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Foreign Exchange Guide
Don't let currency exchange be an afterthought.
Throughout the years that we've been helping clients to buy properties overseas it always amazes us how many people still transfer their money to another country and into a different currency through their local bank. The difference between dealing with a bank or bureau de change and dealing with a currency broker can mean a saving of thousands of pounds.
For example, if a well known high street bank offers an exchange rate of 1.440 euros for one pound. MoneyCorp offers a rate of 1.493 euros for one pound. That means that if you were to transfer £200,000 through MoneyCorp, you would be €10,600 better off.
In the Somerset Mortgages Guide to Foreign Exchange we have highlighted the key areas that you need to be aware of and provide a number of links to Moneycorp, who is our chosen foreign exchange partner.
Open a Trading Facility
This is straightforward and should take no more than a few minutes of your time.There are no obligations whatsoever in opening a Trading Facility with Moneycorp.
Why should I use a foreign exchange dealer instead of my bank?
10 Good Reasons to Use a Foreign Exchange Dealer
The benefits of a lawyer are obvious. But why use a currency dealer?
How to avoid foreign exchange fluctuations
If you are planning to buy a property, emigrate or retire overseas there is more than enough to think about, which is probably why this very important stage is often overlooked, until it is too late.
Regular Payment Plan
If you need to transfer money overseas on a regular basis, such as monthly mortgage payments or pension payments, fluctuations in currency exchange rates can make a big difference in your monthly budget. To cut out the guess work you can secure a fixed exchange rate with a Regular Payment Plan.
How to Avoid Foreign Exchange Risk on Buying a New Build or Off-Plan Property
Building your own property or buying one off-plan can be very exciting and in some parts of the world, like Dubai, is often your main option. There is normally a long lead in time, often more than a year, between agreeing to buy the property, making stage payments and then making the final payment on completion. The fact that foreign exchange rates will fluctuate continuously in that time exposes you to a high level of risk.
Retiring Overseas
How can a foreign exchange dealer help?
Retiring overseas is an adventure and a new beginning. After working hard for many years you have saved up a nest egg big enough for you to retire. Now the last thing that you want to do is unnecessarily waste some of it on bank charges and commissions.
Foreign Exchange FAQ
New to foreign exchange? Read our frequently asked questions for insight into all aspects of foreign exchange. This section will answer all your questions.
Foreign Exchange Glossary - Jargon Buster
Although a knowledge of these words and phrases may be useful and of interest for some clients, it is certainly not essential to be able to transfer money overseas. Foreign exchange brokers are experienced in explaining what's involved in a way that is easy to understand. As with any financial service, if you ever feel that the person you are talking to is confusing you with unnecessary terminology you should try another broker or bank!
Testimonials
Read what existing clients think.
NEXT STEPS
Open a Trading Facility
This is straightforward and should take no more than a few minutes of your time.There are no obligations whatsoever in opening a Trading Facility with Moneycorp.
Check Conversion Rate
Even the smallest fluctuations in the money markets will make a difference to the price you pay for foreign currency.
Request a Call Back
If you'd like Moneycorp to contact you to further discuss your requirements, please complete the short form. One of our dealers will contact you as requested.
Declaration
Should you decide to open an account with Moneycorp they will pay Somerset Mortgages a small introducers fee. This fee is deducted from Moneycorp's earnings and does not increase the cost to you in any way.
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