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How to save money when purhase a property? Watch currency rates?

It is important to remember when you are investing in a property overseas that fluctuating exchange rates can make a huge difference to the price you finally pay

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When making an overseas purchase, currency exchange may not be the first thing on your list. It can be equally as important as the purchase price though, as the exchange rate has a direct and noticeable impact on your bank balance.

For example: A property costing 250,000 Euros, purchased on the 24 June would have cost £165,175. However the same 250,000 Euros purchased on the 21 July, less than one month later would have cost £174,775. A difference of £9,600.

The extraordinary increase in price is due to movements in the foreign exchange market, a highly complex system of banks and trading companies working continually to speculate on, and control, our global economy.

Although you have no control over this market our dedicated team of brokers, analysts and support staff are working non stop to ensure that you are aware of its movements while offering you the products and services that will save you both time and money. For more information on the services and products we offer please select from the menu opposite.

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The law states that we must adequately legitimise your identity as well as the source and destination of your funds and, should we not be satisfied inform the relevant authority. i.e. the National Criminal Investigation service (NICS). Sterling Exchange fully comply with the regulations and our registration number is 12161465. We also strictly follow and adhere to the Bank of England guidelines in relation to all FX related activities.

 

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