Currently offered exclusively to clients of Hove-based CFS, the UK's leading overseas mortgage broker, the scheme has been launched in response to the needs of Britons moving abroad or buying property for investment or personal use.
Many such buyers are finding that the size and regularity of money transfers between the UK and overseas, for overseas mortgage payments for example, is leaving them out of pocket due to the fluctuations of the currency market and costly transfer fees.
Under the agreement, Moneycorp pledge to provide CFS with fixed exchange rates for between six and 24 months (so fixing the sterling value of their payments against adverse exchange rate movements) at the most competitive commercial exchange rates available.
The service is designed to avoid unnecessary intervention or stress for CFS clients.
Nick Bull, marketing manager of Moneycorp, says: “The regular payment plan we have established with CFS is simple to set up and use, and will benefit those who have to transfer sums overseas regularly. Over recent months, we have been working closely with CFS to ensure their customers get the best deal and that we have the right systems in place to support them effectively.
“Under the plan, regular payments are paid by direct debit to Moneycorp and we then arrange for transfers to be made to an account and on a date that the client specifies. The only charge for the service is a £4 transfer fee which compares favourably with the £25-40 charged by high street banks.”
The decision to work with Moneycorp followed an extensive investigation of the market.
Simon Conn, senior partner at CFS, says: “Having decided to look for a currency exchange plan, we spent time researching the best products and services available and decided to team up with Moneycorp. We have dealt with them for over three years for lump sum transfers and are confident that their extensive knowledge and expertise will help ensure that the new scheme to offer our clients significant financial benefits.”