Have you considered how you are going to transfer your pounds into the currency you need when purchasing abroad? Chances are that this essential part of the process may have been brushed to one side while you get excited over how to decorate your new home! As exciting as your new fixtures and fittings are, you need to start paying mind to how you will transfer funds – as if you choose the wrong method, you could end up losing thousands of pounds. Here are three important tips from Michael from Smart Currency Exchange…
Article written by Smart Currency Exchange
Understand the buying or renting process…
“The buying process in each country can vary quite significantly, therefore it is very important to understand how your purchase will pan out and what you can expect with regards to sending money to agents and solicitors. Here at Smart Currency, the whole team have years of experience in helping people with overseas property purchases and therefore, we can guide you through each and every stage. We see a lot of cases of agents and solicitors rushing buyers to get money, even though a completion date has been set and there is no need to rush the payments. Rushed payments often lead to people losing money because they feel under pressure to trade even though exchange rates are poor. Our experience means that we can work out when your payments will be due and do all that we can to lock in the best rate possible.”
Be aware of bank charges…
“It’s natural to think that your best bet is to use your usual bank to make the transfers but in actual fact, banks will often create multiple charges that you can avoid if you use Smart Currency Exchange. There is no cost to send money through Smart.”
Be aware of market fluctuations…
“It’s free of charge to sign up with Smart Currency Exchange and there is no obligation to trade. Creating an account means that you will gain access to advice from experts who are experienced in anticipating what the currency markets will do. Therefore, for no fee, you will be able to get the advice that will guarantee you trade at the right time, thus removing any risk of losing money on poorly timed transfers.”
Anyone on the verge of buying a property overseas, who will need to transfer Sterling to an account in another country to pay for their purchase, should consider using Smart Currency Exchange, as they consistently offer better exchange rates than banks. For more information on this, visit the Currency Zone or download Smart’s free report here.
The views and comments herein are those of the author and do not necessarily reflect the views or opinions of Rightmove Overseas, Rightmove Group Ltd or Rightmove Plc