Why is foreign exchange important to my overseas property purchase?
Foreign exchange is a highly volatile market in which the right exchange rate can come and go in the blink of an eye. It’s difficult to seize on these opportunities without an in-depth knowledge of the market and hour-by-hour awareness of its trends.
Not surprisingly, many people are unaware of the financial impact exchange rates play on the cost of buying an overseas property. Fluctuating by the second, currency movements are also often difficult to track. An innocuous movement of 1 or 2 cents in the exchange rate is often not considered worth worrying about, yet this small movement can add thousands of Pounds to the cost of buying your property.
To put this into context, a UK buyer of a property priced at €200,000 would have needed to pay £142,250 to buy the property at the end of December 2004; could have bought the same property for just £132,000 in June 2005 yet would have needed to pay £140,000 only one month later. These variations in the cost of the property are a direct result of very volatile currency movements. Fortunately, with the right help you can very simply protect yourself against adverse currency swings and by securing a favourable exchange rate you can ensure you buy your property at an affordable price. That’s where Moneycorp delivers.
With their help, buying property abroad becomes a simple, straight-forward and cost-effective operation. They combine financial expertise, the latest technology and a round-the-clock trading presence to ensure they secure the best possible deals for you, along with total peace of mind and enviable levels of customer service. Their professionalism ensures you derive the maximum benefit from all your currency transactions with the minimum of hassle.
5 Top Currency Tips
- Identify your budget
- Plan ahead to help you safeguard your future costs
- Don’t take unnecessary risks by gambling on achieving better exchange rates
- Guarantee your exchange rate for each of your stage payments
- Speak to Moneycorp for expert guidance.
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