UK farmers are losing millions of pounds when receiving subsidy grants from the EU as a result of failing to manage the fluctuations in foreign exchange rates, according to OSTC FX, a foreign exchange company based in Swansea, South Wales.
Every year, farmers across the UK receive billions of pounds in subsidies under the Common Agricultural Policy. Many farmers are dependent on these subsidies to make ends meet, but are not getting the best deal on their foreign exchange rate to make the most of their money.
Farmers' incomes are supported by the EU through direct payments. Direct payments are mainly through the single payment scheme and single area payment scheme. When receiving such a payment, considering the best way to receive the money could save substantial amounts.