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Your step-by-step guide to buying abroad

This guide has been compiled by Rightmove Overseas with support throughout from expert advisors and sponsors to provide you with accurate advice to highlight the key areas when buying abroad.

Foreign Currency

It is highly advisable to use a firm that specialises in currency transfers when you come to send money abroad for buying a property or emigration purposes. This is because specialist currency companies consistently offer better exchange rates than most banks for foreign currency transfers. They also have clever ways of protecting your money from fluctuating exchange rates between the point of agreeing to buy property abroad and completing on it - during which time the price in Sterling can vary dramatically.

Currency specialists are often overlooked by overseas property-buyers, who frequently assume the only way to send money abroad is through their bank. Choosing this option could lose you a considerable amount of money unnecessarily - the savings offered by currency firms can feasibly run into £000s for high value transfers, such as the funds needed to buy a property abroad.

Did you know?

A currency company could save you up to £4,000 on a property worth £100,000 by giving you an exchange rate that is 4% better than that offered by a typical bank, when transferring your money into a foreign currency.

Think about...

  • When exactly are you planning to buy?
  • What is your budget in the local currency at the current exchange rate?
  • What will the potential recurring costs of owning a property be?
  • How quickly might you need access to the local currency?

Fix Your Rates in Advance

One of the biggest benefits of using a currency company is the fact that they can work with you to fix a competitive exchange rate for a future transfer. This means that you can fix the cost of a property you want to purchase and not have to worry about currency fluctuations whilst you're waiting for the sale to be completed. Being able to secure an exchange rate for up to a year is also beneficial if you have to make recurring overseas payments. For example, if you make a monthly mortgage payment in a foreign currency, you'll know the cost in Sterling won't change each month.

Did you know?

Some currency specialists will allow you to set a target exchange rate and call you to lock the rate for you, as soon as the market moves within your target rate.

Rightmove's Preferred Partner

Rightmove's preferred currency partner is Smart Currency Exchange. For more information on currency exchanges including a live currency converter, visit the Rightmove Overseas & Smart Currency Exchange Currency Zone.

Expert Opinion

Jana Korpova

Using a regulated currency specialist is as safe as using your bank to send money abroad. Currency firms are classed as Payment Institutions and must be either registered or authorised by the Financial Conduct Authority (FCA). They must adhere to FCA regulations, including holding clients' funds in a segregated account at all times, so you know your money is always safe with them.

Jana Korpova

Head of Business Development, Smart Currency Exchange

Currency Zone

If you are ready to go ahead with a property purchase or you need to transfer money overseas, visit our currency zone in partnership with Smart Currency Exchange. Using a currency specialist to transfer money abroad rather than a bank could save you thousands of pounds.

To see the full guide and to search for Overseas property, Go to Rightmove Overseas at: www.rightmoveoverseas.co.uk