Currency Exchange In Australia

When considering a property purchase in Australia, you are well advised to read this page carefully to ensure you are not losing thousands on currency exchange.

At Propertyshowrooms.com we fully appreciate the importance of making good foreign exchange transactions when dealing with the large sums involved in property investment abroad. For this reason the propertyshowrooms.com works in partnership with HiFX, a leader in the field of currency exchange, to give its members the best deals currently available.

As Europe's leading currency provider, the HiFX global network of offices manages £20 billion in foreign exchange transactions annually, and last year the company helped over 30,000 private individuals protect themselves against the foreign exchange risk they were exposed to between their offer on property being accepted and the completion of the sale.

Exchange rate is important because any fluctuation will either play a detrimental or beneficial role in your Sterling transfer. It is common for currencies to alter in exchange rate by as much as 10% over relatively short periods of time and this will have a large impact on your final price and eventual returns on your investment.

A typical example:

A European property priced at €200,000 would have cost £131,795.50 at the beginning of 23rd March 2007. Due to currency movements, that same property would have been £5,567.10 more expensive at £137,362.60 less than two months later.

Propertyshowrooms.com in partnership with HiFX offers members:

• No commission charges - With HiFX all transfers are commission free. Most banks can charge as much as 2% per transfer
• No bank receiving charges - HiFX guarantees to remove all bank receiving fees from the transaction, which could amount to in excess of 1%
• Worldwide transfers sent fast and efficiently - Unlike most banks, with HiFX every monthly transfer is free (which alone could save you over £300 each year). Regular transfers can be made FREE of charge for mortgage payments, pension transfers, rental income repatriation and other home costs. HiFX runs a fully automated direct debit procedure to ensure you will not miss any payments.
• The opportunity to fix your exchange rate - HiFX will fix the exchange rates up to 24 months in advance
• 24 hour market monitoring - enables you to benefit from currency fluctuations outside normal banking hours
• Peace of mind - you are dealing with a leading UK foreign exchange company
• A dedicated Propertyshowrooms.com account manager - to guide you throughout your currency transaction

If you are interested in having a HiFX account manager call you back, please click below.

Or to speak to a qualified foreign exchange specialist, call 0845 470 5139 for a priority consultation.

Alternatively, email propertyshowrooms@hifx.co.uk

(All calls charged at local rates).

FAQs about Currency Exchange

Where should I buy my Australian currency?

When purchasing an investment property abroad, it pays to get in touch with a specialist foreign exchange dealer such as HiFX. Specialist brokers have lower overheads than high street banks and tourist outlets and will offer more competitive rates for investors changing the large sums of money involved.

What will it cost me?

In general the more money you convert, the better the rate. Depending on your bank or broker, funds transfer costs between £15 and £40 per transaction; however, HiFX charges

no fees or commissions for transfers.

How do I purchase Australian currency?

You simply need to set up your trading facility with HiFX, then you will be able to buy currency with ease by a simple telephone call.

Can I hold out for a particular rate?

Yes, you can instruct HiFX to secure a rate the moment it changes to your desired level. HiFX will place an order to purchase currency outside London trading hours, which will automatically trigger as soon as your desired rate is achieved. However, be sure to be realistic about the rate you are looking for and be prepared to wait! Often savings of some £5,000 can be achieved on an average property purchase of say, 200,000 euros (see example above).

What if the rate is good now, but I don't need to or can't make my payment for 3 months?

No problem. Many off-plan investors fix an exchange rate as this is permitted through HiFX for up to two years. All you need to do is book an exchange rate and send your dealer a deposit, usually 10% of the contract value. The 90% balance of your currency contract is payable when you wish to have funds transferred overseas.

Will foreign exchange dealers offer advice about market conditions and rates in Australia?

By their very nature, it is impossible to predict markets with absolute certainty so foreign currency dealers are not regulated to give advice. However, many will gladly provide you with information about prevailing market trends and currency movements. Based on this research, you will find it easier to make your own decision about when to buy currency. You can pursue the latest currency charts by visiting http://www.hifx.co.uk as well as sign up to receive daily or weekly market updates.

How can I make payments for my Australian mortgage from the UK?

The Free HiFX Regular Payment Plan was set up to assist clients that need to make regular overseas payment transactions. Typical payments include overseas mortgages, transfers of UK pension payments or any other regular bank transfers.

The Regular Payment Plan fixes an exchange rate on regular overseas payments for a period of between 6 and 24 months, removing the worry caused by fluctuations in the exchange rate over that period of time. HiFX will arrange direct debit payments each month and transfer your funds directly for you to the destination account of your choice.

How do I pay for my currency?

After booking an exchange rate with HiFX, you will need to transfer funds to their client account. The easiest and quickest way is by CHAPS of BACS. Bear in mind that any cheque will have to clear before funds can be sent. Once HiFX have received your cleared funds, they will transfer your currency to the account of your choice.

How can I find out current exchange rates?

The Interbank rate is displayed on the internet and on Ceefax. HiFX's website features live currency charts for major trading transactions, as well as historical exchange rates. For a current quote on the amount you are looking to exchange for your investment, it is best to call HiFX for an individual quotation.

How long will my funds take to transfer to an Australian bank account?

HiFX use the electronic funds transfer system, enabling faster transfer than a high street bank. Same-day transfer service is available to most European countries and North America and there are next day transfers to all other destinations.

For further information please send an email to fx@propertyshowrooms.com

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