Single Farm Payment
Your TorFX solutions for maximising your Single Farm Payment
Every year millions of pounds are paid out under the EU’s Single Farm Payments scheme, its main agricultural subsidy.
The amount a farm is eligible to receive is proportional to the amount of land it covers, with larger farms being entitled to sums of up to and over £100,000.
The money farmers are allocated through the scheme can be a significant boost, helping to keep farms developing proactively. However, as an EU backed scheme the Single Farm Payment is calculated in Euros. Recipients can then choose to receive their payment in Euros or to have it converted into Pound Sterling.
Under the structure of the payment scheme, if you chose to have your subsidy converted into Sterling the exchange rate used for the transfer will usually be based on the market rate from the last working day of September, but you won’t receive your payment until the end of December.
In the months which pass between conversion and payment the currency market may well have fluctuated, meaning that your subsidy’s Sterling value may change.
TorFX can help to give you certainty over your subsidy, as well as potentially increasing the ultimate Sterling amount that your receive.
At TorFX clients are assigned a personal account manager, a foreign exchange expert dedicated to working with them on a tailored incoming payment plan.
An incoming payment plan would allow you to receive your Single Farm Payment in Euros, which TorFX can hold for you while your account manager helps you secure a positive rate through the use of a forward contract. The funds can then be converted into Sterling at the most convenient time for you.
This specialist solution for maximising your Single Farm Payment gives you far more control over the rate of conversion. It can also help you budget effectively for the coming year by helping you know ahead of time exactly how much Sterling you will be receiving.
If you would like to learn more about maximising your Single Farm Payment please don’t hesitate to contact one of our dedicated account manages on the following free phone number: 0800 612 6894.
Alternately you can complete the form below:
At TorFX we understand that the nature of Single Farm Payments means that the exact amount of your payment, and the day you’re likely to receive it, may change. We take this into account and approach each client’s case individually and flexibly.