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Foreign money exchange

Tenerife apartments, Property Managements Tenerife.

If you have decided on purchasing a property overseas, moving to a new country or simple investing abroad, you will need to ensure you change your money in the appropriate currency of that Country.

In the past, foreign exchange has been overlooked sometimes causing a shock to prospective purchases that don’t only have adverse effects on currency but lead to an increase in the original purchase price. The process of changing sterling into the required currency and sending it overseas has sometimes been so significant that it has become impossible to allow the purchase to complete.

Foreign Currency Explained

Depending on exchange rates €200,000 would cost £140,845 at a rate of 1.42 but would cost £136,986 based on a rate of 1.46 which is a significant difference in price. This provides a classic example. It is sometimes possible to secure a currency rate at the time of purchase which would eliminate this risk of changing currency rates enabling you to establish a fixed rate for the time of transference.

Foreign Exchange Companies

Using a foreign exchange company you can usually achieve the best rates of exchange which usually beat the rates offered by most High Street banks and building societies who provide commercial rates. Due to the amount of foreign exchange deals carried out on a daily basis the rate you can achieve is not always dependent on the size of your transaction.

In order to use a foreign exchange company you would simply need to open an account with them. They will guide you through the process and as such the paperwork involved in that in order for you to transfer your funds to the appropriate country. Dependant upon the company they will transfer your funds free of charge or will charge you a one off fee which is usually less than that what you would pay to your local bank or building society to transfer the same amount. With this it usually makes using a foreign exchange company quicker and more efficient.

You can also ask the companies to provide you with a transfer timescale which in some cases can be the same day as the funds are sent they arrive in the country you specify into a nominated bank account. This can give you piece of mind if you are in a hurry to secure a property purchase abroad. This would allow you to send a deposit therefore securing the property and taking it out of the property market.

Money transfers can be made during office hours between Monday and Friday and this is when contact with the Foreign Exchange companies can be made.

Accordingly, we at Wady Properties would always advise to compare rates offered by your local bank or building society against those offered by a reputable foreign exchange company to ensure the most efficient, inexpensive and safe way to transfer your money. We will be happy to give you the details of the reputable companies we use here on a weekly basis.

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