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When
purchasing your property abroad you will need to pay for it in the foreign
currency of that country e.g. for Spain this will be in euros.
Your
traditional high street bank may seem the obvious choice for where you
change your savings, due to ease and tradition, but they are likely offer
you the tourist rate on the exchange of your hard earned cash, as opposed to
the Commercial Rate that a specialised foreign exchange company will offer.
By
using a foreign exchange company the rates will be more favourable so you
can get more for your pound.
Exchange
Rate Movements - over six month period
Due
to the volatility of the currency market exchange rates are constantly
changing, so can vary from one day to the next (as shown in the graph).
However, there are various options available to help customers get a great
rate.
Spot
Transactions
Buy
now, pay now. These are ideal for anyone who needs their currency straight
away as the currency is purchased today at the current rate. However, if you
have time to spare before your payments are due it may be wiser to consider
a Forward Transaction.
Forward
Transactions
Buy
now, pay later. These allow you to secure a rate for up to 18 months in
advance to protect yourself against any movements in the market. A small
deposit holds the rate until the balance becomes due when the currency
contract matures. This option not only protects against possible drops in
the exchange rate but also gives you the security of the currency you need
at a guaranteed cost, regardless of fluctuations in the market.
Limit
Orders
Allow
you to place an order in the market for a desired exchange rate. This has
the advantage of protecting you against negative exchange movements whilst
still allowing you to gain from a positive movement. Your request is entered
into the system and an automatic currency purchase is triggered once the
market hits your specified rate. Using the options above clients can save
thousands of pounds on their currency transfers what better way to kick
start your life abroad?
Regular
Payments
Once
you have become the owner of your dream property, it is highly likely that
you will need to send regular monthly payments from home whether for
mortgage payments, maintenance expenditure or transferring pensions or
salary. Using a reputable foreign exchange company can make this process
hassle free and they are likely to offer you better terms than your high
street bank. By setting up regular monthly direct debit payments you can
benefit from extremely competitive rates without the monthly worry.
Currencies
Direct
If
you haven't had to deal with these sort of transactions before it can seem a
little daunting, but Currencies Direct, the market leader in foreign
exchange, can help give you an exciting and cost-effective start to your
life abroad.
The
information you need to potentially save thousands is only a phone call away
Offering
a tailored service to each client, you will be assigned a dedicated dealer
to talk with you, as often as you require, about up-to-date movements and
general predictions on market fluctuations in plain English! Offering
competitive rates for all major currencies they will identify the best
opportunities for you and your money. With no charge for registering, no
obligation and no commission fee, Currencies Direct offers a stress-free
method of transferring funds promptly and accurately.
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