| Buying a property
abroad is often the realisation of a personal dream
and probably represents one of the greatest expenses
of your life. As part of the purchase process, you
will inevitably need to transfer a sterling sum into
another currency in order to pay for your property.
This vital element of the purchase process - one
that is often overlooked - can make a huge
difference to the price, in sterling, that you will
have to pay for your dream home. Exchange rates
change constantly and 10% fluctuations in a
relatively short space of time are not uncommon.
This could effectively increase, by 10% or more, the
sterling amount that you will have to pay.
There are various organisations that can convert
your sterling into whichever currency you need.
Specialist currency dealers will normally offer you
a better rate of exchange than your bank and provide
a more personalised service. Foreign exchange
companies like Moneycorp often offer a proactive
service to their clients, using their expertise to
monitor exchange rates on the clients' behalf in
order to achieve the best possible rate of exchange.
If you ask your bank to send the money you should
expect them to charge you for doing so. The local
bank may also make a substantial charge for
receiving the money. A reputable currency trader may
well be able to reduce those overseas charges
substantially by sending the money via a cheaper
route.
Your currency can be delivered any time within
two years at an exchange rate fixed at the time of
purchase. This is called 'forward buying' and it
will help you secure an exchange rate at an
advantageous level even if you do not have all your
sterling available to transfer at the time of
purchase. Forward buying removes the risk of adverse
currency movements that could lead to the sterling
value of your overseas property increasing between
the time of signing and the contract and the actual
payment.
- Euro Savings Case Study
The savings you can make by using a foreign exchange
specialist instead of your bank are considerable.
For example, a couple wishing to purchase a property
in Spain for 200,000 euros would have paid the
sterling equivalent of £135,107 in December 2005.
Three months later they would have paid £139,034 for
the same property. By securing an exchange rate in
advance, they would have made a saving of almost
£4,000.
- USA Dollar Savings Case Study
For example, a couple wishing to purchase a property
in Florida for 200,000 dollars would have paid the
sterling equivalent of £108,113 in January 2006.
Four months later, they would have paid £112,720 for
the same property. By securing an exchange rate in
advance, they would have made a saving of over
£4,500.
Moneycorp Benefits
Moneycorp can help you achieve the best exchange
rates making your money go further. They can also
offer a range of services that will help protect you
against adverse currency fluctuations.
In addition, you can take advantage of the
following benefits:
- No commission charges or receiving bank
fees.
- Fast, efficient worldwide transfers.
- A dedicated dealer to guide you throughout
your currency transaction(s).
- 24 hour market monitoring enabling you to
benefit from currency fluctuations outside of
normal banking hours.
- Regular Payment Plan - smaller regular
transfers.
- Extended office opening hours 7:30am -
10:30pm Monday - Friday and 10:00am - 4:00pm
Saturday.
- A Moneycorp Privilege Card to purchase
currency and travellers cheques commission free
at any of our retail branches.
- You will also receive a 1% improvement in
the rate of exchange at our airport locations.
Peace of mind in dealing with a company that
has been trading foreign currency since 1979,
has been certified to ISO 9000 Quality Assurance
since 1996 and last year transacted over £7
billion on behalf of its clients.
*Should a
client incur such charges, Moneycorp will refund
them in full.
The Regular Payment Plan
Our Regular Payment Plan will be of great
help to you if you have regular currency transfers
to make. Such transfers might include
overseas mortgage payments, pension payments or any
other regular currency transaction.
The Regular Payment Plan offers you three simple
payment options. Whichever you choose, you will
always receive an excellent rate of exchange and
enjoy the convenience of making payments by Direct
Debit as opposed to arranging individual payments
through your bank.
- Fix the Sterling amount that you
transfer each month. With this option
the currency amount that you receive in your
overseas bank will vary according to the rate of
exchange at the time of each transfer.
- Fix the currency amount that you
receive. Know exactly how much currency
you will receive in your overseas bank account,
with the Sterling amount debited from your UK
account varying according to the exchange rate
at the time of each transfer.
- Fix the exchange rate for all of
your transfers. By fixing the exchange
rate, you will know how much in Sterling you
will pay and how much currency you will receive
in your overseas bank account. This option is
available for periods of between 6 and 24
months.
How does it work?
The Regular Payment Plan is
flexible to suit your needs. Your regular payments
will be paid to Moneycorp by Direct Debit. Moneycorp
will then arrange for all currency transfers to be
made to an account specified by you. Moneycorp will
not debit your account more than 5 working days
before the value date of your currency payment.
Please note that the minimum monthly transfer amount
is £250.
How much will it cost?
The only charge for this service is a £4 transfer
fee for each transfer made on your contract.
Bank receipt charges are eliminated. We guarantee
that our clients will not pay any bank receipt
charges when sending funds abroad*.
This guarantee applies regardless of the amount
being transferred or to which bank. |
