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Let's talk currency

Thanks for submitting your enquiry.

A Privalgo representative will be in touch with you shortly.

25 Eastcheap 2nd Floor
London EC3M 1DE
United Kingdom

+44 (0) 20 3880 0575

help@privalgo.co.uk

Office Hours
Monday - Friday
8:00am - 5:30pm

FX Case Study: Expat by Design

18 November 2020

Justin had originally worked in the retail sector of the sports industry in London. Starting his working life in the hustle and bustle of Oxford street. His passion for sporting attire had developed from a love of running. New designs and increased technology had pushed Justin to take his employment to the next level and explore a career in sports design.  

3 years at technical design college and placements at numerous outlet stores and Justin had become quite the face on the sporting goods design circuit. In 2002 Justin was approached by an international sporting goods brand based near Nuremburg in Germany. This was the break that he had been waiting for.   

His trepidation in moving abroad was soon eased when he arrived at the futuristic head office of this massive brand. The company wanted to develop his career as much as he did, continual ongoing training and constant review, meant that Justin could realise his potential in the business, and he began to thrive. 

After three years Justin had made quite the name for himself and settled into a small town in the local area. He had met Tracey, who worked at a rival sports company in the same regionironically by each trying to poach the other to join the other side. Their personal relationship had blossomed, and the sound of bells and the patter of tiny feet would soon be on the horizon.   

In 2007, Tracey and Justin had been married for a year and their first son had arrived. Over the subsequent two years, two further children had arrived, and the family was complete. Over the following 13 years the story was like a fairy tale. The children were educated at the local international school, both Tracey and Justin’s career flourished and financially they had both been extremely successful.  

At the end of 2019 Justin’s father had taken ill and was now unable to visit Germany, with Tracey’s parents getting older as well as Justin’s, they came to the very difficult decision to move back to UK. Combining the family wealth and selling the family home they had generated quite a large sum of money. Justin and Tracey both had this love of design and technology and a mutual love of retail. With that in mind they had the idea to open a small fashion design studio, predominantly sports apparel but with an urban twist.  

Justin and Tracey had an issue, all of their wealth had been generated in Euro’s. The sale of their home had generated 1.2million Euro’s alone. That combined with their savings, company share scheme and cashing in their pensions the total was in excess of 3.4million Euro’s. All of this needed to be brought back to the UK as they saw no future for them back in Europe. With the turmoil that Brexit had created they knew they needed help in repatriating the funds. Neither of the couple had experience with foreign exchange but both knew that the bank did not seem to be offering a very good rate of exchange.  

In early 2020, Justin had followed an ad campaign of Facebook and had connected with Privalgo. After researching the company on the internet and reading reviews, he followed the simple ‘request further information’ tabs and filled in his details. Internally the contact had been handed to Ralf Martyrossian, Ralf had worked for Privalgo for some time and was a foreign exchange specialist. After an initial conversation, Ralf organised a call with Justin, Tracey, his colleague Daniel Fozard and himself to discuss all of the services available through Privalgo. 

Ralf and Daniel had started with a conversation to assess the overall situation. After reviewing the information, Daniel had come back with some further questions regarding time frames and further specifics. It was apparent that Justin and Tracey needed to initially purchase a home, place the children in private schooling and invest in their new business. Now, the obvious solution would have been to transfer all of the funds in one go and be done with it. However, the volatility that the pound and Euro had experienced since the Brexit vote had made Justin nervous to do this, his thoughts were solidified when he spoke with Privalgo’s experts. 

Daniel and Ralf had proposed that a proportion of the funds were transferred immediately, to fund the deposit for the property that the couple had found. Once the simple and swift account opening process was completed, this was actioned via Privalgo’s ‘Insight’ portal at the best rate possible. The next stage was to create an account that would fund the children’s school fees. Three times a year the fees would need settling. Justin’s apprehension and opinion on the movement of the Euro was soothed by the calm and professional approach of the Privalgo team. The exchange for the next twelve months was completed over the following 2 months as a better rate of exchange was achieved. With the intention to continual monitor this over the course of the children’s education. 

The balance of the funds, which were required to fund the start-up, were transferred in tranche’s at optimal points in time. Daniel and Ralf had made this process simple and efficient by setting alerts on the account to contact Justin and Tracey and make them aware of the market changes. The whole process had been flawless. The relationship had been grown from one simple Facebook post into millions of Euro’s being transferred. Privalgo’s Insight Portal had made the transfers swift and efficient and also allowed Justin and Tracey to hold the funds in a Euro account until they were required, so not having to continually pay transfer fees to their German bank. 

This type of client and specialist combination is what make Privalgo different from the norm. The attention to detail and the care that goes into every relationship has been the key to Privalgo’s success. Transparency in every transaction, integrity in every decision and honesty in every conversation is the commitment that every specialist at Privalgo commits to.  

How We Can Help You Get The Best Exchange Rates?

To get great rates, many people start watching currency movements about a month before they actually need to make the transfer.

This gives you time to get a better idea of what good and bad prices look like. It also means you can act fast when the rates fall in your favour.

But what if you don’t want to do that work?

Well, a reputable FX broker can do that work for you, and make sure that you get the best deal possible.

At Privalgo, all transfers are carried out with a dedicated account manager who can guide you every step of the way to ensure you maximise value from your transaction.

So, if you’d like to find out more on how you can get the best exchange rate, no matter the currency.

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