Top tips on the cheapest way and to Pay for Property Abroad options
It starts here…
Do not leave buying your foreign exchange currency at the last minute. Talk to a foreign currency broker as soon as you know you are going to need to purchase currency. That way you will have time to secure the best exchange rate even if it is months away.
Only deal with a currency company which is FCA registered and FCA authorised. This way your currency transfers will be safe as money is held in a separate currency account. Plus where you get a dedicated Currency Dealer. You will build a rapport with them and obtain a better service where. As banks do not have specialised consultants to turn to unless you are a corporate customer.
And the middle…
Some foreign exchangecompanies charge commission, so find out up front what their costs are. Whether you will be charged commission on transfers and what are the transfer charges for sending your money abroad. Include asking what the receiving banks charge.
Set a realistic budget based on the current market. Use our foreign exchange historical rate charts to see what the foreign exchange rate has been over the past day. Week, month and year to get a better indication of a currency pattern for your money transfer purchase. Your Currency Dealer should explain to you what is happening and the general direction of exchange rates.
Read the latest financial news which can affect the money markets. Our news section covers high impact news which will affect a countries currency exchange rate. Also look at our interbank exchange rate charts if the currency is in green it is climbing and red means it is dropping. Then compare these rates to our historical chart to see how this is affecting the currency of your choice.
Always get confirmation from your Foreign Currency Dealer that your monies have been sent. And request confirmation once your money has hit its destination. If you are buying a property overseas, then request a confirmation email. And this can be sent to your solicitor and bank to confirm the purchase of your overseas property.
The last three…
If you have future payments to make and you have reached your target exchange rate, secure your exchange rate with a forward contract.
Try to avoid purchasing currency at the low of the day. The difference can be significant and your currency exchange dealers should help you with this.
Finally, do not use your high street bank. As it will cost you a significant amount more and they cannot offer specialist guidance.