Foreign exchange rates play an important role in many people’s decision to buy a property abroad. Not only do buyers need to keep an eye on currency fluctuations in order the accurately gauge the cost of their property, but they also need to think about the method that they are going to use to make the deposit and the balance payments.
A proactive approach to foreign exchange is always best – don’t leave it until the last minute and then have to make a rushed decision! When it comes to currency fluctuations, try to think ahead. Are there any political events on the horizon that could cause your currency to strengthen or weaken significantly? Are you poised to take advantage of such events? Do they pose a particular risk? Thinking these things through can help you to plan the timing of your purchase in order to benefit from fluctuations in the value of your currency.
Planning ahead for the way you convert your currency is equally important. Many of those who haven’t previously transferred large sums of money overseas choose to use their bank, as the ‘easy’ option. However, this can be a costly approach depending on your bank’s charges and the exchange rate that it provides.
Using a foreign exchange company can provide you with significant savings. Here at Surrenden Invest we recommend our trusted partner, Monex Europe. Monex Europe is able to use its purchasing power to achieve competitive foreign exchange pricing from more than 30 counterparties. That means we know our clients can benefit from getting a good deal. Typically, clients using Monex Europe instead of their banks to convert their currency make an average saving of 2.5%.
Another of Monex Europe’s features that our clients seem to particularly appreciate are its domestic and international economic reports. The company undertakes forecasting and analysis in order to capitalise on currency movements throughout the day. Buying at the right time is crucial when it comes to getting the best rate. Many of our clients find that the detailed analysis they receive from Monex Europe helps them to make better decisions about when to purchase their desired currency.
As we are always keen to ensure our clients get a great deal, we also love that Monex Europe’s service is free to use – a great bonus when you consider that the company is consistently ranked as a top 10 global currency forecaster by Bloomberg.
Foreign exchange can seem daunting at first, due to the potential costliness of making the wrong decision. If you’ve not purchased property abroad before, or you’ve done so but only relied on your bank for currency exchange, it’s definitely worth speaking to an FX expert before you make any hasty decisions.