Exchanging Currency
Foreign Exchange
Rates can have a significant impact on the cost of your
purchase.
In
securing property abroad, purchasers are likely to spend
more time searching for the right property via their estate
agent and researching the best method of financing their
purchase rather than considering the financial implications
of transferring money overseas. The transmission of funds
for property acquisitions is often done at the last minute.
This leaves the buyer exposed to the prevailing exchange
rate and can significantly alter the eventual total cost
of the property.
When
buying overseas it is essential to cover all aspects of
the currency element of the transaction. For example, when
considering the Dollar cost of a house in the United States
there is no fixed exchange rate from which to calculate
the eventual cost in sterling. This is because the foreign
exchange rate changes many times every day. Depending on
when you purchased a $300,000 home in the past twelve months
it might have cost anywhere between £175,000 and £215,000.
The Solution
Transferring money to the USA
When purchasing a property in Florida you will need to transfer US Dollars. Whilst the natural inclination is to go to your local High Street bank to transfer funds abroad, this is a fairly expensive way of doing it. Exchange rates and commissions provided by high street banks are significantly less favourable than those offered by specialist foreign exchange brokers.
We therefore recommend the services of Foreign Currency Direct. Transactions arranged through FCD are always at the most competitive rates, and the service is fast and efficient. An estimate of the typical savings using FCD over high street bank transactions are in the region of 1%, or £1000 saved for every £100,000 transferred.
We even have a dedicated dealer for Homesearch Florida clients for five star personal service. Opening an account is free and without obligation, or you can simply call for a quote - FCD recently topped a poll for the "Best Currency Rates" available from a number of sources.
To transfer money via FCD contact: Alastair Archbold Tel UK: 0800 328 5884 Tel abroad: +44 1494 725 353 or create an account via the FCD website by clicking on the link below.
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