Identify your budget: When transferring large sums of money from Pounds Sterling into Euros, or another foreign currency, the rate of exchange you receive will determine how much or how little you will need to pay for the property. It’s worth remembering at this stage that the price of the property differs from the cost of a property. The cost to you and therefore how much you pay in Pound Sterling can change substantially dependent on the Exchange Rate you achieve. For example: A European property priced at €250.000 would have cost you £194.850 on the 11 th August 2008, but £204.580 by the beginning of September! That’s an increase of £9.730 in less than three weeks!!
Regular currency updates: It is always valuable keeping regular tabs on the exchange rates and the sentiment in the currency markets. A good currency dealer should be able to provide you with a daily or weekly currency report providing you with an insight, like Halo Financial, into where the exchange rates are and why they are moving. Information is an invaluable resource especially when transferring large sums of money and when volatile exchange rates can have such a direct impact on the cost of a property overseas.
Guarantee your exchange rate for each of your stage payments: Most overseas property completions take up 2 to 3 months and over 12 months when you are purchasing off plan. Purchasers must take into account their currency exposure between the time the initial contracts are signed and the completion date. Forward contracts reduce this currency risks by giving you the possibility to secure an exchange rate for up to 2 years. This will enable you to calculate from the outset how much your property will cost you in Pounds Sterling (or other currency)!
Don’t take unnecessary risks by gambling on achieving better exchange rates : Understanding how to achieve the best exchange rate will save you money. Halo Financial will not only be able to provide you with a highly competitive exchange rate, they will also help you choose the different options to buy your currency. Whether you need to urgently transfer a lump sum or secure an exchange rate to prevent the exchange rates pushing the cost of the overseas property out of reach, your dealer will suggest strategies that ensure you to minimize your currency exposure.
Speak to Halo Financial for expert guidance : In an era of overseas and automated call centers, what a refreshing change it would be if you had a dedicated currency dealer to assist you in buying your currency? Halo Financial will provide you with your FX consultant who will open your trading facility, explain our services, give you regular market updates and provide solutions for your currency requirements.
