Well they are saying it for a short time but don't specify how long. And they are saying it is because "safety of your money is the most important thing for us" I suspect it is really that they could be exposed to a massive trading loss on Friday morning
It jumped recently after the remain`s poll numbers went up.. If leave wins the Pound will certainly go down against the USD.. I reckon..10-15%.. You cant really blame these companies for the pause..People should have changed their money weeks ago.
They could make a loss or a massive gain it could work either way but they are refusing to accept remittances after 6am tomorrow, they sent me an email. I've never actually used them.
There is a technical reason for this. The uncertainty over the referendum result has caused a lot of companies to hedge their Sterling positions, and the demand for hedging has driven the cost of doing so up to the point where it simply is not worth while to buy a hedge. This has been the position for about a week now. If you cannot hedge your position, and you don't want to run an open position, the alternative is to close it out.
