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Currency Exchange When Purchasing Your Overseas Property

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In most instances you will have a set exchange rate in mind when you determine the cost of the property that you want to buy. Generally, buyers find a property, get the current exchange rate and base their decision to buy at the price based on that day’s currency exchange rate. If you’re very lucky, on the day you actually send your money to Greece, you may achieve your budgeted rate, or the rate you had in mind.

Why lucky? Many buyers leave all their currency purchases to the last minute and leave themselves at the mercy of whatever the rate is at that time.

Exchange rates do fluctuate, much more than people realise, and the art is to time your purchases so that your budgeted exchange rate is achieved. But do you have the time to do this? Probably not…

That’s why working in tandem with the right currency specialist can be so beneficial. If you tell the specialist what your budgeted rate is and details of the payment schedule, they will have the time (and inclination) to try and achieve the budgeted rate for you - it’s a win-win situation.

Resource: I recommend Smart Currency Exchange for
currency exchange and transfer services. It’s UK’s only
exchange company that focuses exclusively on helping overseas
property buyers save money and avoid currency fluctuation and
risks. And since the company is specifically niched in money
transfers for property, the entire process is efficient, easy and
very cost effective. Contact Smart Currency Exchange on 0808
163 0102 (free phone) or get a free quote on today’s rate at:
http://www.SmartCurrencyExchange.com/ogc.htm

Below is a brief explanation along with two case studies so that you clearly understand what could happen if you get your currency strategy wrong…and very clear reasons as why you shouldn’t neglect this important factor in the buying process. Further, I’ve added a bonus worksheet entitled, ‘Your Currency Strategy’ in the worksheet section to help you determine a strategy best for your particular circumstances.

When buying in Greece (or any overseas destination), you’ll eventually have to pay a deposit, staged payments and/or the full purchase price. During this process, you’ll be required to convert your British Pounds to Euros.

Since the exchange process is simply one tiny aspect of the entire transaction, many buyers fail to give it enough attention, thus making a fundamental mistake.

Most buyers understand that the price of currency fluctuates second by second as it gets traded on the currency market floor, and they also realise that banks add on a 2-5% profit margin when selling the currency to the end-user (you),

HOWEVER, what many buyers do NOT realise is that there are ways to purchase
currency at a far more competitive rate by buying at the right time.

To save literally thousands of pounds on your currency exchange and transfer charges you’ll want to call a Currency Exchange Specialist, rather than using your high street bank! Let me highlight some common mistakes for you:

Mistake number 1 – using a bank

Consider a case study comparing bank rates to a currency specialist:

“Last year Simon decided that it was time to live his dream and create a new life in the sun. The initial payment on his property was €86,500. If he had used a high street bank rather than a currency specialist this would have cost him £60,241. His saving by using a currency specialist was over £1,000. This paid for a large portion of his white goods”

Mistake number 2 – not achieving the budgeted exchange rate

Currency Exchange Specialist can help you to secure a rate of exchange today for a
purchase in the future so that your budget is fixed rather than going up and down according to the exchange rates. For example, you don’t want this to happen to you:

"Mr and Mrs Maurice were planning to immigrate to Greece. They identified the property that would turn their dream into reality. The total cost was €620,000. If they negotiated their needs with a currency specialist at the then rate of 1.462 they would have paid €424,077. Instead of contacting a specialist and securing a fixed rate, Mr and Mrs Maurice waited until their completion to exchange currency. The transfer took place 4 weeks after they decided to purchase. And in those 4 weeks, the cost went up to £434,205. The Maurice’s lost just under £10,000.

That’s the price of a new car!!”

I don’t know about you, but if there is one thing that absolutely MADDENS me it is when I phone somewhere – be it my bank, water or electricity company – and I spend the next half an hour pressing buttons and listening to ridiculous messages like ‘Your call is important to us’ – quite clearly it isn’t, otherwise they would actually be talking to me!!

All this to say that when you phone Smart Currency, you will actually speak to REAL
PEOPLE! People who are used to dealing with the likes of me, who has not the slightest idea about transferring currency and the value of a currency company…
When I think of how much I could have saved myself in transferring my life’s savings from South Africa to the UK I feel quite ill!! So please, don’t hesitate to pick up that phone and ask questions, no matter how stupid you think them to be.

Trust me, someone else will have asked them before you…and you will immediately speak to someone who can clearly and concisely explain the whole process to you.
Smart Currency Exchange is UK’s only exchange company that focuses exclusively on helping overseas property buyers save money and avoid currency fluctuation and
risks.

Furthermore, Smart Currency Exchange is also the only currency company in the UK that does not pay their dealers/brokers in commission – that fact alone will allow you peace of mind that you’re not in the hands of a dealer that is trying to make the most money they possibly can out of you.

Smart Currency Exchange charges no fees, no commission and actually works with clients to determine the best way to avoid risk and save as much money as possible.