International travel from the UK is finally permitted! With countries being added to the ‘green list’ and things looking up for summer, you may be thinking about booking a property viewing trip soon.
Along with making yourself aware of the entry requirements for your destination country, it’s wise to prepare yourself financially before taking a trip. Here are 4 simple things to consider before jetting off to find your dream property!
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.
1. Speak to a currency expert
Before you take a viewing trip, you may want to consider speaking to a currency expert directly. When you explain your plans to one of our experts over the phone, they’ll be able to listen to your exact requirements and find the best solution for you.
Unlike other currency transfer services, we don’t operate via robots or chatbots! Our team is made up of real people who you can talk to directly. You’ll have your very own dedicated personal trader who will get to know your requirements inside out and who you can call whenever you need to.
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2. What’s your budget?
There are two main issues with currencies. Firstly, the rate you see on the news and currency exchanges is the “interbank rate”. Regular property buyers won’t quite get that rate, but a percentage point or so off of it.
It is, therefore, worth getting a quote from us. We’ll be able to advise on the rate you’ll receive for your money. You probably won’t get the same exchange rate at your high street bank and they will often be very vague about rates. Using a currency specialist is the way forward.
3. Lock in the price
The second issue is that 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.
One of the sad things about the dramatic swings in the value of the pound is that many people have to abandon their dream to buy a home abroad because they didn’t lock in their currency. Some had even paid a deposit, which they had to lose because a dramatic currency fluctuation took the price of their home beyond reach.
The best way to avoid this situation is to lock in an exchange rate using a forward contract. 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.
4. Be ready to buy
When you take your viewing trip, you may stumble upon your dream property unexpectedly. If this happens, will you be ready to buy?
Getting the money together for a reservation deposit, especially when abroad, can take time – this is precious time to waste when your dream property is still on the market! So, as well as having a lawyer on standby to check the contract, it’s wise to make sure that your money is ready and waiting to go.
You can do this by setting up and pre-funding your account with us. This will make the transfer quick, safe and stress-free.
Get expert guidance on the best way to manage your transfers. All guidance is provided for free, no payment details are needed and there is no obligation to use us. Register for an account online or call us on +44 20 7898 0541.
