People who move abroad often lose money on their property purchases by using a bank to exchange their currency. Buying a property overseas requires at least one large payment and the wrong currency exchange option could see you lose a significant amount of money.
Planning is everything when buying a home abroad. Getting organised and doing your research ensures you end up with the best possible exchange rate for your currency transfer rather than risking low rates by buying last minute.
A currency broker can not only secure you a more competitive exchange rate than a bank, they can also protect your money from the volatility of the currency market, helping you both save money and budget effectively. Here are some of the reasons why you should choose a currency broker to manage your foreign exchange requirements when buying a property overseas.
Brokers Offer Highly Competitive Exchange Rates
Currency brokers can secure you an excellent rate of exchange for your international currency transfer, one much closer to the interbank rate than banks are able to offer. A leading broker like TorFX can offer you a rate that undercuts the banks by up to 90%. Even a small difference in the exchange rate can result in a big saving when transferring the kind of sums involved in a house purchase, with even a minimal variation potentially equating to thousands of Pounds.
The savings could go towards paying local fees, such as the cost of lawyers or an independent survey, taxes, or other expenses associated with buying a property.
Unlike most banks, brokers also tend to operate on a fee-free basis, so you’ll see additional savings. To compare international money transfer brokers visit https://evermoney.co.uk.
Regular Market Updates and Guidance
When you go to a bank you may find you can only conduct spot transfers – where currency is bought and sold at the current rate for immediate settlement. This means you could find yourself losing out if the rates are low at that time.
Brokers, on the other hand, employ industry experts to keep an eye on the markets and give you regular updates on how exchange rates are moving, so you’re aware if they’re shifting in your favour or against you. This kind of information allows you to make a trade when the exchange rate is most favourable.
Protect Your Money with a Range of Exchange Options
As well as giving you guidance on the best time to exchange, brokers offer a range of other services to help you make your money go further.
With a forward contract, you can fix an exchange rate for up to two years, protecting your funds from potentially negative market movements and helping you budget effectively. This means you will always know exactly how much the purchase will cost in your home currency. If the rate goes down you won’t have to put up more money in order to purchase the property – useful for peace of mind if you’ve already signed a contract.
Fund Security
When it comes to moving large sums of your money, you want to make sure the funds are protected. Choose a trusted foreign exchange provider who’s authorised by the Financial Conduct Authority (FCA) and operates segregated client accounts to ensure your funds are going to be in safe hands. It’s also worth checking out reviews and testimonials from past customers to see what they have to say.
Plan Ahead to Protect Your Funds
A little research and forward planning could save you thousands. Use an established currency broker to benefit from highly competitive exchange rates and make buying a property abroad that little bit easier.
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