Fresh off the back of their OPP win for Best Online Service, the team at award winning money transfer comparison site MyCurrencyTransfer.com put together 5 tips to ensure your property stays within budget, and is completed with the best exchange rates.
Put foreign exchange high up on the to do list
Buying a second home overseas should in theory be a pleasure with families enjoying the process from research to purchase. However, for many it becomes a stressful exercise. With so much to plan and consider, foreign exchange normally sits at the bottom of the list. However, individuals using a high street bank can unknowingly lose thousands of pounds when transferring money abroad to purchase their dream second home.
Ditch the expensive bank & open an account with a foreign exchange specialist.
Most people leave financial considerations to the last minute. This invariably leads property buyers to using their bank as a last minute option. However, this can be a costly mistake and end up costing you far more than using a non-bank foreign currency specialist. Key is planning well in advance as this well let you take advantage of competitive exchange rates and reduce, if not eliminate completely transfer fees that you would normally incur by using a high street bank.
When you use a bank as opposed to a currency specialist, you could be paying to up 5% more than you have to. For example, on a property worth ÃÂ£200,000 using a specialist currency organization could save you up to ÃÂ£10,000. ThatÃ¢â¬â¢s probably enough to fund air fares multiple times throughout the year to visit your dream second home, or to pay for local taxes on the overseas property!
Currency specialists on MyCurrencyTransfer.com call in to the live market
Currency specialists listed on MyCurrencyTransfer.com call in to the live market to get superior rates for clients at the time of transaction. On the other hand, banks normally set their rates once a day, and unless you are a corporate transacting in the millions, you will be unable to obtain preferential exchange rates
Foreign exchange specialists give you access to a team of experts
By using a currency specialist, you will be allocated a dedicated account manager to will take the time to understand your overseas property payment requirements. TheyÃ¢â¬â¢ll work through your timeframes and ensure you trade at the right time. After all, whether you buy a property in the UK or overseas, youÃ¢â¬â¢ll need a lawyer. Treat the same principle with currency exchange. You in a far stronger position when you have a currency specialist on side.
Consider reserving a preferential rate to stick within budget
Many overseas property buyers fail to take sufficient time in understanding the relationship between the cost of international payments and how it affects their overall budget. Exchange rate fluctuations can impact on the end real money price they pay for a property abroad. Speak to an FSA authorized and regulated foreign exchange specialist about the option of fixing the exchange rate to mitigate against adverse currency fluctuations. This can often help keep a property within budget and ensure the cost of your dream second home doesnÃ¢â¬â¢t spiral out of control if the rate of exchange goes against your favour.
Lastly, donÃ¢â¬â¢t settle for the first deal you stumble across. Shop around to get the best deal on your international payments.
Last month, money transfer comparison site MyCurrencyTransfer.com struck SILVER for best online service at the OPP overseas property awards. Their sister site allows UK holidaymakers to compare travel money on a live basis from major UK suppliers.