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Best Currency Exchange company

Purchasing Property Abroad? Save Thousands By Considering Your Currency Exchange

If you are buying a property abroad, the purchase price will usually be payable in a foreign currency, meaning that the money you will be using to fund the purchase will need to be converted into that currency when being transferred overseas. By treating this overseas payments in the same way as other single currency payments however you may be costing yourself hundreds if not thousands of pounds.

 

Make sure you don’t lose money on your currency exchange

The rate of the currency exchange can have a massive impact on foreign payments however it is often a forgotten aspect amidst all of the excitement of buying a property abroad.

When making payments overseas, such as the deposit for the property purchase or the balance of the purchase price due on completion, many people often just blindly entrust the transfer to their bank allowing them to convert their payment into the required currency without considering the exchange rate offered by the bank and the impact this could have on the overall costs of the property.

Making foreign transfers with poor exchange rates are one of the ways in which high street banks make enormous profits at the expense of their customers. The exchange rates offered by high street banks tend to be highly uncompetitive and may also be accompanied by huge commission charges just to transfer the money.

When you are transferring the amounts of money required to purchase a property, just a small difference in exchange rate can end up costing you significantly more than necessary, often thousands of pounds.

 

The best way to send money abroad/ receive money from abroad

It is highly advisable to make the transfer through a recommended currency specialist rather than making the transfer through the banks.

One of the reasons for this is that the exchange rates offered by foreign currency brokers are much more competitive than the rates of exchange offered by the banks, often by a considerable amount.

The services of a currency specialist is free and a can also save you further money when compared with the banks as, not only do they offer superior exchange rates, they don’t charge the excessive fees that the banks do just to transfer funds.

The reason that currency specialist companies are able do this is due to the volume of foreign transfers they make and the fact their sole aim as a business is to offer ‘bank beating’ exchange rates. Currency specialists can typically save around 3-5% of the transfer value when compared to the banks.

Foreign currency specialists can help in a number of additional ways too. For example they can arrange to set sterling budgets and rates for your transfer so you will know exactly how much will be transferred at a given time without leaving matters to the mercy of the fluctuations at the time of the transfer.

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Currency Specialists Vs High Street Banks

Example

You are buying a property in Spain for €200,000 but your funds are in GBP. So you will need to convert your GBP to pay the €200,000.

  High Street Bank Rate Currency Specialist Rate
Amount to be paid in € €200,000 @ €1.14/£1 €200,000 @ €1.17/£1
Total Cost in £ £175,438.60 £170,940.17

By using a bank instead of a currency specialist, your would have paid £4498.42* more for the property.

*Exchange rates are subject to change.

As shown by the example above, a small amount of research and planning can make a vast difference to the amounts actually paid for your overseas property.

Using a recommended foreign exchange specialist is not only cost effective but also very time efficient. You can set up an account and send a payment within minutes. It is simply a case of transferring funds to a this separate account where the money can be exchanged and the relevant currency forwarded on to the desired account.

It is however recommended to contact a currency specialist as soon as you know you will need to make or receive an overseas payment as a good currency specialist will also be able to advise you regarding the timing of the transfer to help you get the most from your money. A good currency specialist will also be happy just to give you some information about how they can help.

You should ensure you use a recommended currency specialist who is regulated by the Financial Conduct Authority. 

For details of a recommended and regulated currency specialist and to discuss how they can assist you, please get in touch with Worldwide Lawyers on 01244 470339 or email us at info@worldwidelawyers.co.uk.

 

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Need A Recommended Lawyer in Cyprus?

Do you need a lawyer in Cyprus?

If you need to instruct a lawyer in Cyprus it can be hard to decide who to choose.

Whether you are dealing with a property transaction, an inheritance matter or a commercial issue, without a suitable recommendation for a lawyer in Cyprus it is difficult to know where to start to make sure you find a reputable English-speaking Cypriot Lawyer who is right to assist you with your legal matter.

Fortunately, Worldwide Lawyers can help!

Worldwide Lawyers can put you in touch with a recommended English-speaking lawyer in Cyprus who will provide a non-obligation quote. Contact us on 01244 470 339 or email us at info@worldwidelawyers.co.uk.

We have provided a little bit of guidance below to help point you in the right direction when choosing a lawyer in Cyprus. You can of course just contact us for details of a recommended lawyer in Cyprus too!

When deciding on a suitable lawyer in Cyprus to instruct you will need to check that your lawyer is as follows (All Worldwide Lawyer’s Recommended Cypriot lawyers satisfy the following):

  • Registered: You should check that your Cypriot lawyer is registered the Cyprus bar association.
  • Insured: It is wise to check that your lawyer in Cyprus has professional indemnity insurance, to cover the advice that they provide to you.
  • Experienced: Not all lawyers in Cyprus do the same type of legal work. You will therefore need to ensure that the lawyer in Cyprus has the experience and expertise to assist you with your specific legal matter.
  • English-speaking: Your Cypriot lawyer should be fluent in English so that you will be able to understand the advice being provided.
  • Recommended: Are you able to find anyone who has used the lawyer before and can recommend their services? Worldwide Lawyers obtain feedback from other people who have previously instructed Cypriot lawyers to get their feedback and recommendations.
  • Independent: It is extremely important to make sure that your Cypriot lawyer is not in any way connected to the seller, estate agent or property developer (if dealing with a property transaction) or the other side to your case. So steer clear from recommendations from estate agents, developers, sellers or the party on the other side of your transaction!

