Currency Exchange - England

We strongly recommend that, when considering a property purchase in England, you should read this page carefully to ensure you are not losing thousands on your currency exchange.

Propertyshowrooms.com in partnership with MoneyCorp.com see the importance of providing you with all the information you need to ensure you do not lose thousands on your property purchase

Who are Moneycorp?

Moneycorp is the only foreign exchange company in the UK to have been certified to ISO 9000 Quality Assurance and last year traded in excess of £4 billion in currencies. Moneycorp has been trading foreign currencies since 1979.

Why is exchange rate important?

Exchange rate volatility will play a key role in your transfer to Sterling. It is not uncommon for currencies to fluctuate by as much as 10% over relatively short periods of time. It is important therefore to secure an exchange rate in advance to protect yourself from an unfavourable rate on the day of your transaction.

A typical example

An investor purchasing property for £134,526 would have paid 200,000 Euro equivalent in May 2005. Two months later they would have paid £136,873.80 for the very same property. By securing an exchange rate in advance, a saving of 2,900 EUR could have been made.
What can Propertyshowrooms in partnership with Moneycorp offer me?

1. No commission charges
2. Fast, efficient worldwide transfers
3. 24 hour market monitoring enabling you to benefit from currency fluctuations outside of normal banking hours
4. Regular Payment Plan - smaller regular transfers
5. Peace of mind, dealing with a company that has been trading foreign currencies since 1979. It is the only foreign exchange company in the UK to have been certified to ISO 9000 Quality Assurance and last year traded in excess of £4 billion in currencies.

If you are interested in having a Moneycorp account manager call you back please click the button below.

Alternatively, please send an email to fx@propertyshowrooms.com.

FAQ about Currency Exchange

Q. Where should I buy currency?

For holiday purposes you can walk into any high street bank or bureau de change and exchange your currency. However, for larger sums of money, it pays to get in touch with a specialist foreign exchange dealer such as Moneycorp. Specialist brokers will almost invariably offer better rates than high street banks or tourist outlets, as their overheads are much lower.

Q. What will it cost me?

Generally the more money you convert, the better the rate you will obtain. Depending on your bank or broker, the fund transfer cost is between £15 and £40 per transaction. It is advisable to compare the total cost of a currency trade as some currency dealers do not charge a transfer fee, while more than making up for this difference in the exchange rate they quote.

Q. How do I purchase currency?

Once you have set up your trading facility with Moneycorp, you will easily be able to buy currency over the telephone.

Q. Can I hold out for a particular rate?

Yes, you can instruct Moneycorp the moment the rates change to your desired level. Some brokers, such as Moneycorp, will place an order to purchase currency outside London trading hours, which will automatically trigger as soon as your desired rate is achieved. You will need to be realistic about the rate you are looking for and be prepared to wait to achieve it.

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

You can fix an exchange rate for up to two years to make it easier to plan the cost of your currency payments. This is particularly useful if you are buying a new property "off plan".

With Moneycorp, forward buying your currency is very straightforward. Simply 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.

Q. Will foreign exchange dealers offer advice about market conditions and rates?

Currency FX dealers are not regulated to give advice but many will provide you with information about prevailing market trends and currency movements. You will have to make your own decision about when to buy your currency, but market knowledge and experience from your currency dealer will assist you in making the decision.

Further information can be found at www.moneycorp.com where you can peruse the latest currency charts as well as sign up to receive daily or weekly market updates.

Q. If I take out an overseas mortgage and have to make payments from the UK how can I do this?

Moneycorp provides a Regular Payment Plan to assist those clients that need to make regular overseas payments. Such payments might include overseas mortgage payments or transfers of UK pension payments or any other regular transfers.

The Regular Payment Plan allows you to fix 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. MoneyCorp will deduct the payments from your account by direct debit each month and transfer your funds directly to the destination account of your nomination.

Q. How do I pay for my currency?

After booking an exchange rate with Moneycorp, you will need to transfer funds to their client account via CHAPS of BACS. Bear in mind that any cheque will have to clear before funds can be sent. Once Monecorp has received your cleared funds, a currency transfer will be made to the account of your choice.

Q. How can I find out current exchange rates?

The Interbank rate can readily be found on the Internet and on Ceefax. Moneycorp's website has live currency charts and you can also view historical exchange rates.

Remember that although this is a useful guide to current market levels, unless you are trading millions of pounds on a regular basis, you will not be entitled to the Interbank rate for your own transaction! For an up to date quotation on the amount you are looking to exchange, we would advise you to telephone Moneycorp.

Q. How long will my funds take to transfer to an English bank account?

Moneycorp uses electronic funds transfer and can generally get the funds into the destination account a quicker than a high street bank. Same-day transfer services to from European countries and North America are standard, as are next day transfers for all other destinations. Bear in mind there is sometimes a short delay at the receiving bank before your account is credited. This can usually be overcome with a "proof of payment" document that can be provided upon request.

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

You may also be interested in the following:

• Currency Exchange - England
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