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Currency Exchange Case Studies
It is extremely important to understand the principles of using a currency exchange broker. If we cannot explain clearly you will go back to your trusted bank to arrange the transfer. Not only will these possibly charge for the service they'll not get the best deal. No... excuse me... they will get the same deal we can get but they will appropriately charge a higher return because they have superior overheads.
It is common for the banks to charge between 2 to 4% on top of their wholesale purchase of currency. 95 times out of 100 we will charge less than 1% (the 5% will be for third world countries, especially those with a civil war).
Rather than explain further allow us to give some real situations... Scroll below
PRIVATE
CLIENTS
Purchasing a property abroad or luxury items, or emigrating?
COMMERCIAL
CLIENTS
Do you make large overseas payments?
Want a Quote for Currency Exchange?
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.
Saving £500 to £15,000. Check these out
Case Studies Currency Exchange continued...
Check out
our following case studies and determine which one might be similar to your
own situation.
Case Study 1
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
Case Study 2
In August 2007 there was Jayne from Southampton, she was buying a property
in Almeria, Spain. Her transfer was for a villa at £325,000; a superb 5
bedroom villa with sea views. Her bank had frightened her with the exchange
rate, so she decided to look elsewhere; fortunately she came to a brokers
website. She was offered an exchange rate of US €1.39 / £1; they were able
to offer €1.41 / £1. This meant had she continued with the bank she would
have realised €451,750 - however fortunately the broker service could manage
€458,250; saving Jayne €6,500 (£4,600)
Case Study 3
In September 2007 Dominique wanted to buy an Apline ski home in Austria. The
property was valued at £295,000. He hadn't gone to the bank as he had heard
that the banks weren't always the best choice. A broker will be fully aware
of what the banks charge at what rates they work with: Barclays on this day
was working with an exchange rate of €1.35 / £1; the broker on the other
hand could get €1.38 / £1. Using Barclays, Dominique would have received
€398,250; whereas the broker actually secured him €407,100 which has a
difference of €8,850 (£6,400).
Case Study 4
Margaret and her husband Roy were buying in the Majorca in December 2007;
they were buying a 3 Bedroom apartment on a top class complex, swimming
pool, bar, shops etc. The property in Majorca is expensive so a three
bedroom apartment was priced at £265,000. Newly retired they wanted the best
deal on their currency exchange. Their bank had quoted €1.31 / £1 but the
broker was able to secure at deal at €1.33 / £1. This meant the currency
broker was able to save Margaret and Roy €5,300 (£3,900).
Case Study 5
Elaine and Robert were buying in Northern France; a second home, but one
that required a certain amount of renovation. In November 2007 the Euro had
taken a bit of a tumble, so it was imperative that they got a good deal on
their currency exchange to help with funds for renovation. The property
purchase price was £76,000. Their bank had quoted an exchange rate of €1.33
/ £1; whereas the broker secured a good price of €1.35. This was a
particular good deal as days either side the broker could only secure a rate
of €1.34. The exchange at the bank would have returned €101,080. The broker
successfully secured €102,600; saving them €1,520 (£1,125). Elaine and
Robert were happy with this saving as Robert had earmarked an inexpensive
DIY kitchen.
Case Study 6
Natalie and Kevin from Blackburn were transferring two amounts over 3
months. They were buying a property off plan in Tenerife. Their first
payment was a deposit of €16,500 and then a final payment of €149,500. Their
first payment was in a period during 2007 when (February) the exchange was
good, but by May the rate had changed down a little. However their first
bank quote for the first transfer was €1.43 / £1; the broker was able to
beat that quote and consequently because of their disappointment with their
bank they didn't even get a quote for the second transfer. But the currency
broker estimated we saved them €4,100 which is approximately £2,800
Case Study 7
Ines and Kevin from Glasgow were buying a Duplex in Spain, January 2008; it
was a strange scenario, they were renting before they bought. They had lived
in Spain for approaching 11 months and had left their house sale money in
their bank in Scotland. Because of their purchase they had been advised to
use a broker. Rather than use the broker that the building company
recommended, they had chosen to look on the internet. Fortunately they had
found a Currency Broker. Most brokers can always beat a bank's quote, it
isn't so easy to beat another broker. The Currency Broker saved Ines and
Kevin €1,300 Euros over another broker, but nearly €6,200 Euros against the
banks
Case Study 8
Helen and Darren from Bootle in Cheshire had taken 9 months to purchase a
villa in Pescara in the Abruzzo region of Italy for €650,000; January 2008.
Sadly when a house purchase takes so long there can be fluctuations in the
currency rate, and on this occasion it wasn't in Helen and Darren's favour.
So it became even more important to save on the currency exchange. Had they
gone to a bank they would have paid €8,100 more than what they paid a
Currency Broker. They successfully managed to save them £6,090.
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We know that changing currency for property purchases abroad can be a daunting possibility, but if you don't proceed with caution you could be wasting £15,000.
The whole proceeding of changing currency is complex; especially for those who may only use such a service once on their lifetime.
If a currency strengthens or weakens against another, what does that actually mean to you?! In order to understand currency exchange matters, it's often easiest to review real situations with real losses or gains.
Please check out our frequently asked questions page...
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