Moving money abroad for a foreign mortgage, second home purchase, school fees or any other large cost often involves a faceless transaction and being royally fleeced by your bank. But what if there was another, local option?
Andrew Jolliffe set up Nucurrencies in 2011 after an epiphany on his morning commute. Number crunching the journey away, he worked out that if he continued working in the investment bank where he’d been for 6 years (doing ultimately what Nucurrencies does now), he’d spend two and a half years of his life commuting. That was enough to go it alone.
Ultimately Nucurrencies offers a similar service to outfits like Transferwise, but is designed for higher value transactions. “Most currency firms go through a broker and apply a generic rate across the board. We go direct to the currency markets, which helps if you’re sending a larger amount of money.” Believe it or not, Nucurrencies can actually tailor the rate through methods like hedging strategies, forward contracts and other tricks: imagine if you’d bought euros at €1.40 to the pound last year and were drawing it down each month today.
And yes, that is entirely possible. You just need someone on your side.
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