Overseas Property investors considering buying property in the USA need to get their currency planning in early. British buyers can capitalise on the weak US Dollar by booking rates far in advance. Many overseas property buyers leave currency planning until right up to the last minute this means they could be paying thousands more on money transfers. Currency brokers can book good exchange rates for long periods in advance therefore protecting the overseas buyer from the uncertainty of the currency markets. Exchange rates change constantly and 10% fluctuations in a relatively short space of time are not uncommon. This could effectively increase, by 10% or more, the sterling amount that you will have to pay. Imagine how much that could be on your dream property in the states.
Converting high value pounds into US dollars
There are various organisations that can convert your sterling into whichever currency you need. Specialist currency dealers will normally offer you a better rate of exchange than your bank and provide a more personalised currency service. Foreign exchange companies like Moneycorp offer a proactive service to their clients, using their expertise to monitor exchange rates on the clients' behalf in order to achieve the best possible rate of exchange. Moneycorp predict that we may well see the exchange rate hit $2 to ₤1 in the coming months, a symbolic barrier and the highest exchange rate in many years.
Buying property in Florida
The Brits love to buy property in Florida and have always appreciated the value for money aspect of buying a home in the sunshine state. The highly regulated real estate industry in Florida also serves to provide overseas property buyers confidence in buying property abroad. If you have you eye on a condo hotel in Florida or an off-plan investment property near Disney you can use the ‘forward buying’ principle to guarantee a great exchange rate into the future. Simply put down a deposit of Sterling currency and your rate will be fixed for up to 12 months. Nick Bull of Moneycorp says “If you have decided to take the plunge and move to the States you should also have begun the arrangements for transferring your money over there. With Sterling close to its highest level for well over a decade it would be a shame to miss the chance” It is also important to understand where this position comes from. “This is a weak Dollar we are talking about, not a particularly strong pound. Its performance against the Euro, for example, has not been particularly stellar.” added Nick. Fixing your foreign exchange rate now does not mean that it is impossible for the rate to rise still further, but it does protect you from the possible strengthening of the Dollar in the coming months. It also has the advantage of making sure you know exactly how much your property will cost when you come to finalise your purchase in the future.
Living abroad
Once you are living abroad you may have overseas mortgage payments, pension transfers or need to pay bills in another country. Imagine having to arrange this every month what's worse you will never know how much your accounts will receive because of currency fluctuations. Many banks would also charge you expensive fees that make the process an expensive way to live. Many currency specialists provide a Regular Payment Plans where you will receive an good rate of exchange and enjoy the convenience of making payments by Direct Debit as opposed to arranging individual payments through your bank.
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Carol McDonald