This is an area that is often over looked when people buy or sell property overseas. And missing this step can be a very expensive mistake. A specialist foreign exchange dealer can save you as much as 5% compared to the exchange rates that are offered by high street banks and post offices.
Example: Mr & Mrs Jones are buying a property in France for €300,000 cash. They will need to transfer British Pounds (£) from the UK into Euros in France.
Option 1 – Transfer the money through one of the main high street banks. This would cost £286,724 **
Option 2 – Transfer the money through a specialist foreign exchange dealer. This would cost £272,380 **
** Rates correct on 9th August 2017
In both options, neither the high street bank or the foreign exchange dealer would charge Mr & Mrs Jones a commission or fee. The only difference is that the exchange rate offered by foreign exchange dealers includes a much smaller margin than those offered by high street banks, or the post office. This is simply because they have lower overheads, and can therefore be more competitive.
Over the years, we have established a network of foreign exchange dealers around the world. Depending on where you are transferring money from, and to, we can introduce you to the best dealers.
Please contact us for more details.