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Overseas Property CURRENCY OPTIONS: Save Money With the Right Conversion

Article Date : Sunday, November 27, 2005       Bookmark on Facebook   Bookmark on Del   Bookmark on Digg   Bookmark on Facebook   Bookmark on Reddit   Bookmark on Spurl   Bookmark on Furl   Bookmark on Yahoo   Bookmark on Magnolia   Bookmark on StumbleUpon   Bookmark on BlinkList

The excitement of buying a new home in Spain or Portugal means it is easy to overlook one painless way of saving substantial sums of money " by booking your currency in advance to avoid exchange rate fluctuations and minimise bank charges. Ray Williams, the 68-year-old chairman of film and TV production company Moorcroft Productions, is a recent convert to this route. In 2001, he bought a two-bed apartment, off plan, at Cala Mijas on the Costa del Sol for pounds 70,000. He opened a Spanish account with Solbank, transferring sums from his UK HSBC bank account to pay the deposit and stage payments as work continued. 'I didn't know any better " I thought it was the obvious route to take,' he says. Until this year he continued moving a few thousand pounds at a time from the UK to Spain to cover running costs like taxes and service charges, and each time he paid bank charges. But in 2005 he discovered that foreign exchange firms sold to private individuals at commercial exchange rates, significantly better than those offered by high street banks. After comparing exchange firms he chose Currencies Direct. 'I could have saved tens of thousands over the years,' says Williams, who splits his time between his Spanish and High Wycombe homes. 'This year alone I think I've saved up to pounds 2,000. The bank rate today is about EUR1.42 to pounds 1, whereas with Currencies Direct it's EUR1.47 to pounds 1.' There are now scores of foreign exchange companies operating in the UK. They work like this: *You register with the firm, usually free of charge. *You are assigned a 'personal dealer' who will discuss the best way to get your chosen currency at the best date " timing is crucial in deciding on a rate to get so you can buy immediately, at a fixed future date, or at a time when rates are most favourable (see box). *You sign a faxed or e-mailed confirmation and payment form, stating where the funds will come from to buy the currency (typically your UK bank account) and where it will go to (typically your Spanish account). Independent on Sunday, The By Graham Norwood
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