Buyers of overseas property intending to complete this summer are being warned not to waste money by using a bank to move their funds. The fluctuating exchange rates and unnecessary bank charges can have dramatic effects on the cost of buying abroad, with Brits losing thousands of pounds each year.
As it currently stands, with the Pound suffering since the election, it’s more important than ever to search for a good deal on your currency transfer. Using a currency specialist like our online partner, Currency Index - whose typical rates are 2-4 per cent better than the banks – can save you money and ensure that you are transferring at the right time.
Case Study - "I saved £8,000 with Currency Index!"
When Jonathan Thompson bought a Spanish property recently he needed to send €360,000 to a Spanish lawyer to complete. He used Currency Index, rather than using his bank, to make the transfer. At a rate of 1.12, the Euros cost £321,400, whereas his high street bank was quoting over £330,000, meaning he saved over £8,000.
“I got a quote from my high street bank, but then spoke with a friend who had previously purchased a property abroad and they recommended I compare with a currency specialist. Currency Index made the process very simple and they understood that it was my first purchase abroad and explained things carefully. I was thrilled at the saving I made by doing a comparison, and I’d certainly recommend them to any potential buyers.”
Are you getting ready to send euros to pay for your dream home in the sun?
Buying an overseas property will almost always require you to exchange funds between currencies, and transfer these funds abroad. Exchange rates should therefore always be an important consideration even in the early stages of planning your purchase. We've prepared a free guide to making international payments.
Ready to open an account? You can register for an account online right away. There are no fees and no obligation to use the service, but you will have access to an expert advisor from Currency Index who can help and guide you through the process. Start here >