Foreign Currency Transfers For Overseas Property
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.
Money transfers for international property
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 FX payments abroad
There 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. It's 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 Foreign 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 competitive 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
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
In the UK bank accounts are covered by 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 going 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 arFCA-authoriseded - 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
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
Danish Krona Estonian Kroon
Great British Pound
Honk Kong Dollar
Israeli Shekel Indian Rupee
|South Korean Won
|New Zealand Dollar
Qatar Riyal Romanian Leu
Taiwan Dollar Tanzanian Shilling
United States Dollar
South African Rand