Have you found your dream second home, retiring overseas or making an overseas property investment? Whether you are buying property in Cyprus, Spain, France, Portugal, USA, Australia or elsewhere — deciding how to transfer money internationally to pay for the property can be just as important as the decision on which property to buy. A large proportion of the foreign exchange specialist’s client base are overseas property buyers. This is not at all surprising as the importance of foreign exchange can make the difference between losing and saving thousands of pounds when carrying out a foreign home payment. If you are buying off-plan, you may also have to make staged payments over a period of time, with another one-off payment on completion. By fixing the exchange rate you can mitigate the risk against the exchange rate fluctuating over an ongoing period. For more information, speak to an FCA regulated currency specialist below.
The Maxwell family decided to uproot to Australia and emigrated in 2010. The large initial payment on the home was 235,000 AUD. The quote that they got from a high street bank was for an Australian Dollar exchange rate of 1.69 AUD to £1. This would require them to pay £139,053. However the Maxwells decided to shop around and speak with a foreign exchange specialist. Once opening an account, they obtained a quote of 1.74 AUD to the £1. This would require them to pay only £135,057.The Maxwells therefore saved very close to £4,000 on their UK — AUSTRALIA international money transfer. This is by getting better-than-bank-exchange rates through shopping on MyCurrencyTransfer.com and trading through an FCA regulated currency specialist.
Note: it is important to click quote/apply through MyCurrencyTransfer.com to guarantee the best deals and rates.
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"Foreign Exchange Specialists can save me over banks 1-5% of the value of the transfer."
MyCurrencyTransfer.com highlights the top 5 reasons to use a foreign exchange specialist over a bank when purchasing overseas property:
To ensure you get the best exchange rates and not be charged a penny in commission, it is important to have a reputable expert on board that can tailor a solution depending on your individual foreign exchange circumstances.
Lastly, foreign currency specialists can also offer you great services when looking to sell your overseas property. Always remember, timing of foreign exchange is just as important when selling property. Speak with one of the providers below about ensuring when selling your property you maximise the value of your international foreign currency transfer.
"What a seamless and utterly personal service when sending money to France. Foreign Exchange is new to me yet with the advice, guidance and personalised service received from start to finish, I know I got the best possible deal." — Brian Hughes