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Money Transfers for Purchasing A House Abroad

Money Transfers for Purchasing A House Abroad
Published:   12 Dec at 9 AM

Big foreign exchange decision? Just ask the FX Experts at TorFX for a Quote »
<p>Whilst there are various ways of
making small, regular international money transfers, when you are looking
to make a transfer of a significant sum for example when purchasing
a property, the people that are most likely to give a good rate are
specialist Foreign Exchange brokers. It is the same when purchasing
any other high value asset abroad or if you are looking to move there
permanently and may be considering paying off your full mortgage or
purchase a vehicle for when you are over there. For those that are looking
to get a mortgage abroad in order to purchase a property abroad, you
can arrange a good deal with FX brokers for a monthly money transfer.
<p>Another example would be for those
who are looking to move to another country and wish to transfer their
whole cash sum into a foreign currency so it is important they find
the cheapest and most effective way of doing this. One of the key things
to consider when transferring larger sums, is that even small differentials
in exchange rates can make a huge difference to the amounts concerned.
Even a small increase of 1% on a £100,000 fee is £1000. This is a
lot of money in it's self but when you think that many transfers even
on a personal level top £1million, the increase (or decrease) can often
be over £10,000.There are three main steps that we would suggest when
transferring money to purchase a house:</p>
<p>Step 1. Benchmark the rate. Quickly
go to the Travel Money Maximiser website to see what the to check out
the best rates there. That finds the top rates for getting cash when
going on holiday, so you should be aiming to beat its best, after all
<p>Step 2. Ask your bank for a quote.
It's rare your bank will actually be the best buy. However, it's a very
useful secondary benchmark and some have special facilities for existing
customers, so it could come up trumps.</p>
<p>Stage 3. Use a specialist currency
broker. These are companies that buy and sell vast sums of foreign currency
which allows them to offer excellent exchange rates because, even if
they only make a small percentage profit on every pound, that soon adds
up when you're dealing in hundreds of millions of pounds.</p>
<p>Typically they offer within 1% of
the ‘interbank rate', whereas your bank will normally be up to 3%
worse than that, equating to £3,000 for a £100,000 transfer. In addition,
most don't charge fees to send money, and the broker pays for any
receiving fees, so all you pay is the margin they take via the exchange
rate. Unfortunately, the less you transfer, the worse the rates available
get, meaning this is only worth it for high value money switching.
<p>Unlike banks, currency exchange businesses
don't have to be regulated by the FCA so there's always the possibility
of problems. Yet the big established businesses tend to have good reputations
and as they pay good rates they should be the best bet, though there
are NO guarantees.</p>

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