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Posted January 31st, 2008 by Charles Purdy

Smarts Daily Currency Note – 31st January 2008

 
Smart Currency Exchange – Daily Currency Rates for Overseas Property Buyers  
Free Daily Inter Bank Currency Exchange Rates 31st January 2008


Currency

Rate

EURO

1.335

US$

1.989

CHF

2.149

CAN$

1.975

AUS$

2.231

Comments:  Sterling lost ground as December mortgage approvals sank to the lowest level since records began in 1999. This has increased expectations that the Bank of England will reduce UK interest rates next week. However, forecasts for UK inflation show it increasing next year to over 3% [target is 2%] and the BOE has to use interest rates in trying to keep inflation close to target. A very difficult balancing act for the BOE. The Fed seems to have no such problem reducing US interest rates by another 0.5%. That’s 1.25% in just over a week. Avoiding recession in the US is the name of the game.

Note:  All rates are mid market inter bank and indicative at the point of publication. 

To get an initial estimate of the cost of a property simply DIVIDE the price of the property by the appropriate currency rate noted above.



Smart Currency Exchange | 1 Hammersmith Grove | Hammersmith | London | W6 0NB | UK

© 2005-2008 Copyright  Smart Currency Exchange Ltd

THIS PUBLICATION DOES NOT CONSTITUTE ADVICE WITHIN THE TERMS OF THE FINANCIAL SERVICES ACT (OR ANY SUBSEQUENT REVISIONS, ADDITIONS, OR AMENDMENTS).

Disclaimer

Exchange rates can move very quickly. The above rates are valid at a moment in time.
Suggestions should not be taken as advice or fact. The market does what it wants to do.  We have no crystal ball and as ever we recommend that if an exchange rate works for your budget then don’t try and wait for an even better exchange rate, as Murphy’s Law says the rate will go against you and cause you maximum pain!





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Posted January 30th, 2008 by Charles Purdy

Smarts Daily Currency Note – 30th January 2008

 
Smart Currency Exchange – Daily Currency Rates for Overseas Property Buyers  
Free Daily Inter Bank Currency Exchange Rates 30th January 2008

Currency

Rate

EURO

1.347

US$

1.990

CHF

2.173

CAN$

1.988

AUS$

2.243

Comments:  Sterling continues to creep up against the US$. This was on the back of better than expected UK retail figures in January. Although UK retail continues to lose ground the rate of slow down is less than expected and as such reinforces the case for the Bank of England to cut interest rates gradually. Sterling continues to hold its own against the Euro. We are waiting for a direction.

Note:  All rates are mid market inter bank and indicative at the point of publication. 

To get an initial estimate of the cost of a property simply DIVIDE the price of the property by the appropriate currency rate noted above.



Smart Currency Exchange | 1 Hammersmith Grove | Hammersmith | London | W6 0NB | UK

© 2005-2008 Copyright  Smart Currency Exchange Ltd

THIS PUBLICATION DOES NOT CONSTITUTE ADVICE WITHIN THE TERMS OF THE FINANCIAL SERVICES ACT (OR ANY SUBSEQUENT REVISIONS, ADDITIONS, OR AMENDMENTS).

Disclaimer

Exchange rates can move very quickly. The above rates are valid at a moment in time.
Suggestions should not be taken as advice or fact. The market does what it wants to do.  We have no crystal ball and as ever we recommend that if an exchange rate works for your budget then don’t try and wait for an even better exchange rate, as Murphy’s Law says the rate will go against you and cause you maximum pain!



SCE/OGC

1 Hammersmith Grove
London, London
W6 0NB
GB

If you no longer wish to receive communication from us:
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Posted January 29th, 2008 by Charles Purdy

Smarts Daily Currency Note – 29th January 2008

 
Smart Currency Exchange – Daily Currency Rates for Overseas Property Buyers  
Free Daily Inter Bank Currency Exchange Rates 29th January 2008

Currency

Rate

EURO

1.345

US$

1.988

CHF

2.169

CAN$

1.994

AUS$

2.235

Comments:  No real change in Sterling against the Euro over the last few days. The market is waiting for more news. Against the US$ sterling has gained a few cents as the market begins to worry ever more about a possible US recession. US housing starts for last month were the weakest for 13 years. The market is right to be worried about a US recession.

