Overseas Property Currency Exchange

The Fidentia currency exchange service is set so any
currency can be exchanged at very competitive rates
with no transfer charges. If you are buying property
abroad, it is likely you will need to pay for the property
in the currency of the country you are buying in.

Currency exchange

Your high street bank, may seem the obvious choice for converting your cash or savings, however they will probably offer you the current Tourist Rate rather than the Commercial Rate offered by specialist foreign exchange companies. Therefore using a foreign exchange company with more favourable rates, you potentially get a much better currency deal for your pound.

Due to the constant changing of the currency market, exchange rates are extremely volatile. This can leave you vulnerable to poor exchange rates when converting your money. However, if you use a specialised currency or foreign exchange company, there are several options available to help you secure better rates.

Foreign Exchange

	Spot transactions These are simply a buy now pay now option, where the currency is purchased immediately at that days Commercial Rate. This type of transaction is ideal for those who require their currency immediately. However, if you can allow a little time before your payments are required it is better to purchase currency using a forward transaction.
	Forward transactions The buy now, pay later option. A forward transaction will allow you to reserve a rate up to 18 months in advance of your requirement for the currency. A small deposit will hold your selected rate until the currency contract matures. This option allows you to protect against the risk of a drop in the exchange rate, and also gives you the security of having the currency you require at a guaranteed cost, regardless of fluctuations.
	Limit orders A limit order allows you to place a currency order for a desired exchange rate. This has the advantage of protecting you against negative shifts in the exchange rate, while still allowing you to benefit from positive changes to the exchange rate. Your order is placed into the currency market and an automatic purchase is made once the rate hits the specified exchange rate.
	Regular payments When you have purchased your overseas property, it is possible that you will be required to make payments in a foreign currency. This could be to make mortgage payments, pay for maintenance or transfer your pension or salary. Again using a reputable foreign exchange company can simplify this process and reduce costs, by setting up monthly payments subject to more competitive rates.

Our recommendation

If you haven't had to deal with currency exchange before, the options available to you and their implications may seem daunting. This is why we here at Fidentia would be happy to discuss this process with you in more detail and make a recommendation to a suitable, reputable foreign exchange company. The full information you require to potentially save thousands is only a click away. To protect yourself from this unnecessary risk and expense, contact us now.