Are you ready to get your property buying journey underway in 2022? If so, you need to know how to pay for your property abroad safely. Transferring money overseas can involve an element of risk but follow the steps in this guide and everything should operate smoothly.
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.
Work out your budget
Before you even speak to an estate agent or start looking for properties, it’s a good idea to work out your budget. You’ll then have a realistic idea of what kind of property you can purchase and the money you’ll need to keep aside.
Part of working out your budget it considering how much it will be worth in your purchase currency. For example, if you have £300,000 to spend, how much will this be worth in euros or dollars?
To get advice on how to manage changing exchange rates, open an account with Smart Currency Exchange. There’s no obligation to trade or to put money into your account straight away. However, once you’re further along with your property buying journey, you’ll have the account set-up and waiting for you.
Get your team in place
To ensure that your property purchase is as smooth as possible, you should get your team of experts in place. Your team includes a good lawyer, a trusted, English-speaking estate agent and a currency company that you trust. Each should play their part both in protecting you and in helping you to make the dream a reality.
Be ready to pay a deposit
If you’re planning on taking a viewing trip to your country of choice, 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. but have a lawyer in place before you go to check anything you’re asked to sign,
If you make an offer, get a forward contract
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.
Talk to us if things don’t work out
If anything doesn’t go to plan with regards to your payments, you should have an expert on hand to speak to. When you open an account with us, you are assigned a dedicated trader that you can speak to and offer advice if your plans change. They’ll be able to listen to your exact requirements and find the best solution for you.