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Currency deals cut cost of foreign homes
Hundreds of thousands of us leave the country every year to set up homes in foreign countries far away from the rain and the taxman. But whether fleeing to a retirement home in the sun or fulfilling a long-term dream to renovate a rustic ruin, buying a property abroad can be subject to fluctuations in the currency markets.
One of the last things people consider when emigrating or buying abroad is where to get the best deal when switching their sterling or euro into foreign currency. Even small exchange rate movements can add thousands to the purchase price of an overseas property.
Whether converting a lump sum for a deposit on a house, or making several staggered payments to acquire an off-plan home, some people still rely on their bank or building society to look after foreign exchange transactions. But for those who shop around and consult a currency exchange specialist, significant savings can be made in lower charges and more competitive exchange rates.
Typically, the high street banks charge up to £40 for an overseas transfer and some still charge commission for the currency exchange. Customers transacting through a bank rarely receive the most competitive exchange rate with banks offering a "tourist" exchange rate, which is significantly less competitive than the inter-bank borrowing rate (the rate at which banks lend to each other) which many specialist currency providers track more closely.
Specialist foreign currency houses also offer more commercial rates, most do not charge commission and can levy a much lower fee for electronic transfers.
Source - The Telegraph
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