Before buying overseas, you will need to purchase the local currency to pay for the property (if you don’t already have it).  There are two options available when purchasing and transferring currency – you can use your bank or take our recommendation and use the services of a specialist currency exchange provider.

The benefits of using a currency specialist over a bank are as follows:

You may save up to 4% on the cost of the currency by getting better-than-bank rates – On the cost of a £100,000, the savings could be up to £4,000.

You can talk with a dedicated currency specialist rather than bank personnel that may or may not know the currency markets.   Specialists can help you determine a strategy on how to buy currency at the right time for the right price.

Your funds will be transferred within 1-2 days using a specialist services whereas banks take 3-5 days.  Furthermore, unlike the banks, currency companies can eliminate transfer charges and receiving fees imposed by some foreign banks.

You will have the ability to freeze the current currency exchange rate (if it’s a good rate) so that you can RESERVE money at today’s rate and pay for it at a later date.  This will give you peace of mind that your property purchase price will not change due to market movements.    

If you have a set budget and want to ensure that the price of your property does not increase and/or you would like to get the best rates when purchasing currency, we suggest that you discuss your requirements with a currency exchange specialist.

Our preferred partner is Smart Currency Exchange Limited.  They are the UK’s only currency exchange specialists that work specifically with people buying overseas property.  Further, they are also the only currency company that doesn’t pay their specialists on commission so you can rest assured that your appointed currency trader will offer the best rates with no pushy sales pitch.