Property Purchase
When purchasing or selling a property abroad, the transfer of currency, setting yourself up with a good rate of exchange, or purchasing your currency at the best time, is a very important part of the process. At LowcostFx we are here to help every step of the way. A few guidelines from the experts.
As soon as you make your decision to purchase or sell your property, start getting daily or at the very least weekly exchange rate updates emailed to you. Exchange rates are volatile, in fact they move every second and its not uncommon for rates to move anywhere up to 5% on any given day. For this reason, getting regular exchange rate, updates is essential to ensuring you get the best rates. Lowcostfx have been involved in the FX markets for 20 years. We are best placed to guide you through the best time and process to purchase your currency.
As discussed in the Currency Tools section, make sure you fix foreign exchange rates when agreeing to purchase a property. A forward contract is a much needed way of fixing the exchange rate at a specific value for a set period of time. A forward contract allows you to remove uncertainty from your currency transfer.You will know precisely the amount you would be paying for the property from the moment you agree the forward contract exchange rate. Without a forward contract you are putting yourself at risk that currency fluctuations could result in you paying more both in terms of the mortgage and the actual purchase price.
As tempting as it is, it's important not to take a gamble on the exchange rates. Very few people can afford to leave purchasing the foreign currency until late on in the property purchase process and even for those who can afford it, it could be a costly process. It may work in their favour and they may acheive a very good rate of exchange, but the chances are, that by leaving it until the last minute, you will end up paying more than you need to as your options are then limited. Speaking to your relationship manager will help you make the best decision for yoru purchase.
By registering online or by telephone with Lowcostfx you will receive help and guidance from a currency transfer expert on how to get the best possible exchange rate.
Contact us for further assistance. We will look to assure you a smooth process in your property purchase.
Foreign exchange doesn’t have to be a hassle or a risk. Smart makes currency exchange simple. Whatever your reason for sending money overseas, we will help you to take control of your currency transfers.
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