Note:  All rates are mid market inter bank and indicative at the point of publication. 

To get an initial estimate of the cost of a property simply DIVIDE the price of the property by the appropriate currency rate noted above.



Smart Currency Exchange | 1 Hammersmith Grove | Hammersmith | London | W6 0NB | UK

© 2005-2008 Copyright  Smart Currency Exchange Ltd

THIS PUBLICATION DOES NOT CONSTITUTE ADVICE WITHIN THE TERMS OF THE FINANCIAL SERVICES ACT (OR ANY SUBSEQUENT REVISIONS, ADDITIONS, OR AMENDMENTS).

Disclaimer

Exchange rates can move very quickly. The above rates are valid at a moment in time.
Suggestions should not be taken as advice or fact. The market does what it wants to do.  We have no crystal ball and as ever we recommend that if an exchange rate works for your budget then don’t try and wait for an even better exchange rate, as Murphy’s Law says the rate will go against you and cause you maximum pain!



SCE/OGC

1 Hammersmith Grove
London, London
W6 0NB
GB

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Posted January 25th, 2008 by Charles Purdy

Smarts Weekly Currency Note – 25th January 2008

 
  Smart Currency Exchange – Weekly Currency Rates for Overseas Property Buyers  
Weekly Currency Interbank Exchange Rates 25th January 2008

Currency
Rate Last
Week
Rate This
Week
EURO
1.340
1.348
US$
1.961
1.982
CAN$
2.011
1.998
AUS$
2.220
2.242
NZD
2.567
2.565
AED
7.200
7.275

CHF

2.161
2.173

ZAR(Rand)

13.843
14.086

Charles’s Thoughts:  Sterling continues to gather friends. Not enough friends for a party but a great improvement when compared to two weeks ago. The minutes of the last Bank of England meeting were announced and showed that the BOE was still focussed on combating inflation and a key control is UK interest rates. The market still expects UK interest rates to be reduced but one suspects that unless something like a new Northern Rock happens the cuts will be made in 0.25% steps over a period and in a considered manner. Otherwise UK news was dominated by news from elsewhere. So given the uncertainty either way I would suggest that to buy or sell euros makes sense so as to be very sure of what your costs are or what you are getting.

The US$ had an entertaining week. The Fed Chief surprised the market on Tuesday by reducing US interest rates by 0.75%. This had been “expected/hoped for” by the market given the need to stave off recession in the US. More cuts in US interest rates are expected and I wonder if in order to avoid falling into recession US interest rates will need to head back to 1%.

The Euro lost a bit of ground this week. Not a huge surprise given the news of the week was a Paris based trader managing to lose Euro 5 billion. How on earth can you manage to do such a thing. It appears with not much difficulty and it doesn’t take much time. We live in a very strange world when such things can happen! Euro land finance ministers want the European Central Bank to focus on the economy [reduce Euro interest rates] but the ECB continues to focus on inflation [maintain Euro interest rates].

Sterling held its ground against the higher yielding currencies. Not really a surprise given the reluctance of investors to take on higher risk in these very volatile markets. I suspect there is more upside for sterling than downside against most of these higher yielding currencies.

Why is Currency Management So Important? Using a bank could cost you £3-4,000 per £100,000 transferred. Buying at the “wrong” time could cost you many £’000′s more as rates can move as much as 3% in a very short period of time. Then add in transfer costs that the banks charge for sending and receiving funds and you could be looking at additional costs of £10,000 per £100,000 transferred. By developing a currency strategy and by working with a specialist currency broker these losses could be minimised if not eliminated.

Smart Client Testimonial: “Recent transaction was completed very efficiently. The process was well explained, all questions answered with confidence. The process was very simple to follow with excellent feedback throughout the process. Plus a great rate of exchange was provided. I will definitely use the service again” John Derek Thompson

If you haven’t opened a Smart account yet, call me on freephone 0808 163 0102 or fill out our online Account Form at: http://www.SmartCurrencyExchange.com/application.htm

How much will a Property Cost? To estimate the cost of a property simply DIVIDE the price of the property by the appropriate currency rate noted above. But note this is based on the inter bank rate so the actual cost will be slightly more.

