The Thorne family who migrated to Canada
The Thorne family first contacted us with an outline of their plans for a move to Canada, the time frame they were working towards and their financial situation. Once an account was opened we put together a strategy to maximize the amount of Canadian dollars purchased within the short time frame available, resulting in Canadian Dollars being bought at £/CA$ 2.04 – a two month high at the time.
Once relocated in Canada the Thorne’s wanted to move more money from the UK. Our Account Manager implemented a market order to take advantage of the volatility in the currency markets. A market order is an instruction to buy or sell currency at a certain level, so in this instance, the order was placed at £/CA$ 1.90 – a level the Account Manager forecasted based on market movements and economic events.
The graph below shows market movements in the month before and after the trade was completed. This illustrates how important the timing of a transaction can be and how volatile the currency markets are. A month later the Thorne’s would have received over CA$ 3,600 less for the same amount of Sterling.
Colin Thorne was impressed with the service he received from SATFX (formerly SAT Worldwide):
“When I was offered a job in Canada and we decided to emigrate, I needed to exchange our money into Canadian dollars. I first talked to my bank but I didn’t want to suffer from the poor exchange rates and high transfer fees they were offering. I was also disappointed by the foreign exchange companies I met at various exhibitions as they failed to respond to emails or return my phone calls. I then searched online and contacted SAT Worldwide who were very helpful and explained how the process worked. I was assigned my own account manager who reassured me that my money was safe and provided me with some comparative exchange rates that were much better compared to the exchange rates offered by their competitors. My account manager provided 100% customer satisfaction, calling me to update me on currency moves and suggesting strategy to make sure I got as many Canadian dollars as possible. I still have an account and have used SAT Worldwide to transfer money whilst in Canada and I was again impressed by the exchange rates as they were better than any other foreign exchange company I made enquiries with. I would highly recommend SAT Worldwide to anyone needing to exchange their money”.
Colin Thorne, Canada.