Posted on 04 March 2015
Save Money Buying Currency for your Overseas Property Purchase
Before buying a property overseas, you will need to purchase currency to pay for the property. There are two options available when purchasing and transferring currency – you can use your bank or take our recommendation and use the services of a specialist currency exchange provider.
The benefits of using a currency specialist over a bank are as follows:
•You may save up to 4% on the cost of the currency by getting better-than-bank rates – On the cost of a £100,000, the savings could be up to £4,000.
•You can talk with a dedicated currency specialist rather than bank personnel that may or may not know the currency markets. Specialists can help you determine a strategy on how to buy currency at the right time for the right price.
•Your funds will be transferred within 1-2 days using a specialist services whereas banks take 3-5 days. Furthermore, unlike the banks, currency companies can eliminate transfer charges and receiving fees imposed by most overseas banks.
•If you have a set budget and want to ensure that the price of your property does not increase and/or you would like to get the best rates when purchasing currency, we urge you to discuss your requirements with a currency exchange specialist.
Our preferred partner is Smart Currency Exchange Limited. They are the UK’s only currency exchange specialists that work specifically with people buying overseas property. Further, they are also the only currency company that doesn’t pay their specialists on commission so you can rest assured that your appointed currency trader will offer the best rates with no pushy sales pitch.
Smart Currency Exchange offers a free quote and educational report. Even if you don’t need to exchange and transfer money for several months, the report is well worth a read. To find out how much you can save (and how to save it), get the free quote and report by clicking on the banner to the left.
Spot Blue in conjunction with Moneycorp can help you to buy the foreign currency you need, whether you are buying overseas property, emigrating to a new country or purchasing high value items from abroad. You can make a one-off payment, or arrange a series of monthly payments. To find out how Moneycorp can help you, use the screen below or call Moneycorp on 020 7589 3000 and don’t forget to mention SPOT BLUE to claim your free ‘privilege card’ and secure some great exchange rates.