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Fresh off the back of their OPP win for
Best Online Service, the team at award winning money transfer comparison site MyCurrencyTransfer.com put
together 5 tips to ensure your property stays within budget, and is completed
with the best exchange rates.
Put
foreign exchange high up on the to do list
Buying a second home overseas should in
theory be a pleasure with families enjoying the process from research to
purchase. However, for many it becomes a stressful exercise. With so much to
plan and consider, foreign exchange normally sits at the bottom of the list.
However, individuals using a high street bank can unknowingly lose thousands of
pounds when transferring
money abroad to purchase their dream second home.
Ditch
the expensive bank & open an account with a foreign exchange specialist.
Most people leave financial considerations
to the last minute. This invariably leads property buyers to using their bank
as a last minute option. However, this can be a costly mistake and end up
costing you far more than using a non-bank foreign currency specialist. Key is
planning well in advance as this well let you take advantage of competitive
exchange rates and reduce, if not eliminate completely transfer fees that you
would normally incur by using a high street bank.
When you use a bank as opposed to a
currency specialist, you could be paying to up 5% more than you have to. For
example, on a property worth ã200,000 using a specialist currency organization
could save you up to ã10,000. Thatââ¬â¢s probably enough to fund air fares multiple
times throughout the year to visit your dream second home, or to pay for local
taxes on the overseas property!
Currency
specialists on MyCurrencyTransfer.com call in to the live market
Currency specialists listed on
MyCurrencyTransfer.com call in to the live market to get superior rates for
clients at the time of transaction. On
the other hand, banks normally set their rates once a day, and unless you are a
corporate transacting in the millions, you will be unable to obtain
preferential exchange rates
Foreign
exchange specialists give you access to a team of experts
By using a currency specialist, you will be
allocated a dedicated account manager to will take the time to understand your
overseas property payment requirements. Theyââ¬â¢ll work through your timeframes
and ensure you trade at the right time. After all, whether you buy a property
in the UK or overseas, youââ¬â¢ll need a lawyer. Treat the same principle with
currency exchange. You in a far stronger position when you have a currency
specialist on side.
Consider
reserving a preferential rate to stick within budget
Many overseas property buyers fail to take
sufficient time in understanding the relationship between the cost of
international payments and how it affects their overall budget. Exchange rate
fluctuations can impact on the end real money price they pay for a property
abroad. Speak to an FSA authorized and regulated foreign exchange specialist
about the option of fixing the exchange rate to mitigate against adverse
currency fluctuations. This can often help keep a property within budget and
ensure the cost of your dream second home doesnââ¬â¢t spiral out of control if the
rate of exchange goes against your favour.
Lastly, donââ¬â¢t settle for the first deal you
stumble across. Shop around to get the best deal on your international
payments.
Good luck.
Last month, money transfer comparison site
MyCurrencyTransfer.com struck SILVER for best online service at the OPP
overseas property awards. Their sister site allows UK holidaymakers to compare travel money on a live basis
from major UK suppliers.
