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Interbank foreign exchange rates:
Click here for holiday money rates Updated Monday 12th May 2008 EURO / GB POUND 0.7909 GB POUNDS / EURO 1.2643 BRITISH POUND / US DOLLAR 1.9469 EURO / US DOLLAR 1.5390 GB POUND / JAPANESE YEN 201.56 GBP/AUD 2.0710 GBP/NZD 2.5401 GBP/ZAR 14.8936 GBP/CHF 2.0404 GBP/CAD 1.9629 GBP/SGD 2.6679 GBP/THB 62.32 GBP/HKD 15.1769

Euros / Pound

More people than ever before have been taking advantage of a strong pound and comparatively cheaper property prices abroad. If you are considering the purchase of an overseas property, either as an investment or as a second home, it is important you become familiar with a very volatile exchange market.

Where can I obtain the best exchange rate?

Establish from the outset approximately how much currency you need to buy and the timescales you have, e.g., an initial deposit and then regular stage payments or a balance on completion. You then need to compare like for like the exchange rate you can obtain from your bank to what a broker can offer you.

Where do I find a reputable currency broker?

Ask the agent you are buying the property through to make a recommendation or carry out some research on the Internet.

Are there risks involved when buying currency?

There is clearly potential for your property to cost more than expected if the currency markets move against you. When buying in Europe you will be provided a price for the property in Euros. It is therefore important that you establish a relationship with a broker who is able to provide you with expert advice and the best financial tools to use for buying your currency.

How can I buy currency for a date in the future?

You can buy currency for a future date using a 'forward contract'. This effectively means you can take advantage of a good exchange rate from the market without making full financial commitment. The rate can be guaranteed with usually a 10% deposit. This is a great option if you want to fix your costs early on, so you know exactly how much the property will cost you.

What can a currency broker offer me that can not be provided by my bank?

First and foremost currency brokers offer better exchange rates and lower transfer charges. On top of that they offer a much more specialist and personal service with an understanding of the complex and sometimes stressful foreign property purchasing process.

Does it take longer to buy through a broker than a bank?

No. Generally as brokers are experienced working within the foreign property market they understand the importance of payments reaching their destination on time. Therefore as soon as funds reach a client account they are automatically sent by international transfer known as SWIFT.

Are there different types of exchange rates?

Yes, there are three.
Market rates are what banks and brokers use to buy Euros which are often displayed in newspapers and on websites. Wholesale rates are those provided to clients who are buying a large sum of currency for a property purchase or emigration. The weakest rates known as tourist or retail would be those offered at a bureau de change or post office.

Is it important I obtain a wholesale rate?

Yes, very important; it is always beneficial to look beyond your bank and get a preferable exchange rate by shopping around.
'It is unlikely that you would purchase a property in the UK without agreeing a definitive price first! - Why do it with a foreign property?

To avoid taking risks in an uncertain market why not secure a good rate today by buying euros without full financial commitment have you considered our risk management services, allowing you to lock in impeccable exchange rates for up to 2 years ahead requiring only a 10%?

Archive news from Monday 2ed August 2004

Friday afternoon going into the weekend has seen sterling regain strength over the Euro to reach a high this morning of 1.5160 to a current rate of 1.5053. Sterling had lost considerable strength against the Euro last Thursday but has managed to pull back it’s gain as dealers keep an eye on this week’s data for the prospects of any monetary tightening after this month.
All eyes are on Thursday’s MPC announcement at the BoE wich Ian Stannard, currency strategist at BNP Paribas stating ‘just about everybody is going for a rate hike this week so I don’t think sterling will get any additional support from a rate hike. That appears to be fully priced into the market’
This therefore highlights that although we will see a rate rise on Thursday it is unlikely that sterling will gain any major strength against the Euro as it has been so widely expected and therefore the market has accounted for this occurring.

The outlook is less clear after last Thursday’s consumer credit data raised concern that current house prices, frequently commented by BoE officials, could prove unsustainable so are a constant weight on the future decisions and the state of the economy.
In this uncertainty it is a fair conclusion to make that the current strong performance of sterling could be short-lived and making a decision to buy Euros now could well be a fruitful choice, especially for people buying property or emigrating to Europe.

Buying Euros Written by Toby Fischer

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