Buying a property in the Balearics is a dream come true for many people.
While most people tend to focus on finding the right property at the right price, they often forget about the effect that the exchange rate can have on their purchase price.
Exchange rates can have a big impact on the final price you pay.
If you are making a large transfer for a property purchase, getting a favourable rate could save you thousands, enough to pay for your first holiday to your new home or even stretch your budget into a higher price bracket.
Regardless of whether you're paying in cash or looking to take out a mortgage from a foreign bank, before you can purchase an overseas property you will need to transfer your GBP into the local currency.
When moving a large sum of money abroad, the majority of people tend to go to their bank to ask about foreign exchange, but this can be a big mistake.
Banks have high overhead costs and high fees when it comes to sending money overseas.
The quickest, cheapest and most efficient method to send money overseas is through a foreign exchange specialist such as Key Currency.
Here are some advantages of using a foreign exchange specialist like Key Currency:
· Far better exchange rates with no hidden fees and charges. A few cents difference in the exchange rate can result in huge savings.
· The ability to fix the rate, providing security against possible exchange rate fluctuation. Currency specialists can lock-in a rate weeks or even months ahead of your completion date. This can minimise your risk …and your stress level.
· Fast international payments, banks can take a few days longer to make the transfer. Make sure you don’t miss out on a holiday home or investment property because the turnaround of funds is taking too long.
· Experienced market professionals, who can provide you with all the information and guidance you need and ensure the money transfer goes smoothly. With a bank you are unlikely to get any service whatsoever.
A word of advice, we strongly suggest you make early contact with a foreign exchange provider such as Key Currency well before the purchase.
Leaving your foreign exchange transactions to the last minute could leave you the mercy of fluctuating exchange rates and in danger of blowing your budget.
By registering with a currency specialist like Key Currency you will be able to receive advice on future exchange rates and how you can plan to mitigate the risk of movements in foreign exchange rates.
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