Our partner, Property Guides, carried out a series of surveys earlier this year highlighting the main worries and beliefs that property buyers have when transferring money abroad.
In this article, we address these, explaining the best approach to keep your money safe and allow for a smooth buying process.
Get a quote from us today by completing our simple form. We’ll take a look at your requirements and arrange to speak to you at a suitable time to offer the best possible solution for all of your upcoming currency transfers.
“I’ll address currency exchange when I find a suitable property”
When asked about the currency exchange provider that they will use for their property purchase, some respondents replied with comments such as “I will see what is convenient for me when ready” and “I’ll address this when I find a suitable property”.
To ensure that your property purchase is as smooth as possible, you should get your team of experts in place as soon as possible. As well as a trusted lawyer and estate agent, your team should include a currency specialist that you trust. Engaging with us at the very beginning of your property buying journey will ensure that your money is protected from currency volatility from the outset. You’ll also have a dedicated currency specialist at the end of the phone for the entirety of the process.
“It’s important that the currency exchange provider is authorised, and there is independent evidence of their trustworthiness”
Understandably, many buyers are nervous about transferring large sums of money abroad and want to know that they’re using a reputable company. We are a fully regulated payments business. When you transfer your money to us, it will go into a segregated account. So in the unlikely event that anything happens to Smart, your money will just get returned to you.
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“I don’t want high exchange rates or extra fees”
Smart do not charge any fees or commission at all – there are no hidden costs involved. We make our money on the difference between the market price and the price that we offer you. Your trader will always be transparent about this.
The exchange rate quoted on the news is known as the “interbank rate”, unavailable except to huge financial institutions. When making a large transaction, protecting your money from currency swings is far more crucial than looking for the best rate, which will only marginally differ between institutions.
Due to dramatic currency swings, many people are forced to abandon their dream to buy a home abroad because they didn’t protect their money. Some had even paid a deposit, which they had to lose because a dramatic currency fluctuation took the price of their home beyond reach.
“I need to know that the price in my own currency won’t change before I have to buy a property”
Currencies fluctuate all the time. It’s impossible to know exactly where they will move next and by how much, and your property buying budget could be impacted by this.
The best way to avoid this situation is to lock in an exchange rate locking in a forward contract with us. You can lock in the rate for up to 12 months, so you’ll know exactly how much you’ll pay when it comes to buying your property. You can also use a forward contract to protect long term and regular payments overseas.
To get started, all you have to do is fill in this form or call +44 (0)20 3733 1390. One of our friendly traders will talk through your personal requirements and guide you through the process.
