Foreign Currency Transfers For Overseas Property

 

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Homesgofast.com have been helping people buy, sell find and rent international real estate since 2004. Our experience shows that people who do not plan their money transfers abroad make themselves vulnerable to fluctuating foreign currency exchange rates. The advice in our Currency Zone is an essential consideration to anyone buying selling or renting a property abroad.

One off payments in another currency

Planning your currency transfer could mean you make a profit on your overseas property right at the beginning of your purchase alternatively bad planning, may mean end up costing you a fortune.

Don't use your local bank to transfer money

Compared to high street banks, currency specialists can offer a significant discount on exchange rates and many don't charge any commission. We have seen buyers save up to 4% by using a FX company instead of using their  bank.

Making regular payments abroad

Their are a host of reasons why you may need to send money abroad, property ownership can mean that you are paying bills and services in one currency whilst you earn or have money saved in another. Sending money overseas for maintenance costs, mortgage payments and local taxes to name just a few. Those that send money to friends and relatives overseas
or when living or working abroad all mean that foreign currency exchange rates make calculating your expenses very difficult.

How to send money overseas

Sending money overseas can make you very vulnerable to foreign currency rate fluctuations. What's more those who do not compare services offered by specialise foreign exchange currency companies stand to lose out on some of the best rates available. Its no longer an option to simply use your local high street bank without seeking advice from specialist companies that help people everyday save money and transfer safely.

Buying a property abroad will require transferring money overseas, however this may not be your only costs, regular bills and renting a home overseas will require regular payments. How to send money to another country may depend on a number of factors including 

  • How much you are sending?
  • How often you are sending it
  • How quickly the money needs to get there
  • How the person wants to receive it
  • How much it is going to cost

Examine your options

  • Bank or building society
  • High street transfer firms (such as Western Union) and
  • Foreign exchange (FX) brokers

As a general rule - banks are safe and convenient if setting up a regular payment. Money transfer firms are very fast, but can be more expensive if sending smaller amounts. FX brokers are normally the best option if sending larger amounts, usually over £3,000.

How much does it cost to send money abroad?


Ensure you find out how the total amount of foreign currency your pounds will buy, after all costs. What will be the fees associated with your money transfer? 

Money transfer costs 

  • What you will be charged by the firm transferring the money
  • Charges the recipient might have to cover to receive the money (although you can request to cover these at your end) and
  • Foreign exchange rates

Homesgofast.com Video Currency Advice 

How to save money sending money abroad

 

FX Companies that help transfer money online

Choosing a the best foreign currency specialists can be daunting with a hugely competative market who are the best players in the sector? Its good to think about what you need and if they company can provide

  • Individual advice from currency market experts so you can get the best exchange rates available.
  • Services aimed at protecting you from the uncertainty of the currency markets.
  • Dedicated account managers who will get to know your requirements.
  • Proven reliable trustworthy companies that use only the most efficient, reliable and secure payment methods.
  • Fast transfers that can be arranged in seconds online over the phone or via automated payments

Helpful Tip

Did you know to help you find the best foreign exchange rate XE.com allows you to set a target for the exchange rate, and if the market falls to that level it will send you an email alert - handy if you want to get the very best deal. Also some good advice can be found at the Money Saving Expert Foreign Currency Advice 

Bank Accounts

In the UK bank accounts are covered by the The Financial Services Compensation Scheme which will currently refund a member of the public up to £85,000 for any money they lose as a result of their bank or credit union gong bust. (This figure will fall to £75,000 from January).

But the FSCS will not cover you if any currency exchange firm goes bust.

However, most transfer companies are FCA authorised - meaning they keep client money ring-fenced separately from their own accounts. This means you are likely to get it back if the company does fold.

Make regular payments overseas


The independent UK government advice body at Money Advice Service give the the following advice for those individuals looking to regularly send money abroad.

"If you need to send regular payments overseas for your own use, the cheapest and easiest transfer option is likely to be setting up an account with the overseas branch of your UK bank. Many UK high street banks have their own branches overseas or special arrangements with overseas banks. This can result in lower charges (or no charges) on overseas payments as well as more competitive exchange rates.This is particularly useful if you need to make frequent payments abroad – as when, for example, you are paying the bills on a second home abroad" 

What you’ll need
The International Bank Account Number (IBAN) and Bank Identifier Code (BIC) for the account you are paying to – the owner of the account can get these details from their bank or from a bank statement
You will also need the IBAN and BIC from your own bank account, though for a transfer to another branch of your bank abroad they may not be needed

Overseas Property

Homesgofast.com promote thousands of homes for sale and to rent listed directly by owners, property developers and from real estate agents from over 50 countries worldwide. Learn more about our overseas property service

 

International Money Transfer Currencies

A list of foreign currencies names from around the world helping you find the currency name from different countries

Arab Dirham
Australian dollar
Bulgarian Lev
Bahrain Dinar
Brazilian Real
Canadian Dollar
Swiss Franc
China Yuan
Czech Koruna
Danish Krona Estonian Kroon
Egyptian Pound
Euro
Great British Pound
Ghanaian Cedi
Honk Kong Dollar
Croatian Kuna
Hungarian Florin
Indonesian Rupiah
Israeli Shekel Indian Rupee
Iceland Krona
Japanese Yen
Kenyan Shilling

 

South Korean Won
Kuwaiti Dinar
Lithuanian Litas
Latvian Lats
Moroccan Dirham
Mauritian Rupee
Malawian Kwacha
Mexican Peso
Malaysian Ringgit
Namibian Dollar
Norwegian Krona

New Zealand Dollar
Omani Rial
Phillipino Peso
Polish Zlotty
Qatar Riyal Romanian Leu
Russian Rouble
Saudi Riyal
Swedish Krona
Singapore Dollars
Slovak Koruna
Thai Baht

Tunisian Dinar
Turkish Lira
Taiwan Dollar Tanzanian Shilling
United States Dollar
Vietnam Dong
South African Rand