We understand that agriculture and farming have a global function that require more than good ground to keep them running. Being a UK business ourselves we want to support the farming industry to remain sustainable and provide the tools to keep money in your pockets – not the banks!
Many areas of agriculture are influenced by fluctuations in exchange rates. One example of exposure to this volatility affects the majority of farmers each year through their Single Farm Payment (SFP). This could be the last year that farms receive their full entitlement from the Single Farm Payment Scheme (SPS) in the format they currently know it, so if you are one of the more than 100,000 farmers who qualify, you need to make the most of that money this year.
This is why exchange rates that beat the banks and a 24/7 service is so important and is why we’re here to help!
One of our partners, Farmers Forex specialises in this industry and Jen Lancaster, the daughter of a dairy farmer and London foreign exchange trader set up to ensure that Farmers are no longer exposed to high bank fees.
“Electing to get paid your SFP in sterling means that someone else is in control of what ends up in your bank account” says Jen.
Banks will typically charge you anything up to 4% in fees and charges for the payments you need to make. Farmers Forex provide you with a service that is seamless and transparent with all international payments costing not more than 1% and no hidden fees.
In other words, spend less of your funds when buying and sending currency overseas!
Take Control of your Single Farm Payment (SFP)
Arrange to receive your Single Farm Payment (SFP) in Euros, then Farmers Forex allows you to take control by offering two different options to convert the payment into pounds:
Option 1: Once you have received your Euros, you can decide when you would like to convert your payment into sterling and at a time and rate that is best for you and your business.
Option 2: Fix the exchange rate at any time before you expect to receive your payment, by using a forward contract. You can always lock in the rate on some of the SFP now and convert the rest at any time up to or after the payment date.
Book a forward
“Fixing your exchange rate helps lower foreign exchange rate risk from your business. Setting up an online account is very simple and our user feedback so far is extremely positive. A transaction that could normally take several hours to facilitate with high street banks now takes only a matter of minutes through this system and the new service could save farmers up to 3% per transaction”. Says Jen.
Ready to get started?
Simply register and you can begin sending money or setting up multiple payments today!
Got a question? Contact Jen Lancaster, Director of Farmers Forex and specialist in the industry, to find out how they can save your farm, time and money.
Contact Jen on: [email protected] or call 01200 424454.