I’m concerned about currency fluctuations. How do I minimise my risk?
Using a foreign exchange broker when transferring your funds abroad or trading foreign currencies, you could save hundreds if not thousands of pounds and even more if you forward plan your foreign currency rate.
Whether you are buying, selling or investing in property abroad, foreign exchange transfers are key to maximizing the value of the currency you are sending. Fluctuations in the exchange rate can have a huge impact on the overall cost of your property purchase, as the example below demonstrates.
A property costing €250,000 purchased on 26th August 2009 would have cost £218,340 . However the same €250,000 purchased on the 26th September just one month later would have cost £229,568 – a huge difference of £11,228.
A currency broker is a cost effective alternative to the high street bank, offering a free service including better rates of exchange, no commissions and will often pay for the cost of your international transfer which may total up to £40 per transfer.