Home » Currency 101 » Your currency action plan for 2021

2020 has been a year of uncertainties, to say the least, with many of us putting our property buying plans on hold. The good news is, 2021 is just around the corner. So, if you’ve been holding out to make your property purchase next year, there’s plenty you can do now to prepare!

Protect your property budget

An eventful 2020 has brought fluctuations in the currency markets with the pound, euro and dollar moving in ways that no-one expected. Those who hadn’t planned ahead and protected their currency were at risk of losing thousands due to the changing exchange rates.

The currency markets could be in for another bumpy ride in 2021, so it’s worth taking action now to ensure that your money is protected. You can do this easily by talking to our trading team about putting a forward contract in place. They will consider your requirements and suggest the best solution for you.

Start thinking about regular payments

As well as the large sum of money that you’ll be using to buy your property, it’s worth considering all of the extra costs that come with this. Once you are settled in the sunshine, it’s easy to forget about the ongoing payments and income that might be affected by fluctuations in the currency market.

Your pension, payments to people back home, health insurance, utility bills and council tax are just some of the regular transfers and payments that you may need to make once you move. Start preparing for these now by speaking to us about a Regular Payments Plan. Using a Regular Payments Plan saves the time, trouble and expense of making each transfer individually and manually. It will take away the risk of changing costs due to currency fluctuations and it will also ensure that payments aren’t missed.

Get ready to make an offer

The legal process of buying a property abroad often differs from the UK. In Europe, you’ll often find yourself working more with a notary, who will draft up contracts and oversee the process. This ensures there’s less margin for error from either party, so many find this to be a safer way of doing things.

What can sometimes concern buyers is the need to act quickly to take properties off of the market. In much of Europe, for instance, you will need to pay a reservation deposit of around €3,000 to €10,000 to have the property taken off the market. This requires you to have your funds ready and waiting to go.

We can help you with pre-funding your account before your viewing trip. The money is held in a secure, segregated client account, so we can transfer it immediately when you see a property you like. This will mean that you’re in a strong position to make an offer when you fall in love with your dream property.

It’s no surprise that many buyers take the time to consider these things before making a property purchase. Planning ahead could save you a significant amount of money, so contact us today on 020 7898 0541 or, if you haven’t already, open an account to get started.

Find out how we can help you

Let us know a little more about your upcoming currency exchange needs. We aim to take the uncertainty away by providing guidance on which services suit your individual requirements. You can then rest, assured your money is not at the mercy of the currency markets.

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