Foreign Exchange can often seem transactional. If you have income in one currency, you may need to convert it to another to unlock your spending power. However, it can have a meaningful impact on life events too.
Investec recently helped an entrepreneur who was looking to buy a holiday home in France as a place to enjoy his downtime. Our client had a hectic international lifestyle and had generated earnings in US Dollars, Singapore Dollars and United Arab Emirates Dirham. He was also due to receive further funds from property sales overseas, so he needed help to manage the transaction efficiently and save time.
The client’s FX requirements were to hold the currency in his account and convert these funds to Euros at an agreed level and at the time which was right to facilitate his new property purchase.
“We work closely with many private banking clients who require our foreign exchange support. This includes entrepreneurs, and professionals in sectors such as law and finance who earn part of their income in a foreign currency,” says Private Client Foreign Exchange Dealer David Bimpson. “We can help with both event-driven trades and longer-term strategies.”
Investec Currency Access Accounts can hold funds in 15 currencies and offer interest on those balances. Meanwhile, our experienced foreign exchange dealers can help to monitor the markets and devise solutions.
“In this scenario, we were able to hold and convert our client’s funds with ease, execute trades at appropriate times and transfer the Euros to France to complete the deal, in time for many happy summers ahead,” says David. “It’s really rewarding to help someone achieve their personal goals.”
Want to know more about how private banking with Foreign Exchange capability can help you? Please get in touch.
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