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How a foreign currency specialist will help you find the best exchange rate when you buy a property overseas

Many people buy a property overseas are often unaware of the benefits of using a foreign currency specialist and simply leave their foreign exchange in the hands of their bank. However, by using the services of a specialist, you could end up saving a large amount of money on your transactions.

It is sometimes difficult to know when to look for the services of a foreign currency specialist, but I believe the best time to approach one is when you have had your mortgage offer accepted and are looking for the most cost effective way to transfer your money to pay for the property. You will be paying for the property in the country’s own currency, so by choosing the best exchange rate and method of transfer you could end up saving a large amount of money, which you can then use to cover the costs of legal fees, stamp duty or furniture.

I have recommended Moneycorp’s services for over 15 years now and they are one of the UK’s leading foreign exchange providers helping businesses and individuals to manage their international money transfers. They are extremely efficient and provide you with your own Account Manager to help you set up your account, provide expert guidance in the currency markets and to transfer your funds.

Below are some useful tips to help you save both time and money when making international transfers.

Alternative option to the bank

Currency markets are constantly fluctuating and a currency broker can help you trade at the right time. If you needed to transfer money to an overseas bank account, the way and time you transfer it can potentially save you hundreds, if not thousands of pounds. Moneycorp offer highly competitive exchange rates on all major currencies and often provide a better rate than the bank by up to 4%.

Hassle free payments regardless of amount or frequency

For regular payments such as mortgages, property expenses or salary transfers, many currency brokers, including Moneycorp, will work with you to ensure you make a saving every step of the way. They will collect the GBP Sterling via Direct Debit and automatically send the foreign currency abroad with transfer fees as low as £4 in comparison to the typical £20 charged by the banks.

Go online for greater savings

Moneycorp gives you the options to buy currency and make overseas transfers 24 hours a day, 7 days a week using Moneycorp Online and you can pay for the transaction using a GBP debit card or by bank transfer.

Speak to an expert sooner

The longer you have to arrange your currency transfer, the more flexibility you will have to ensure you get the best deal. Although your broker will be able to offer you a same day transfer, the longer you have to manage your exposure the more options are available to you.

For more information on how Moneycorp could help you with international payments please contact Lauren Bessent or call Lauren on +44 (0) 207 828 7000.

Moneycorp are authorised and regulated by the Financial Conduct Authority for the provision of payment services.

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Details correct when this article was originally posted on October 15, 2013.