Currency Quote
CURRENCY EXCHANGE can be the single biggest cost when buying property abroad.
Allow me to illustrate with these two brief examples: ADVERSE CURRENCY FLUCTUATIONS Don't run the risk of fluctuations! Currency Brokers, can, by fixing a rate for your currency requirements today for a purchase in the future (up to 6 months).
Currency Example...
The Pound against the Euro...
16 months ago was ¬1.
48/ £1.
00; 6 months later it was ¬1.
32/ £1.
00.
On a £100,000 transfer the difference in those 6 months is £12,000 Currency Example...
Again the Pound against the Euro...
in February 2008 the exchange rate was ¬1.
32/ £1.
00; in July 2008 it is ¬1.
26/ £1.
00.
On a transfer of £200,000 the difference in those 6 months have been ¬8,000 (approx £6,000) When getting a currency quote the Currency Broker can give you a quote by using a fixed rate that is valid for 6 months.
Using the Euro against the pound is, and has been a good example of two currencies on the move with fluctuations daily Trading Currencies and Buying Property Abroad are the two major reasons for changing currency.
A close third is when regular payments are made to a different country and subsequent different currency.
However a casual approach which is taken by many when buying property abroad can be the single most expensive part of buying abroad.
Getting a 'Currency Quote' when buying property abroad is obviously an important process, but more importantly is getting at least two quotes, possibly three.
At the end of the day it is a competitive market and we should compare quotes.
To conclude; where I started about currency fluctuations...
When buying property abroad, remember this process...
When you first have an offer accepted it is wise to get a currency quote and ask about getting a fixed rate quote which will be valid for 6 months.
Plus get the advice of the currency broker as they deal within currencies 24/7.
Many experts have suggested the Euro has hit its peak against the Pound and perhaps over the next 6 months the pound may gain some ground lost over the last year.
Remember Currency Exchange is a costly business if you treat it casually.
I can recall one person losing £15,000 by assuming his bank was getting him the best deal.
Always get 2 or 3 quotes! Forgetting this advice and you may lose up and over £15,000 on your Currency Quote
Allow me to illustrate with these two brief examples: ADVERSE CURRENCY FLUCTUATIONS Don't run the risk of fluctuations! Currency Brokers, can, by fixing a rate for your currency requirements today for a purchase in the future (up to 6 months).
Currency Example...
The Pound against the Euro...
16 months ago was ¬1.
48/ £1.
00; 6 months later it was ¬1.
32/ £1.
00.
On a £100,000 transfer the difference in those 6 months is £12,000 Currency Example...
Again the Pound against the Euro...
in February 2008 the exchange rate was ¬1.
32/ £1.
00; in July 2008 it is ¬1.
26/ £1.
00.
On a transfer of £200,000 the difference in those 6 months have been ¬8,000 (approx £6,000) When getting a currency quote the Currency Broker can give you a quote by using a fixed rate that is valid for 6 months.
Using the Euro against the pound is, and has been a good example of two currencies on the move with fluctuations daily Trading Currencies and Buying Property Abroad are the two major reasons for changing currency.
A close third is when regular payments are made to a different country and subsequent different currency.
However a casual approach which is taken by many when buying property abroad can be the single most expensive part of buying abroad.
Getting a 'Currency Quote' when buying property abroad is obviously an important process, but more importantly is getting at least two quotes, possibly three.
At the end of the day it is a competitive market and we should compare quotes.
To conclude; where I started about currency fluctuations...
When buying property abroad, remember this process...
When you first have an offer accepted it is wise to get a currency quote and ask about getting a fixed rate quote which will be valid for 6 months.
Plus get the advice of the currency broker as they deal within currencies 24/7.
Many experts have suggested the Euro has hit its peak against the Pound and perhaps over the next 6 months the pound may gain some ground lost over the last year.
Remember Currency Exchange is a costly business if you treat it casually.
I can recall one person losing £15,000 by assuming his bank was getting him the best deal.
Always get 2 or 3 quotes! Forgetting this advice and you may lose up and over £15,000 on your Currency Quote
Source...