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2018

Your New Year’s Currency Resolutions

Published: Tuesday 18 December 2018

The festive season is always a busy one for the currency markets – a few days’ break can mean a very volatile start to currency trading and there are often some surprises in store. Make sure any international payments you need to make towards the end of the year and the start of the new one are protected with these top tips.

1. Plan for big currency exchanges as far in advance as you can

Don’t leave it to the last minute, if you can avoid it! If you know you have any big currency transactions on the horizon, talk to a currency specialist about what the markets are doing and how this could affect your international payments. They can talk you through the different currency tools that are available to protect your payments from exchange rate uncertainty and discuss timing of your transactions, so you can make the most of your money and protect it from any market shocks.

2. Consider using Automated Currency Exchange Orders or Forward Currency Trades to protect your payments

As the festive break means fewer currency trading hours, the trades that do take place tend to have a greater impact on the markets, making the period between Christmas and New Year particularly volatile and susceptible to market shocks. But you can protect your payments in a number of ways with specialist currency services.
 
Automated orders are a simple, effective way to make sure your currency exchange completes when the exchange rate hits the level that you want. They are flexible and can be changed or cancelled depending on what’s happening with the exchange rates.
 
Forward Trades are a currency tool that allows you to lock in the exchange rate now for a planned future purchase of goods and services. You can make sure the exchange rate you receive does not change when currency markets fluctuate – very useful in times of volatility and uncertainty, like we are facing now – and this can be for up to 12 months in advance of your planned purchase.

3. Keep an eye on the Interbank exchange rates

Checking in to see what the bank-to-bank (Interbank) exchange rates are doing gives you a good idea of what’s happening in the currency markets – or you can ask your currency consultant to do it for you!

4. Make sure any regular payments are covered

If you are sending regular payments internationally, perhaps for bills, a mortgage, pension, salary or academic fees, you can save time, money and worry by setting up a plan to ensure these payments go through on time, when you need them to. A Regular Currency Trades plan means you can set up currency trades to go through automatically at times to suit your needs, so you won’t have to remember to make particular payments each month, for example, or worry about when they will go through between all the public holidays.

5. Check the opening hours…

Make sure you know when your international bank will be open and will be able to receive currency trades. Most currency specialists are open throughout the seasonal break, but with slightly reduced hours. Remember that currency markets do not trade on public holidays, so you will not be able to make any currency exchanges on 25th and 26th December if you are based in the UK, USA, Australia, New Zealand, Canada, and parts of Europe and the Caribbean.

Halo Financial will be open on the following days and times over the festive period and here to help you through the holidays:

December
Monday 24th – 08:30 – 17:30
Tuesday 25th  – Closed
Wednesday 26th – Closed
Thursday 27th – 08:30 – 17:30
Friday 28th – 08:30 – 17:30
Monday 31st – 08:30 – 17:30

January
Tuesday 1st – Closed
Wednesday 2nd – Normal hours resume – 08:30 – 20:30 
 
Halo Online will be available over the holidays, apart from the following times: 
  • All day Christmas Day, until 19:00 on Boxing Day
  • From 22:00 on New Year’s Eve until 19:00 on New Year’s Day
Do get in touch if we can help you with anything this year, or next. We’ll be only too happy to help in these busy and uncertain times.
 
With all our very best wishes for the festive season and for a happy, healthy and prosperous 2019.
 
Halo Financial Team

 
Happy new year 2019 - 1200 x 360