Charles Purdy
Charles Purdy


Smart Resources

Currency Strategy Worksheet
Need help creating a Currency Strategy? Download our Currency Strategy Worksheet:
http://www.smartcurrencyexchange.com/downloads/CurrencyStrategyWorksheet.pdf

Currency Report
Have your read our 10-page Currency Report that outlines the top 3 mistakes that overseas buyers make when exchanging and transferring their money overseas? Get the report here:
http://www.SmartCurrencyExchange.com/downloads/ThreeMistakes.pdf

Currency Quotation
Are you interested in a currency rate for Euros, US$’s, CYP, NZD, or any other currency, please fill out our Smart quotation form at: http://www.SmartCurrencyExchange.com/smartquotation.htm


Smart Currency Exchange Limited

   


Smart Currency Exchange | 1 Hammersmith Grove | Hammersmith | London | W6 0NB | UK

© 2005-2007 Copyright  Smart Currency Exchange Ltd

THIS PUBLICATION DOES NOT CONSTITUTE ADVICE WITHIN THE TERMS OF THE FINANCIAL SERVICES ACT (OR ANY SUBSEQUENT REVISIONS, ADDITIONS, OR AMENDMENTS).

Disclaimer

Exchange rates can move very quickly. The above rates are the interbank rates and valid at a moment in time. The interbank rate is the rate at which the banks deal with each other in the foreign exchange markets. Suggestions should not be taken as advice or fact. The market does what it wants to do.  We have no crystal ball and as ever we suggest that if an exchange rate works for your budget then don’t try and wait for an even better exchange rate, as Murphy’s Law says the rate will go against you and cause you maximum pain!



SCE/OGC

1 Hammersmith Grove
London, London
W6 0NB
GB

If you no longer wish to receive communication from us:
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Posted January 24th, 2008 by Charles Purdy

Smarts Daily Currency Note – 24th Janaury 2008

 
Smart Currency Exchange – Daily Currency Rates for Overseas Property Buyers  
Free Daily Inter Bank Currency Exchange Rates 24th January 2008

Currency

Rate

EURO

1.338

US$

1.952

CHF

2.131

CAN$

1.997

AUS$

2.238

Comments:  Still a volatile climate with great uncertainty in financial markets. Having said that, sterling has been relatively becalmed against the euro and the US$ with no dramatic movement over the last ten days or so. The Bank of England minutes from their last meeting were released which showed that they were still focussed on inflation which means that any reduction in interest rates are likely to be slow and sure. This is probably contrary to what the market wants to hear at this moment in time.

Note:  All rates are mid market inter bank and indicative at the point of publication. 

To get an initial estimate of the cost of a property simply DIVIDE the price of the property by the appropriate currency rate noted above.



Smart Currency Exchange | 1 Hammersmith Grove | Hammersmith | London | W6 0NB | UK

© 2005-2008 Copyright  Smart Currency Exchange Ltd

THIS PUBLICATION DOES NOT CONSTITUTE ADVICE WITHIN THE TERMS OF THE FINANCIAL SERVICES ACT (OR ANY SUBSEQUENT REVISIONS, ADDITIONS, OR AMENDMENTS).

Disclaimer

Exchange rates can move very quickly. The above rates are valid at a moment in time.
Suggestions should not be taken as advice or fact. The market does what it wants to do.  We have no crystal ball and as ever we recommend that if an exchange rate works for your budget then don’t try and wait for an even better exchange rate, as Murphy’s Law says the rate will go against you and cause you maximum pain!



SCE/OGC

1 Hammersmith Grove
London, London
W6 0NB
GB

If you no longer wish to receive communication from us:
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To update your contact information:
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Posted January 23rd, 2008 by Charles Purdy

Smarts Daily Currency Note – 23rd January 2008

 
Smart Currency Exchange – Daily Currency Rates for Overseas Property Buyers  
Free Daily Inter Bank Currency Exchange Rates 23rd January 2008

Currency

Rate

EURO

1.343

US$

1.959

CHF

2.147

CAN$

2.010

AUS$

2.258

Comments:  Well who would have thought! The Fed in the US cut US$ interest rates by 0.75% yesterday. Should we be shouting yippee or should we be really very worried. I suspect the latter. Further cuts in US$ interest rates are expected soon. The reason I am worried is that clearly the financial system in the US is under huge pressure and knowing what the knock on affect will be is somewhat difficult to know. I suspect that the European Central Bank will be forced sooner rather than later to revisit Euro land interest rates which will be a change from their current focus on inflation. Where does this leave sterling? Probably on the sidelines. The Bank of England will continue to reduce interest rates and this is already in sterling’s exchange rate.

