International money transfers
Foreign exchange and international transfers explained
Whether you are in the process of buying your overseas property, or you have already made the purchase, you may need to make a number of overseas payments. Timing is crucial when you are exchanging large amounts of currency and trading at the right time will mean that your money goes a lot further.
With exchange rates fluctuating constantly, it is of course better to buy or sell currency when rates are in your favour. Fluctuations of up to 10% can occur relatively quickly and if such a move is not in your favour, this effectively adds up to 10% to the cost of your transaction.
Planning ahead can save you significant sums of money. If you leave transfers to the last minute, you will have to accept the rate that the markets offer that day, whatever that may be.
While high street banks are often the first port of call for most international property payments, foreign exchange specialists can offer homebuyers superior rates of exchange, in addition to a more comprehensive range of services that will help protect them from adverse currency movements.
A foreign exchange specialist will be able to help take the hassle out of all your international money transfers – whether these payments are one-off or regular.
For example, once you have made all your overseas payments to purchase your property, you may still need to make monthly overseas mortgage payments or pay regular maintenance costs. This is where a foreign exchange and international transfers specialist like Moneycorp can help.
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