Buying a property overseas is a serious undertaking and when you need to transfer funds abroad to pay for your purchase you want to be sure you’re getting the best deal possible.
So, what should you be looking out for?
Highly Competitive Exchange Rates
Using a leading foreign currency broker to manage your transfer rather than a bank could save you thousands as you’ll enjoy a more competitive exchange rate and fee-free transfers.
The exchange rate some brokers are able to secure can undercut the banks by up to 90% which can result in serious savings. If, for example, you had a £320,000 to spend on a property in France and your bank offered you a rate of 1.3327 you’d have €426,464 to spend. By achieving you a rate of 1.3740 a broker would net you €439,680, a whopping difference of €13,216. As the transfer would also be conducted on a fee-free basis you’d see even greater savings.
With a currency specialist on side you’ll also benefit from industry insight and regular updates covering the latest exchange rate fluctuations. Having someone keeping an eye on the market for you means you’ll know when a rate moves in your favour, or might be about to move against you, and can act accordingly.
Additionally, foreign currency brokers can talk you through the range of transfer options they offer so you can make your international currency payment work for you. When purchasing a foreign property one of the options you might want to consider is using a forward contract. With a forward contract you can fix a favourable exchange rate up to two years in advance, safeguarding your transfer from exposure to currency risk and helping you budget effectively.
Whether you’re moving £100 or £1,000,000, you want to feel confident that your funds are secure. Before choosing a foreign exchange provider, check that they make keeping your money safe a priority. For your peace of mind, always use a provider that’s authorised by the FCA and operates segregated client accounts. You may also want to see how they’re rated by past customers on online review sites.
So, if you’re buying a property overseas and want to save thousands, do your research and use a foreign currency provider who offers competitive exchange rates, expert support and fund security. Get in touch if you’d like a free exchange rate quote.
Find out more www.torfx.com, Freephone: 0800 612 9625 International Calls: +44 (0)1736 335270
The contents of this article are for reference purposes only and do not constitute financial or legal advice. Independent financial or legal advice should be sought in relation to any specific matter. Articles are published by us without any knowledge or notice of the circumstances in which you or anyone else may use or rely on articles or any copy of the information, guidance or documents obtained from articles. We operate and publish articles without undertaking or accepting any duty of care or responsibility for articles or their contents, services or facilities. You undertake to rely on them entirely at your own risk, and without recourse to us. No assurance of the quality of articles is given or undertaken (whether as to accuracy, completeness, fitness for any purpose, conformance to any description or sample, or otherwise), or as to the timeliness of the publication.
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