Single Farm Payments
The EU Commission will convert the rate of single farm payments, from Euros to Sterling, based on the ECB rate on the 30th September. But farmers don't have to wait until then to lock in an exchange rate.
The Sterling to Euro interbank exchange rate has recently been as low as 1.11 (Thursday 5th May 2011).
Whilst a weak pound is bad news for importers it is good news for farmers who have elected to take payment in Euros and want to exchange these into Sterling at better rates than the Single Farm Payment rate set for 2010.
In response to recent enquiries about this year's Single Farm Payments we have set up a desk, headed by FX Manager David Worthington , specialising in assisting farmers who want to take advantage of current rates.
David and his team are available now to take your call and discuss how you can enter into a Forward Contract that can enable you to 'lock in' a favourable rate at a time when the Euro is strong and/or Sterling is weak. David's contact number is 01442 892060 or Freefone 0800 781 0601.
The Foremost Currency Group are one of the larger Currency Brokers specialising in Sterling to Euro and Euro to Sterling currency conversions.
We are authorised and regulated by the Financial Services Authority (FSA) under the Payment Services Regulations 2009 as a Payment Institution (PI), our registration number is 503906. Our status is that of authorised PI (for whom the criteria is more strict than a small PI). More details are contained in our Customer Charter.
Because our overheads are lower we can provide rates that are (sometimes up to 5%) better than those provided by UK and European banks. You can be assured that your funds are secure because we are UK regulated and operate segregated client accounts. We also have a 1A2 credit rating from Dun and Bradstreet (the global credit ratings agency).