Note:  All rates are mid market inter bank and indicative at the point of publication. 

To get an initial estimate of the cost of a property simply DIVIDE the price of the property by the appropriate currency rate noted above.



Smart Currency Exchange | 1 Hammersmith Grove | Hammersmith | London | W6 0NB | UK

© 2005-2008 Copyright  Smart Currency Exchange Ltd

THIS PUBLICATION DOES NOT CONSTITUTE ADVICE WITHIN THE TERMS OF THE FINANCIAL SERVICES ACT (OR ANY SUBSEQUENT REVISIONS, ADDITIONS, OR AMENDMENTS).

Disclaimer

Exchange rates can move very quickly. The above rates are valid at a moment in time.
Suggestions should not be taken as advice or fact. The market does what it wants to do.  We have no crystal ball and as ever we recommend that if an exchange rate works for your budget then don’t try and wait for an even better exchange rate, as Murphy’s Law says the rate will go against you and cause you maximum pain!



SCE/OGC

1 Hammersmith Grove
London, London
W6 0NB
GB

If you no longer wish to receive communication from us:
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To update your contact information:
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Posted January 22nd, 2008 by Charles Purdy

Smarts Daily Currency Note – 22nd January 2008

 
Smart Currency Exchange – Daily Currency Rates for Overseas Property Buyers  
Free Daily Inter Bank Currency Exchange Rates 22nd January 2008

Currency

Rate

EURO

1.346

US$

1.938

CHF

2.148

CAN$

2.007

AUS$

2.270

Comments:  More chinks in the armour for the Euro with the Euro land Finance Ministers complaining about the strength of the euro and how it was having a significant negative affect on their respective countries economies. Euro lands growth forecasts are being pulled back from being close to 3% to nearer 1.5%. Doesn’t sound much but is a serious change and may well lead to the European Central Bank changing their view on Euro land interest rates. The Euro land Finance Ministers are also hoping that the US can avoid recession. Not a great hope and not a great sign of confidence in their own economies to go it alone without the support of the US! We are in for turbulent times.

Note:  All rates are mid market inter bank and indicative at the point of publication. 

To get an initial estimate of the cost of a property simply DIVIDE the price of the property by the appropriate currency rate noted above.



Smart Currency Exchange | 1 Hammersmith Grove | Hammersmith | London | W6 0NB | UK

© 2005-2008 Copyright  Smart Currency Exchange Ltd

THIS PUBLICATION DOES NOT CONSTITUTE ADVICE WITHIN THE TERMS OF THE FINANCIAL SERVICES ACT (OR ANY SUBSEQUENT REVISIONS, ADDITIONS, OR AMENDMENTS).

Disclaimer

Exchange rates can move very quickly. The above rates are valid at a moment in time.
Suggestions should not be taken as advice or fact. The market does what it wants to do.  We have no crystal ball and as ever we recommend that if an exchange rate works for your budget then don’t try and wait for an even better exchange rate, as Murphy’s Law says the rate will go against you and cause you maximum pain!



