As football fans in Europe eagerly await the kick-off of the COVID-delayed 2020 European Championships on June 11, players will be acutely aware that alongside the World Cup, the Euros represent a huge stage on which to advertise their talents.
In recent years, strong performances from players such as James Rodriguez at the 2014 World Cup earned big money moves to Real Madrid; through to players such as Hal Robson-Kanu, who played at Euro 2016 without a professional contract – subsequently earning a move to West Bromwich Albion.
Whilst COVID-19 has had a devastating impact on club finances, the appetite to find funds to procure players will surely prove irresistible for those with the means to snap up tournament star performers. If we do see a quieter window, for foreign nationals who already play in the Premier League, the widely overlooked question remains – how do I move my foreign salary home?
For players who make the move abroad, the currency in which they are paid is usually the furthest thing from their minds; however, it can have one of the largest impacts on their take home salaries. In the Premier League for example, outside of UK nationals, there are 312 first foreign team players, with each sending a portion of their salaries home - leaving themselves open to fluctuations in value between currencies.
When taking GBPEUR as an example, over the course of last year alone, the value moved by some 14.6 per cent across the highs and lows – meaning players earning six figure weekly salaries could see their take home pay slide by thousands a week if the rates are not on their side.
Argentex, specialists in currency exchange for sport, assist players in mitigating their exposure by enabling them to fix rates in advance over a series of years to provide them with both clarity on earnings, and protection against volatile markets. Additionally, our expert dealing team works with players and agents to come to an understanding on risk appetite, to best advise on strategy and making the most out of market moves.
Whatever happens results-wise at the Euros, as well as the media frenzy on who is moving where right up to deadline day; the foreign exchange market will continue to move on the side-lines. With that in mind, for players, a quick conversation with us regarding their plans could be the difference of 10 per cent or more in their bank accounts.
They will be hard pressed to find a bigger open goal.