Currency Exchange
Many people fail to realise the substantial savings that can be made by using a currency broker to attain the best rate for buying property in a foreign currency.
There are several options that currency brokers can help you with to get the best deal for your money:
- Spot deals
A ‘spot deal’ searches for best exchange rate that is currently available and guarantees it. This is the best option if you wish to transfer money quickly.
- Forward contract
This currency exchange option allows you to ‘buy now and pay later’. It allows you to fix a rate for a period of time, protecting your exchange rate against any movement in the market. This option is particularly useful where a balance is due on the completion of a property.
- Time Option
This option gives you the flexibility to draw down some or all of your funds for a designated period prior to the maturity that you have set to exchange at. If you wish to make staged payments for your property or require more flexibility than a forward contract allows this could be ideal for you.
- Limit order
A ‘limit order’ allows’ you to hold out for the best possible rate. The exchange broker will transfer your money as soon as the exchange rate reaches the level you have agreed. You can also set a 'lower' level or 'stop' to protect yourself should the rate drastically fall. This option is ideal for when you don't have to make an immediate payment and you have a specific budget available.
What to do next?
In order to make your money stretch a little bit further, please complete the form below:
