With the recent success of the Better Together campaign, the pound has strengthened further still against the euro. If the EUR/GBP exchange rate (0.78p) stays at the current level it will be the worst rate in the last six years for those who opted to take their SPS in Sterling. However, those who opted to take the SPS in euros still have the chance to save. With the SPS making a
vast difference to a farmer’s balance sheet, it’s vital to make the most out of converting the euros into Sterling. A mere 5% swing in the value of the pound can make more than a £10,000 difference when receiving €250,000.
By using Currencies Direct to make your transfer you could save up to 3% compared to using your bank. What’s more, with our range of foreign currency exchange products you can lock in today’s rate for the next twelve months. With direct access to your personal dealer, it makes it possible to monitor rates, giving you the opportunity to target rates and buy at a favourable time.
Single Farm Payments can be crucial to the profitability of many farms.
Defra (the Department for Environment, Food & Rural Affairs) has announced that next year it will introduce the Common Agricultural Policy Reform, placing stricter ruling on claims for the subsidy. However, there is still time for those who opted to take the 2014 SPS in euros to save thousands on their transfers.
If you’d like to find out more or just have a chat about your options then give us a call on 020 7847 9480 and please remember to quote “Farming UK” to benefit from our preferential rate. Alternatively you can email us at farming@currenciesdirect.com and we’ll get back to you.
Currencies Direct are an FCA regulated company with a 2A1 credit rating.
