Buying Property Abroad - Live Exchange Rates Are Only Part Of The Picture
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If you need to transfer money overseas, factors like exchange rates and transfer fees can make a big difference to the amount of currency you end up with. Most overseas property completions take up 2 to 3 months and over 12 months when you are purchasing off plan. Purchasers must take into account their currency exposure between the time the initial contracts are signed and the completion date. Forward contracts reduce this currency risks by giving you the possibility to secure an exchange rate for up to 2 years. This will enable you to calculate from the outset how much your property will cost you in Pounds Sterling (or other currency)!
Don’t take unnecessary risks by gambling on achieving better exchange rates
Understanding how to achieve the best exchange rate will save you money.
The Little House Company are working with Moneycorp who will not only be able to provide you with a highly competitive exchange rate, they will also help you choose the different options to buy your currency. Whether you need to urgently transfer a lump sum or secure an exchange rate to prevent the exchange rates pushing the cost of the overseas property out of reach, your dealer will suggest strategies that ensure you to minimize your currency exposure.
Avoid being victim to changing exchange rates
The problem is exasperated by the inherently volatile nature of exchange rates and the rapid speed in which they fluctuate. Indeed to the unwary property buyer it’s not uncommon for the exchange rate to fall dramatically in the period after a deal to buy the property has been agreed and the time to pay and complete has arrived. This could add significantly to the cost of the property and could stretch your budget too far.
Moneycorp, the foreign exchange experts, will help you get more for your money than your bank – which is why 99% of customers recommend their services.
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