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Buying Property Abroad

Moving Abroad

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CURRENCY QUOTATIONS - SCROLL Below

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Buying Property Abroad and Moving Abroad - Top Financial Tips

I was once interviewing a BBC Radio presenter in my previous journalistic capacity and he said something that has rang true with me ever since. He said, "Once you become a parent you become a political and economic expert within weeks."

Behind that comment is a wealth of insight. Your future, your finances, your health and your careers are all brought into the forefront of your thoughts once your children are born. Our 'provider' instinct and mentality switches on and we suddenly see the injustices of the world. A couple of those aspects, your future and your finances we can explore a little within this article.

Although useful, a pension shouldn't be the only source of income we rely upon when we retire. We should have invested any savings wisely so they grow and give us ample dividends ten or twenty years down the line.

As for your future... Well unless we are selfish we will want the best for our children. This may involve a move abroad, not necessarily for the benefits of that country, such as the weather, but to avoid the disadvantages of our own beloved country, such as growing culture of yobo-ism amongst others.

Soap box over... Allow me to present you with some top financial tips that should help in investing in your property buying abroad.

Investing to let - In principle it sounds like a good idea. The likelihood you'll get regular lets will be determined by the market. If there is a housing slump; that means that there is too many houses and not enough buyers. As such a slump affects the letting market, too many houses to let. Although a astute person would be wise enough to see the local market and advertise specifically. When the housing market is in a boom, so is the letting market.

Investing in a Second Home - Consider getting a mortgage in the country you are buying the house, as occasionally they have the better interest rates. Plus it is wise to get a small mortgage as they themselves do a search on the property to make sure their money is invested wisely. It is like a double check on the authenticity of the deeds.

Legal Advice - Don't skimp on legal advice, only because you never know what may happen. In Spain for example you can be buying the debts of the property. More importantly ‘permissions for building’ being the paramount reason for getting proper legal advice. Your financial investment in your property abroad must be done wisely.

Fees and Expenses - Whichever country you are buying in it is always wise to expect to pay up to 12% on legal fees and expenses. Sometimes it may be as low as 4%, but unless you done ample research beforehand 12% will leave you with some change.

Currency Exchange - This is where too many people make their mistakes. They automatically assume that their Bank will give them a good deal, especially when they claim 0% Commission. Whenever we are making a deal it is always the 'bottom line' that counts and not the frills. If you are not too financially minded always ask what your money will end up as in the eventual currency. Currency Brokers have taken over as the prime currency exchange providers. Currency Brokers work to under 1% margin on profits, when the banks work between 3% and 4%. On a £100, 000 this means £3, 000+ Although some quotes have been known to differ by £15, 000. The savings you can make by buying your currency wisely will prevent the exchange of currency being the single most expensive transaction in the purchase of property abroad.

Case Study

In November 2007 Simon from Gloucestershire wanted to invest in a property in Miami, mainly because the dollar was weak against the pound. He had £175, 000 to invest which was going to buy him a substantial property. He'd been given a quotation from his bank at US $1.80 / £1. A broker in comparison could achieve US $1.84 to the £1; plus of course these brokers don't charge any incidental fees. Simon if he would have gone through his bank would have got $315, 000; but because he chose a broker they were able to secure $322, 000. This saved Simon $7, 000 almost £3, 400

Don't run the risk of fluctuations! Currency Brokers, can, by fixing a rate for your currency requirements today for a purchase in the future (up to 6 months).

Currency Example... The Pound against the Euro... 16 months ago was €1.48/ £1.00; 6 months later it was €1.32/ £1.00. On a £100, 000 transfer the difference in those 6 months is £12, 000

Currency Example… Again the Pound against the Euro… in February 2008 the exchange rate was €1.32/ £1.00; in July 2008 it is €1.26/ £1.00. On a transfer of £200, 000 the difference in those 6 months have been €8, 000 (approx £6, 000)

Mr. P. Booker
Senior Currency Expert and Columnist.
To get a free no obligation Currency Broker Quotation for Exchanging Your Currency… Please visit
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Currency Quotes

CURRENCY EXCHANGE can be the single biggest cost when buying property abroad. Allow me to illustrate with these two brief examples:

ADVERSE CURRENCY FLUCTUATIONS

Don't run the risk of fluctuations! Currency Brokers, can, by fixing a rate for your currency requirements today for a purchase in the future (up to 6 months).

