the above points, and if you decide to take an ‘Order to Buy’ contract, you will agree a rate that you would be happy to buy currency at. For example, if the current rate is £1/€1.25 and you are hoping to get a rate of £1/1.27 – and believe this could be realistically achievable in the future – then you could ask your trader to buy your currency only when your preferred exchange rate is available.
This is also a good option if you are hoping to stick to a budget, perhaps if you are making monthly payments, and you want to always pay the same rate, you buy a couple of months worth of currency when it hits the agreed rate and use it for following months. The trader will keep an eye on the market rates for you and purchase the currency on your behalf when it reaches the agreed rate. This also means you don’t have to keep checking the rate all the time as it’s done for you.
An ‘Order to Call’ is similar to the ‘Order to Buy’ contract, except it is not a means for the trader to purchase the currency for you, instead they will watch the market floor on your behalf, and should the rate reach the agreed amount they will call you to see if you wish to make a purchase. This contract is great if you are not sure when you will need the money to be moved, or if you are on a budget.
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