If you need advice in relation to Cypriot law, whether in Paphos, Limassol, Nicosia, or any where else on the island (including in Northern Cyprus), Worldwide Lawyers can put you in touch with a recommended English-speaking lawyer in Cyprus who has the relevant experience to assist you. All of our recommended Cypriot lawyers are registered and insured in accordance with their practice requirements in Cyprus.

We can put you in touch with a lawyer in Cyprus who can assist with any of the following areas of law:

  • Buying, Selling or Transferring Property in Cyprus.
  • Wills, Probate, Succession and Inheritance Law in Cyprus.
  • Resealing Cyprus Grant of Probate / Resealing Foreign Grants of Probate in Cyprus.
  • Cypriot Contract Law.
  • Family Law in Cyprus / Divorce law in Cyprus.
  • Debt Recovery in Cyprus
  • Litigation and Dispute Resolution in Cyprus
  • Enforcing Judgments in Cyprus
  • Buying or Selling a Yacht in Cyprus, Yacht Registrations
  • Cypriot Shipping Law
  • Banking and Finance in Cyprus
  • Cypriot Tax Law and Tax Planning

If you need a lawyer in Cyprus, please do not hesitate to contact us on 01244 470 339 or email us at info@worldwidelawyers.co.uk

Our friendly and experienced team will be able to discuss your requirements with you and, if required, put you in touch with a suitable law firm in Cyprus to provide you with a no-obligation quote for their services.

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Best Currency Exchange company

How To Get More From Your Overseas Money Transfers

There are many reasons why you may need to make overseas payments, for example:

  • The purchase or sale of an overseas property
  • Sending or receiving an inheritance
  • Receiving regular payments such as salary/ pensions from abroad
  • International business acquisitions/ costs
  • Trading internationally
  • The management of trust funds
  • Sending money to relatives overseas
  • Repatriation of foreign assets
  • Payment of legal or other fees of overseas professionals.

These payments will usually include converting the money into a different currency. By treating these overseas payments in the same way as other single currency payments, you may be costing yourself hundreds if not thousands of pounds.

 

Are you losing money on your currency exchange?

The rate of the currency exchange can have a massive impact on foreign payments however it is often a forgotten aspect amidst all of the excitement of buying a property or business or lost in the admin of dealing with the administration of an estate with overseas assets.

When making payments overseas many people often just blindly entrust the transfer to their bank allowing them to convert their payment into the required currency without considering the rate offered by the bank and the impact this could have on the overall costs of this.

Exchange rates are one of the ways in which High Street banks make enormous profits at the expense of their customers (this includes business customers and other customers told that they will be receiving “preferential rates”).

Most banks will set an exchange rate at the start of the day and don’t alter it regardless of what happens to the rate of exchange. These rates tend to already be uncompetitive and may also be accompanied by huge commission charges just to transfer the money. This rarely achieves the best result for you and can often end up costing you significant sums.

 

The best way to send money abroad/ receive money from abroad

It is highly advisable to make the transfer through a recommended currency specialist rather than making the transfer through the banks.

One of the reasons for this is that the exchange rates offered by foreign currency brokers are much more competitive than the rates of exchange offered by the banks, often by a considerable amount.

A currency specialist can also save you further money when compared with the banks as they don’t charge the excessive fees that the banks do just to transfer funds.

The reason that currency specialist companies are able do this is due to the volume of foreign transfers they make and the fact their sole aim as a business is to offer superior exchange rates compared to the banks. They can typically save around 3-5% of the transfer value when compared to the banks.

Foreign currency specialists can help in a number of additional ways too. For example they can arrange to set sterling budgets and rates for your transfer so you will know exactly how much will be transferred at a given time without leaving matters to the mercy of the fluctuations at the time of the transfer.

generic landscape

 

 

 

 

 

Currency Specialists Vs High Street Banks

Example 1

You are buying a property in Spain for €200,000 but your funds are in GBP. So you will need to convert your GBP to pay the €200,000.

  High Street Bank Rate Currency Specialist Rate
Amount to be paid in € €200,000 @ 1.36 €200,000 @1.39
Total Cost in £ £147,058.82 £143,884.89

By using a bank instead of a currency specialist, your would have paid £3173.93* more for the property.

 

Example 2

You are due to receive $100,000 inheritance from Australia in to your UK GBP bank account.

  High Street Bank Rate Currency Specialist Rate
Amount to be received in $ $100,000 @ 0.4910 $100,000 @ 0.5122
Total Received in £ £49,108.50 £51,220.00

By using a currency specialist instead of a bank you would have received an extra £2111.50*

*Exchange rates are subject to change but figures are taken during May 2015.

 

As set out in the examples above, a small amount of research and planning can make a vast difference to the amounts actually received or the amount to be paid to satisfy the required amount.

Using a recommended foreign exchange specialist is not only cost effective but also very time efficient. You can set up an account and sent a payment within minutes. It is simply a case of transferring funds to a this separate account where the money can be exchanged and the relevant currency forwarded on to the desired account.

It is however recommended to contact a currency specialist as soon as you know you will need to make or receive an overseas payment as a good currency specialist will also be able to advise you regarding the timing of the transfer to help you get the most from your money. A good currency specialist will also be happy just to give you some information about how they can help.

For details of a recommended currency specialist and to discuss how they can assist you, please get in touch with Worldwide Lawyers on 01244 470339 or email us at info@worldwidelawyers.co.uk.