Foreign currency issues can have a significant impact on the cost of your purchase.
In securing property abroad, purchasers are likely to spend more time searching for the right property via their estate agent and researching the best method of financing their purchase rather than considering the financial implications of transferring money overseas. The transmission of funds for property acquisitions is often done at the last minute. This leaves the buyer exposed to the prevailing exchange rate and can significantly alter the eventual total cost of the property.
When buying overseas it is essential to cover all aspects of the currency element of the transaction. For example, when considering the Euro cost of a house in Spain there is no fixed exchange rate from which to calculate the eventual cost in sterling. This is because the foreign exchange rate changes many times every day. Depending on when you purchased a €500,000 home in the past twelve months it might have cost anywhere between £300,000 and £330,000.
A foreign currency specialist can offer you direct access to the information you need in order to secure the best available exchange rates. This allows you to make significant savings on your overseas purchase.