SCE/OGC

1 Hammersmith Grove
London, London
W6 0NB
GB

If you no longer wish to receive communication from us:
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To update your contact information:
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Posted January 18th, 2008 by Charles Purdy

Smarts Weekly Currency Note – 18th January 2008

 
  Smart Currency Exchange – Weekly Currency Rates for Overseas Property Buyers  
Weekly Currency Interbank Exchange Rates 18th January 2008

Currency
Rate Last
Week
Rate This
Week
EURO
1.324
1.340
US$
1.957
1.961
CAN$
1.997
2.011
AUS$
2.189
2.220
NZD
2.489
2.567
AED
7.186
7.200

CHF

2.157
2.161

ZAR(Rand)

13.348
13.843

Charles’s Thoughts:  Sterling isn’t as friendless as it was last week. Still not the belle of the ball but at least the occasional glimmer of interest. The fate of sterling was more influenced by what was happening elsewhere rather than here in the UK. Still significant problems given the parlous state of the UK economy and the Bank of England has a difficult balancing act between fighting inflation and helping the economy. The market still expects the BOE to reduce interest rates to help the economy but the BOE needs to use UK interest rates to fight inflation. The housing market continues to suffer and the retail performance over Christmas was very mixed. Hopefully this week seems to be the week where sterling found a base against other currencies. The only fear is that something nasty similar to Northern Bank comes out of the woodwork!

The US$ had a bad week news wise. The Fed Chairman said that further cuts in US interest rates may be necessary given that the outlook for the US economy had worsened. This was backed up by the business activity index for the Philadelphia region falling to its lowest level since the last recession. So a US recession is very much on the cards. Will the UK follow suit.

The first chink in the Euros armour with the head of the Luxembourg central bank saying that given the current circumstances the European Central Bank may have to be more flexible on interest rates. This was quickly withdrawn but I think most would concur that this showed common sense rather than blind faith. However the ECB wants to present a clear position as wage negotiations are currently underway and the ECB wants any agreements reached to be non inflationary. Once the wage negotiations are over the ECB may become more focused on the Euro land economy. However, for the moment the Euro is still the preferred currency when compared to sterling and the US$.

Sterling gained some ground against the higher yielding currencies. Nothing major but given that the Australian economy had some good news it may indicate a softening in the attitude and downward pressure on sterling.

Why is Currency Management So Important? Using a bank could cost you £3-4,000 per £100,000 transferred. Buying at the “wrong” time could cost you many £’000′s more as rates can move as much as 3% in a very short period of time. Then add in transfer costs that the banks charge for sending and receiving funds and you could be looking at additional costs of £10,000 per £100,000 transferred. By developing a currency strategy and by working with a specialist currency broker these losses could be minimised if not eliminated.

Smart Client Testimonial: “Recent transaction was completed very efficiently. The process was well explained, all questions answered with confidence. The process was very simple to follow with excellent feedback throughout the process. Plus a great rate of exchange was provided. I will definitely use the service again” John Derek Thompson

If you haven’t opened a Smart account yet, call me on freephone 0808 163 0102 or fill out our online Account Form at: http://www.SmartCurrencyExchange.com/application.htm

How much will a Property Cost? To estimate the cost of a property simply DIVIDE the price of the property by the appropriate currency rate noted above. But note this is based on the inter bank rate so the actual cost will be slightly more.

Charles Purdy
Charles Purdy


Smart Resources

Currency Strategy Worksheet
Need help creating a Currency Strategy? Download our Currency Strategy Worksheet:
http://www.smartcurrencyexchange.com/downloads/CurrencyStrategyWorksheet.pdf

Currency Report
Have your read our 10-page Currency Report that outlines the top 3 mistakes that overseas buyers make when exchanging and transferring their money overseas? Get the report here:
http://www.SmartCurrencyExchange.com/downloads/ThreeMistakes.pdf

Currency Quotation
Are you interested in a currency rate for Euros, US$’s, CYP, NZD, or any other currency, please fill out our Smart quotation form at: http://www.SmartCurrencyExchange.com/smartquotation.htm


Smart Currency Exchange Limited

   


Smart Currency Exchange | 1 Hammersmith Grove | Hammersmith | London | W6 0NB | UK

© 2005-2007 Copyright  Smart Currency Exchange Ltd

THIS PUBLICATION DOES NOT CONSTITUTE ADVICE WITHIN THE TERMS OF THE FINANCIAL SERVICES ACT (OR ANY SUBSEQUENT REVISIONS, ADDITIONS, OR AMENDMENTS).

Disclaimer

Exchange rates can move very quickly. The above rates are the interbank rates and valid at a moment in time. The interbank rate is the rate at which the banks deal with each other in the foreign exchange markets. Suggestions should not be taken as advice or fact. The market does what it wants to do.  We have no crystal ball and as ever we suggest that if an exchange rate works for your budget then don’t try and wait for an even better exchange rate, as Murphy’s Law says the rate will go against you and cause you maximum pain!



