The currency market is notoriously volatile. Negative rate movements could derail your property purchase.
Whether buying or selling overseas, using a currency specialist to transfer your money could save thousands.
Before buying a property – whether in the UK or abroad – you will have a set budget in mind. The difficulty when it comes to buying a property overseas, in a different currency, is that movements in the foreign exchange market can impact your budget and scupper your plans.
Exchange rates can move rapidly and frequently, while it can take many months to buy a property. They are sensitive to a range of economic information such as productivity, unemployment levels and the housing market. Political developments, wars and natural disasters will also cause rates to move up or down.
These movements in the FX market could make the difference between you going ahead with your property purchase or having to abandon your dream.
When you open an account with exchange experts moneycorp, you will be assigned a personal account manager to discuss your needs and who can give you guidance on the currency market. Your UK-based manager is an expert in the field and can explain the tools available to help protect you from negative rate movements.
If you’re keen to secure a favourable exchange rate, you could use a forward contract with moneycorp. With a forward contract, you fix the current rate for a transfer that happens up to two years in the future. By locking into the exchange rate, whether in euros, dollars or any other currency, you can budget ahead with confidence, knowing that if the market goes against you, you are protected.
For competitive exchange rates, low transfer fees, expert guidance and the special offer of your FIRST TRANSFER FREE call Moneycorp on freephone 800 785 011 or visit www.moneycorp.com/algarve
