The vote for Brexit has sent shock waves through currency markets, causing the value of the pound to fall heavily against the dollar and euro. In this climate, anyone on the verge of sending money abroad shouldn’t hesitate to use a currency specialist. Here’s why…
Get rid of costly uncertainty
There is one given amidst all the uncertainty brought on by Brexit – exchange rates will be volatile for the near future. For British people, this makes budgeting for a property in the Eurozone or the USA much trickier, as the costs to them in pounds fluctuates far more than normal.
People on the verge of purchasing may also be nervous that the pound has further to fall against major currencies, making their property even more expensive. Fortunately, there is a simple way to protect your funds from exchange rate movement, allowing you to fix the price of a property in pounds the moment you decide to buy it.
Using a forward contract, currency specialists can guarantee you an agreed exchange rate for a future transfer, such as when you need to send a deposit for your property purchase or complete the transaction. There really is no need to leave the price in pounds of your overseas property to the mercy of today’s uncertain currency markets. To find out more, get in touch with our currency partners, Smart Currency Exchange, today.
Strike when the iron’s hot
Expect more jerky post-Referendum swings in currency markets over the coming months. To take advantage of them when buying your property abroad, you’ll need a currency specialist on your side. Why? If you have a target exchange rate you wish to achieve before transferring pounds to euros, your currency specialist will ensure you are offered it as soon as they are achievable. Their speed of transfer to your beneficiary foreign bank account is fast, too.
Right now, service counts
Currency specialists like Smart Currency Exchange are authorised by the FCA to provide payments services to clients, who value their personal customer service as much as their favourable exchange rates. Opening an account means that from day one you can speak directly to an expert and get guidance on the currency markets and the most appropriate way to buy and send foreign transfers, according to your individual needs. It’s in volatile times like now that this type of service really matters.
“We recommend Smart Currency Exchange”
Daniel Appleton, Jason Knights and Ian Green used Smart Currency Exchange to send euros to the Costa Blanca when they purchased a villa there. All three are Independent Financial Advisors (IFAs), working for an East Anglia based financial advisory firm that has recommended Smart Currency Exchange to their clients for over ten years.
Their Spanish property, which they bought jointly in May 2016, not long before the Referendum, cost them €190,000, excluding fees and taxes. Buying with a mortgage meant they needed to send €90,000 to Spain to complete the transaction, which they did with a spot contract using Jason’s Smart Currency Exchange account.
“I would advise other overseas property buyers to use Smart Currency Exchange,” said Daniel Appleton. “The rate they gave us beat the bank’s offer and they were quick, efficient and did everything via email. We’ll continue to make quarterly transfers through them.”
Daniel, Jason and Ian had already bought buy-to-lets in the UK together and decided to buy a property in Spain while prices were still low. “We also wanted to do it before the EU Referendum,” added Daniel.
“Our villa will be used as a holiday home where we can come with our families, which we can also let friends use. Over a ten-year period, we expect it to be a good investment.”
If, like Jason, Daniel and Ian, you are considering an overseas property purchase, using FCA-authorised Smart Currency Exchange will enable you to benefit from their competitive exchange rates and specialist currency knowledge. Why risk not speaking to experts in today’s uncertain post-Referendum climate? For more information, download Smart Currency Exchange’s free report or visit the Currency Zone.
For more information on buying Spanish property successfully, download the Overseas Guides Company’s free Spain Buying Guide, or for other destinations try France Buying Guide, Italy Buying Guide, Portugal Buying Guide or USA Buying Guide – and start receiving free news updates by email.