1. THE CURRENCY MARKETS
The world of currency exchange is meandering and complex. Movements are often vast and stark. When you’re buying a property overseas or sending money across borders, there are already enough stresses and strains. Having to worry about which way the currency market is going only adds another layer of stress to the process. It’s recommended that you seek the advice of a foreign exchange specialist. A good one will have in-depth knowledge of the markets and be able to provide you with crucial insight into your FX decision making.
2. EXCHANGE RATES
When you buy property overseas, a poor exchange rate can cost you thousands. For many, the knee-jerk choice is to carry out your foreign exchange through a bank. The issue here is that banks often add on considerable extra fees that are hidden from you. These fees can become so expensive that they can even equal some of the costs that come with your property purchase, such as lawyer fees. To get competitive exchange rates with no hidden fees, it’s advisable that you find a reliable foreign exchange specialist.
3. YOUR TIME FRAME
As we mentioned, the currency markets change every minute of every hour of every weekday. So, between the time of you finding a property, agreeing a price and making a purchase, there can be huge and crucial fluctuations in the markets. You can end up paying more than the price you originally agreed upon, thanks to adverse developments in the currency markets.
4. MARKET RISK
You never know what’s around the corner. Markets move. Exchange rates fluctuate. And the value of your transactions can change from one day to the next.
There’s a way to mitigate this risk. A foreign exchange specialist should offer you a forward rate, a way for you to ‘lock in’ a rate of exchange for you over a period of time. This can protect you from any negative goings-on in the markets. Not only can this safeguard you financially, it can also give you peace of mind. You can sit easy in the knowledge that no negative headlines will affect your property purchase.
To find out more on how we can exceed your expectations, or any queries regarding currency exchange. Please contact Will directly for more information:
Will Stephenson
Portugal Representative
M: +44 (0) 7736 900 052
D: +44 (0) 2039 221 729
wstephenson@privalgo.co.uk
