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.
- 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.