Next week, Americans will be going to the polls to choose their next president. Elections often cause increased currency fluctuations and this election, which has been a close fight between two controversial candidates, is likely to be no different.
At times of high volatility, we know that some international money transfer providers may choose to place restrictions on their transactions until results are known. We saw this during the EU Referendum period, and we have seen again today that at least one provider has chosen to place a cap on US transfers during the election period.
We’d like to reassure you that, as one of the largest non-bank providers and part of Nasdaq listed Euronet Worldwide Inc. (EEFT), we’ll be open for business throughout the election period 24 hours a day*.
US Elections – Your Options
In the short term, it is possible that the increased uncertainty could cause the Dollar to weaken. But what happens after that depends on the outcome of the voting.
Clinton is generally seen as the “safe” choice from a market perspective, so the most likely outcome in this scenario would be a small drop followed by a gradual recovery.
Trump is a much larger unknown, which could cause greater volatility. This means that a Trump victory may result in a more sustained weakening of the Dollar.
You can find out more about what either candidate could mean for the Dollar here.
Need to make a transfer?
To take advantage of the bank beating exchange rates we offer, simply log into your account and see how much you could save by getting a live quote. We’ll be open 24 hours a day online throughout the election period.
Alternatively, consider locking into current rates using either a forward contract or by using our regular payments service, both of which enable you to fix exchange rates for up to 2 years into the future for one-off or regular international payments. Call our friendly team of experts on 01753 859 159 to discuss your options.
If you don’t have an account with us yet, it only takes a few minutes to sign up.
Not ready to make a transfer just yet?
Let us be your eyes and ears in the market for you. Monitor your currencies with our easy to use customisable charts and tools. Or login to get live quotes and set personalised rate alerts – then sit back as we scan the markets on your behalf 24 hours a day.
If you’d like to discuss your personal situation with us in more detail, please contact us.
*Subject to the markets being open.
The details expressed in this transmission and accompanying documents are for information purposes only and are not intended as a solicitation for funds or a recommendation to trade. HiFX Europe Limited accepts no liability whatsoever for any loss or damages suffered through any act or omission taken as a result of reading or interpreting any of the above information. HiFX Europe Limited is authorised by the Financial Conduct Authority under the Payment Services Regulations 2009, registration 462444, for the provision of payment services. HiFX Europe Limited is a registered MSB with HM Revenue & Customs – Reg No: 12131222. HiFX is a limited company registered in England and Wales. Registered number: 3517451. Registered office: Maxis 1, Western Road, Bracknell, Berkshire, RG12 1RT