FOREIGN EXCHANGE
Cutting the cost of buying property abroad
People buying property abroad often overlook the hidden cost of currency exchange. Payments are normally made in the currency of the country where you are buying, and small differences in exchange rates make a big difference to the end amount you pay. For example, take a typical home in Spain at ¤200,000. On this amount, the difference between the rate of a foreign exchange specialist and the high street banks¹ can be as much as ¤4,000.
The foreign exchange company we recommend is Interchange and they specialise in helping people buy currency for their overseas property requirements. If you have an overseas mortgage, overseas employment, or simply need to send cash abroad regularly, they can also help.
Unbeatable Rates
You will find using Interchange always cheaper than a high street bank. This is because they specialise in currency exchange, convert vast amounts of currency and are often able to cut out the middleman and strike reciprocal deals direct. This enables them to offer you a very competitive rate for any currency.
The fact is that banks and building societies take a greater percentage of whatever currency you are buying or selling. They also exchange currency at whatever price is ruling at the moment of instruction. Interchange search the foreign exchange market to pinpoint the best rates available, so they can notify you when it is most advantageous for you to exchange.
Quality Service
Interchange give a personal, proactive service that banks are rarely equipped to provide. For example, they allocate you a personal account manager who will advise you on the best exchange contract to choose and guide you throughout the transaction.
The account manager will give you market information that is clear, concise and up-to-the-minute. They answer your queries and explain any aspect of the exchange process. You enjoy a level of service that banks normally reserve for their corporate accounts only.
Saving you money on payments
Interchange also provide a regular payments service to assist you when you need to transfer money abroad at regular intervals, as you may with your mortgage payments. They will help remove the exchange rate risks and significantly reduce the costs of your international transfers. The regular payment facility is flexible to suit your needs and couldn¹t be easier.
They have relationships with banks all over the world and, due to economies-of-scale, they ensure that costs are kept to a minimum. Basically, they turn the bank´s profits into your savings. There are no setup fees, transfer fees, commission or receiving fees.
Please click the Interchange logo for a direct link to their site.
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