Currency Example... The Pound against the Euro... 16 months ago was €1.48/ £1.00; 6 months later it was €1.32/ £1.00. On a £100, 000 transfer the difference in those 6 months is £12, 000

Currency Example… Again the Pound against the Euro… in February 2008 the exchange rate was €1.32/ £1.00; in July 2008 it is €1.26/ £1.00. On a transfer of £200, 000 the difference in those 6 months have been €8, 000 (approx £6, 000)

When getting a currency quote the Currency Broker can give you a quote by using a fixed rate that is valid for 6 months. Using the Euro against the pound is, and has been a good example of two currencies on the move with fluctuations daily

Trading Currencies and Buying Property Abroad are the two major reasons for changing currency. A close third is when regular payments are made to a different country and subsequent different currency. However a casual approach which is taken by many when buying property abroad can be the single most expensive part of buying abroad.

Getting a ‘Currency Quote’ when buying property abroad is obviously an important process, but more importantly is getting at least two quotes, possibly three. At the end of the day it is a competitive market and we should compare quotes.

To conclude; where I started about currency fluctuations… When buying property abroad, remember this process… When you first have an offer accepted it is wise to get a currency quote and ask about getting a fixed rate quote which will be valid for 6 months. Plus get the advice of the currency broker as they deal within currencies 24/7. Many experts have suggested the Euro has hit its peak against the Pound and perhaps over the next 6 months the pound may gain some ground lost over the last year.

Remember Currency Exchange is a costly business if you treat it casually. I can recall one person losing £15, 000 by assuming his bank was getting him the best deal. Always get 2 or 3 quotes!


Mr. P. Booker
Senior Currency Expert and Columnist

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Currency News - The British Pound (Sterling) advanced on Wednesday 23rd July following the minutes being revealed from the Bank of England's monetary policy committee revealed a surprising three-way split on how best to advance for the UK interest rates.

The minutes from the Bank of England's July meeting has shown that Timothy Besley voted for a 25 basis point rise to 5.25% to combat inflation, while David Blanchflower voted for a cut. Yet the rest of the committee (7 further members) voted to keep the rate at 5%.

Although nothing has been implemented it shows the tone of the meeting and suggests a likelihood of possible rises should inflation stay showing a nominal increase. The market expected a slight drop, but for the mass of the committee voting for a 'rate hold' suggests that in future months the expectancy to stay or increase is probable.

This probability that the UK Pound and the UK Monetary Policy, governed by the Bank of England, could show in the August meeting to show an increase in Sterling rates.

Economists however are still speculating that the UK rates would, however, remain on hold, given the fact that forthcoming UK economic data – including Thursday’s retail sales figures – were likely to support recent evidence that UK economic momentum was slowing.

Such evidence in confirmation would mean that there maybe too much haste in chasing the 'pound' currency rates higher.

Nonetheless, the close of the New York exchange saw the pound at £0.7853 against the euro. The pound also advanced against the dollar, rising 0.3 per cent to $1.9977, even as the US currency continued to benefit from comments by US officials on Tuesday.

On the New York Stock Exchange the dollar rallied following a comment by Hank Paulson, the US Treasury Secretary. He commented that a strong dollar was very important to US interests. Although an obvious comment he followed by reassuring investors that they were forging ahead to implement solutions for the US mortgage crisis.

Currency - Pounds - Dollars - Euros - were all given a slight boost following a drop in oil prices on Wednesday 23rd. The dollar rose against the Yen, Euro and Swiss Franc

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From the Desk of Phil Booker

Currency Analyst and Co-ordinator

If you have more than £10, 000 to change then we can save you between £500 to £15, 000. We buy the currency wholesale, as do the banks, but we don't charge the same profit margins. Allow us to quote and you'll be surprised.

Just fill in the 20 second request form below and we'll provide a free no obligation quote.

If you have any apprehensions, please visit our frequently asked questions page.

CASE STUDIES

Find out how we saved these people a substantial amount of money on their currency exchange. You'll be surprised at just how much can be saved.

Case Studies

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I'm not convinced that

Pounds-to-Euros.com

can save me Money?

Banks give you confidence, that there is no doubt, but we can offer you enough information on our procedure to qualify and quantify our service.

First and foremost we need to use a bank to transfer funds... We open a separate banking account for each transaction; and that is deemed as your account.