SCE/OGC

1 Hammersmith Grove
London, London
W6 0NB
GB

If you no longer wish to receive communication from us:
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To update your contact information:
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Posted January 17th, 2008 by Charles Purdy

Smarts Daily Currency Note – 17th January 2008

 
Smart Currency Exchange – Daily Currency Rates for Overseas Property Buyers  
Free Daily Inter Bank Currency Exchange Rates 17th January 2008

Currency

Rate

EURO

1.342

US$

1.963

CHF

2.169

CAN$

2.004

AUS$

2.225

Comments:  The first chink in the Euros armour as the head of Luxembourg’s central bank said that the European Central Bank might revise down its growth forecasts for 2008 and that the ECB should remain flexible on interest rates. Certainly makes sense as Euro land cannot defy forever what is happening elsewhere. Doesn’t mean that we are going to see sterling strengthen significantly against the Euro short or medium term but it may mean that we see sterling at least underpinned at current levels.

Note:  All rates are mid market inter bank and indicative at the point of publication. 

To get an initial estimate of the cost of a property simply DIVIDE the price of the property by the appropriate currency rate noted above.



Smart Currency Exchange | 1 Hammersmith Grove | Hammersmith | London | W6 0NB | UK

© 2005-2008 Copyright  Smart Currency Exchange Ltd

THIS PUBLICATION DOES NOT CONSTITUTE ADVICE WITHIN THE TERMS OF THE FINANCIAL SERVICES ACT (OR ANY SUBSEQUENT REVISIONS, ADDITIONS, OR AMENDMENTS).

Disclaimer

Exchange rates can move very quickly. The above rates are valid at a moment in time.
Suggestions should not be taken as advice or fact. The market does what it wants to do.  We have no crystal ball and as ever we recommend that if an exchange rate works for your budget then don’t try and wait for an even better exchange rate, as Murphy’s Law says the rate will go against you and cause you maximum pain!



SCE/OGC

1 Hammersmith Grove
London, London
W6 0NB
GB

If you no longer wish to receive communication from us:
Cancel

To update your contact information:
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Posted January 16th, 2008 by Charles Purdy

Smarts Daily Currency Note – 16th Janauary 2008

 
Smart Currency Exchange – Daily Currency Rates for Overseas Property Buyers  
Free Daily Inter Bank Currency Exchange Rates 16th January 2008

Currency

Rate

EURO

1.322

US$

1.959

CHF

2.131

CAN$

2.005

AUS$

2.223

Comments:  Poor retail figures in the US yesterday. Also here in the UK, Tescos Christmas trading, although showing positive growth, was below expectations. UK inflation figures at 2.1% were close to the target rate of 2% which would suggest a holding pattern for UK interest rates. However the market is adamant that the Bank of England will cut UK interest rates this year as the economy is of greater concern. The UK is in quite a hole. I wonder how and when we will get out of it.

Note:  All rates are mid market inter bank and indicative at the point of publication. 

To get an initial estimate of the cost of a property simply DIVIDE the price of the property by the appropriate currency rate noted above.



Smart Currency Exchange | 1 Hammersmith Grove | Hammersmith | London | W6 0NB | UK

© 2005-2008 Copyright  Smart Currency Exchange Ltd

THIS PUBLICATION DOES NOT CONSTITUTE ADVICE WITHIN THE TERMS OF THE FINANCIAL SERVICES ACT (OR ANY SUBSEQUENT REVISIONS, ADDITIONS, OR AMENDMENTS).

Disclaimer

Exchange rates can move very quickly. The above rates are valid at a moment in time.
Suggestions should not be taken as advice or fact. The market does what it wants to do.  We have no crystal ball and as ever we recommend that if an exchange rate works for your budget then don’t try and wait for an even better exchange rate, as Murphy’s Law says the rate will go against you and cause you maximum pain!



SCE/OGC

1 Hammersmith Grove
London, London
W6 0NB
GB

If you no longer wish to receive communication from us:
Cancel

To update your contact information:
Update

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