Luckily, today there is another way.
At currencytoday.co.uk our experts have scoured the web and utilised industry expertise to bring you trusted currency brokers who can save you
time and money. All of which means that you can relax while that dream home moves one step closer to becoming a more affordable reality.
A smarter way to buy property abroad
Once you’ve chosen your property, buying overseas usually begins with paying a deposit, which is often a set fee or percentage of the sale price. The
remaining, much larger amount, is due during a set period of weeks or months. This is where the problems begin if you’re using a bank.
For a start, banks are hugely expensive. Transfer fees can soon build up on multiple transfers, and if you ask a professional you’ll find the exchange
rate you’re getting is probably very poor. Also remember that exchange rates rise and fall from day to day. Even if you get a relatively good exchange
rate on your deposit payment, by the time you pay the rest it might no longer be so favourable. Plus, the fact it fluctuates means that you never know
exactly the amount you’re paying.
And is transferring cash through your bank really so simple?
We all know that organising transfers online or by phone is incredibly fiddly and time-consuming. And it’s even worse if you transfer through a branch,
as you have to supply beneficiary bank details for the person you’re paying every single time.
How to beat the banks
Making a payment through a trusted currency broker is a great way to take the pain out of the process. You’ll get a bank beating exchange rate,
a simple-to-use service and best of all, zero transfer fees. We work with all the market-leading currency brokers who have the power to pass on the best
deals to you at the same time as maintaining the very highest levels of service.
Here’s are six great reasons our customers tell us using a currency broker makes so much sense:
1. Zero transfer fees. A currency broker won’t charge you any transfer fees, instantly making you better off.
2. Bank-beating exchange rates. Currency brokers can offer exchange rate margins of less than 1% (the larger the amount the smaller the margin) –
that’s often 4% or more better than the banks’.
3. Fast payments. When you’re dealing with estate agents, delays can derail the whole deal. Currency brokers can get payments credited to an overseas
account between one and four days – and often the same day in Europe.
4. Flexibility. By using a currency broker you can secure a ‘forward contract’
, which allows you to fix the exchange rate up to three years ahead so you
don’t have to worry about rate fluctuations on future stage payments.
5. Dedicated one-to-one service. Currency brokers aren’t ‘faceless’ like the banks. They’re there for you every step of the way to answer queries by
phone or online.
6. They work to your schedule. Today currency brokers allow you to transfer currency 24/7, wherever you are in the world.
Look at our case study to see how you could save:
Case study: How we helped the Haimes
Dollars and make their American dream a reality.
Mr and Mrs Haimes are one of the many UK couples looking to invest in a property abroad. And the dream home they found in Florida really did tick all
the boxes – both as an investment and the perfect destination to holiday with their grandchildren. But they had to move quickly. They secured the
house by auction in January for $390,000 with a 5% upfront deposit. The next payment was due in early February. Mr Haimes was relieved to get the house
– but he was shocked by the poor exchange rates and high transfer fees charged by his bank. So when it came to transferring the rest of the cash he
decided to try something different and go through a currency broker. However, when he searched online every broker claimed to be the cheapest, safest
and fastest so he wasn’t sure where to start. He also started worrying that a different exchange rate for the next payment date might leave him a lot
Trusted and efficient
This is where we stepped in. Because we’re impartial experts with an encyclopaedic knowledge of the market he knew he could trust us. He liked the fact
that we featured every detail on the UK’s top currency brokers, and loved that everyone we feature has to abide by strict
international financial standards
Our expert brokers took him through all the options to secure the best possible deal. Mr and Ms Haimes decided that a short-term forward contract suited their needs
best. So they agreed to buy $370,500 (the remaining 95% due) at a truly bank beating exchange rate of 1.64, costing the couple only £225,914.63.
This put Mr Haime’s mind at rest and eliminated any worry about the fluctuating exchange rate leading up to their final payment date.
Booking a forward contract saved them extra money too – as the US Dollar
dropped to 1.6150 by the time February came around saving them £3,500 by booking an exchange in advance. Plus, using a broker meant they could avoid
paying any transfer fees to their US lawyer who was handling the sale. Eventually the sale was stress-free and the Haimes saved enough money to enjoy the
more exciting things in life – like planning a once-in-a-lifetime family holiday to Disney World.
Want to follow the Haimes’ lead? Fill out our contact form to find out how
our experts can help you.