Secondly we don't accept an uncompetitive fixed rate from your bank or other financial institution. We negotiate directly on the currency trading floors. We deal with 10 main currencies, but can transfer funds into 150 other currencies. Some of these less common currencies are harder work than others; but we can discuss this should the need arise.

Using the currency trading floors as we do we can secure currency at a wholesale prices. We do not charge the same as a bank and this is where we can make the savings on your behalf.

We can truly offer you the best rates on the market because unlike other organisations, such as banks, with large offices, huge sales forces, enormous marketing costs and many different industry specialists (other than property), we have low overheads.

We can offer... Superior Currency Exchange Rates...

We can offer... No Fees or Commission...

We can offer... No Telegraphic Transfer Costs...

We can offer... Your Own Currency Dealer...
We can offer... Forward Buying (Pre-fixing an exchange rate for up to two year's advance)
We can offer... No receiving charges to any World Wide Bank...

(with the exception of 22 currencies in third world countries)

We can offer... incredible savings and reduce the risk of adverse currency fluctuations (see below)

Furthermore...

We can also offer... Arranging this transfer from the comfort of your own home...

We can also offer... Regular updates during the process of the transfer...

We can also offer... Receive confirmation that that the money has been exchanged and transferred

ADVERSE CURRENCY FLUCTUATIONS

Don't run the risk of fluctuations! We can by fixing a rate for your currency requirements today for a purchase in the future (up to 6 months).

Using an example... The Euro against the pound... 6 months ago was € 1.48/ £1.00; today it is € 1.32/ £1.00. On a £100, 000 transfer the difference in those 6 months is £12, 000

Case Study: Mr. and Mrs. Montague from Sheffield 17, were due to transfer £365, 000 to buy a villas in Spain. Their completion had been planned for the end of the month, but they had notified us of their intentions. We are always scanning the currencies and notified Mr. and Mrs. Montague that the euro rate had reached € 1.47/ £1.00 and was expecting to go down in the forthcoming weeks. They agreed to secure the money at this rate. Three weeks later the rate had gone down to € 1.45/ £1.00 - not a big percentage drop but the Montague's saved £4, 500 in securing the rate week's before.

OUR SERVICE

At Pounds-to-Euros.com we have established contacts around the world to make the transition of your money flow safely and securely. As specialists we focus exclusively on servicing your particular needs and desires and that is our only purpose. We don't carry our other banking facilities so our competence in this complex market is supreme.

Both my colleagues and I try to supply you with all the information you need to make good decisions about your money. We watch the currencies by the hour as they all strengthen and weaken during the trading day. Such knowledge is invaluable as advice to you when making decisions about the currency markets.

As in office focus is 80% to 20% - Private Property Purchases to Commercial Purchases, we only have two particular areas to concentrate on. We work hard to proactively understand new markets, up-coming hot spots, financial issues and the overall buying process for your benefit.

Each week, we transfer millions of pounds for hundreds of our clients. It's all done highly effectively and efficiently through tried and tested processes and procedures. We focus on providing the best currency exchange rate, getting the payment to the destination account as quickly as possible and giving an outstanding service.

We've been trading since 1991, are registered as a currency broker in the UK.

One final bit of advise... If you use our service or not... Plan your currency exchange at least a month in advance to get the best exchange rate. Don't leave it until the last minute.

HOW DO WE MAKE OUR MONEY?

We make our money the same way the bank does - we buy currency at wholesale on the currency trade floor (in bulk); and transfer to the receiving bank in your requested account. Unlike banks that add 3-5% margin, we can usually stay below 1%. In the end, you save money, we get paid for our great service and the banks exploit one less person!

Don't forget

this is what

we offer...

We can offer... Superior Currency Exchange Rates...

We can offer... No Fees or Commission...

We can offer... No Telegraphic Transfer Costs...

We can offer... Your Own Currency Dealer...
We can offer... Forward Buying (Pre-fixing an exchange rate for up to two year's advance)
We can offer... No receiving charges to any World Wide Bank...

(with the exception of 22 currencies in third world countries)

We can offer... incredible savings and reduce the risk of adverse currency fluctuations (see below)

Furthermore...

We can also offer... Arranging this transfer from the comfort of your own home...

We can also offer... Regular updates during the process of the transfer...

We can also offer... Receive confirmation that that the money has been exchanged and transferred

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