Foreign Currency

Buying property in a foreign country more often than not involves different currencies. What many people are unaware of until its too late is the charges the banks make simply to convert one currency to another.

Currency exchange

In the past most people would turn to the banks to obtain their exchange rate and buy or sell their currency. However, in recent years highly specialised currency companies such as Excel Currencies have infiltrated the banks’ monopoly on the supply of currency services and are now delivering more competitive exchange rates, a more personalised service and faster transfer times than the banks are able or willing to offer. Not surprisingly savvy overseas property buyers are now turning to these companies in ever greater numbers.

A guide to currency

Propertyshowrooms.com can refer you to one of the UK's leading currency companies, Excel Currencies to take care of this. If you’re based in the UK, this will require you to initiate a currency exchange transaction from Pounds Sterling into the foreign currency.

It's important to choose the right time to convert your funds to the new currency because if you don’t pick the ideal exchange rate, your property could cost you more than you expected. Excel Currencies is one such specialist foreign exchange company, combining financial expertise, the latest technology and a round the clock trading presence to ensure they secure the best possible deals for you. Their professionalism ensures you derive the maximum benefit from all your currency transactions with the minimum of hassle.

Send funds across international borders in all major currencies and benefit from better exchange rates. Getting the best rate for your currency can make thousands of pounds difference to the cost of a property. Using a high street bank may seem like the easy option, but using a specialist foreign exchange company is just as easily and usually works out much, much cheaper...

Below is a table showing the differences between Excel Currencies and your high street bank.

Source: www.currencyfinder.co.uk 31/07/2010 - An independent price comparison site finding the best foreign exchange rates.

Making regular currency transfers?

Living or owning a property abroad may mean the need for regular money transfers back home, owning a property abroad may also require you to send money to pay bills and mortgages overseas. The difficulty comes when trying to budget your expenses with fluctuating exchange rates it can be impossible. Currency dealers such as Excel Currencies can make the process simple and cost effective. The regular payments abroad service covers such expenses as:

• Mortgage payments
• Pension transfers
• Salary transfers
• Rental income transfers
• Maintenance and living expenses
• Overseas school fees
• Any other regular currency transfers to overseas banks

Imagine having to arrange this every month, and 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. The answer is Excel Currencies…

Emigrating

Emigrating to Australia, New Zealand, America, Canada, South Africa or wherever it may be - save money with competitive foreign exchange rates. A specialist money-exchange broker will save you money with large purchases and regular payments abroad. Emigrating, living abroad, working overseas - you will need a specialist currency broker. Emigrating can be a huge step with many feeling mixed emotions about leaving home. Doubts may creep into your thoughts about are you doing the right thing. There will be excitement of the prospect of a new way of life, new job abroad and a new place to live. It is important that your money is secure and that your money transfers are not costing you the earth in bank charges and poor exchange rates. Work with Excel Currencies who provide specialist currency services and will make money transfers stress free. Best of all, they can save you money against your high street bank.

Forward contracts

Currency values can fluctuate quite dramatically in a relatively short space of time. Sometimes this goes in your favour, but at other times it can be a nasty surprise. Using a forward contract allows you to fix the price for a currency transaction, which gives you certainty about your future capital inflows and outflows... If you are looking to save on your currency transfers, we can help advise you as to the best way to go about it. We can help you find the most suitable foreign exchange specialist to suit your currency requirements.

If you would like more information on how to move your funds more efficiently and quickly whilst saving money at the same time, simply complete the form below and an advisor will call you back.