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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.

 

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.

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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.

businessman send golden boton

Giving Power Of Attorney To Your Overseas Lawyer

When you instruct a lawyer abroad, they will often suggest that you give them Power of Attorney so that they can undertaken certain actions on your behalf.

But what is a power of attorney? Is this necessary? What are the risks?

What is a Power of Attorney?

A Power of Attorney is a written permission given by you ‘the donor’ to a third party (such as your lawyer) known as ‘the attorney’ which legally authorises the attorney to carry out certain acts on your behalf.

It is usual for lawyers dealing with clients overseas to suggest that you sign a Power of Attorney allowing them to deal with matters on your behalf.

A Power of Attorney will often be the most practical way of allowing your overseas lawyer to undertake tasks and sign documents on your behalf so you don’t have the expense and inconvenience of having to authorise every arrangement separately or travel to the country whenever something needs to be done in person.

Powers of Attorney are particularly helpful in relation to overseas property transactions (eg sales/purchases/transfers), cross border litigation matters, overseas inheritance cases and corporate transactions as it is usually more convenient and practical for your lawyer to carry our the numerous tasks related to these matters on your behalf.

For example, a Power of Attorney for the purchase of property will often be used to allow the lawyer to open, close and operate a bank account on your behalf, arrange utilities, pay taxes, submit forms to the relevant authorities and deal with any completion or post completion matters on your behalf. It would clearly be very inconvenient for you to have to physically deal with each of these arrangements individually.

Is it risky?

Giving someone Power of Attorney has legal consequences and does involve an element of risk. You are essentially giving someone the legal right to act on your behalf. You are responsible for all acts that your attorney does on your behalf (provided they are within the scope of the Power of Attorney) as if you had done these yourself.

It is therefore vital that the attorney you instruct is a reliable and reputable professional who will follow your instructions strictly and with professionalism and integrity.

What is included in a Power of Attorney for use overseas?

It depends on the transaction or legal matter for which the Power of Attorney is required.

It is usual for the Power of Attorney to give the donor quite wide powers to enable them to deal with the transaction any matters additional or unforeseen matters that may arise.

However, the scope of the power of attorney can be limited to only very specific matters if you wish.

How long do they last for?

Although a time limit or an expiry date for the Power of Attorney can be included, it is not usual for practical reasons, for example it would be very inconvenient if the power expired before the transaction for which it was given was completed.

It will depend on the laws of the country in which the power is being used as to the circumstances in which the Power of Attorney would be automatically ended. Events such as insolvency, or the death of either the donor or the attorney would usually mean that the power ceases.

The attorney is free to resign from his appointment at any time and the donor is free to revoke the power at any time.

In order to revoke the power of attorney the donor would usually need execute a Deed of Revocation of Power of Attorney authorised by a notary.

Once the transaction for which the power was given has been completed, you should arrange to revoke the Powder of Attorney and also ask for the original Deed of Power of Attorney and any official copies that may have obtained to be returned to you.

How do you arrange a Power of Attorney?

Your overseas lawyer will usually prepare a bilingual Power of Attorney for you. This must then be signed by you in the presence of a notary either in the country for which the power is required or in the UK.

If the power is signed in the UK it will need to be signed in the presence of an appropriate notary (the relevant consulate will be able to assist you with finding an appropriate notary).

The identity of the donor will need to be verified by the notary wherever the Power of Attorney is signed so you should take your passport with you when you go to the notary to sign the document.

If the Power of Attorney document is being signed with a notary in the UK, it will also need to be legalised with The Hague Convention Apostille by the Legalisation Department of the Foreign and Commonwealth Office in order to be valid for use in the country in which it is required.

How much does a Power of Attorney cost?

If the Power of Attorney has been prepared by your overseas lawyer, the notary should only charge for witnessing the execution of the documents. The notary fees will depend on the country and area where the notary’s offices are based. Your lawyers fee for preparing the document should have been agreed at the outset.

Where the Power of Attorney is signed in the presence of an English notary the notary charges are usually in the region of £100-150 per document.

As stated above, if the Power of Attorney is signed in the UK it will need to be legalised by the Foreign and Commonwealth Office in order to be valid in the country in which it is to be used.

The cost of this is currently £30 per document (if you pay online- slightly more for other payment methods). Your English notary may be able to arrange this for you however they may charge an additional fee for this which is usually around £30-40 per document.

 

 

Providing your lawyer with a Power of Attorney is a common and practical way to allow them to deal with your overseas legal matter. However you will need to make sure that you instruct a reliable trustworthy lawyer who is regulated in accordance with their countries requirements. 

For assistance to find a lawyer to assist you with your legal matter, contact Worldwide Lawyers who will be able to put you in touch with a regulated lawyer in the country you need them. 

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Dog traveler

Taking Your Pets Abroad- What Are The Rules?

If you are thinking of taking a furry friend with you on your trip or move abroad you will need to be aware of the regulations surrounding the movement of pets.

The regulations applicable to you and your pet will vary depending on the destination country and you should make sure you fully understood the requirements before you finalise your plans.

The regulations discussed below apply only to dogs, cats (and ferrets!). For other pets you should check the applicable national rules.

Travelling within the EU (or into the EU from another listed country*)

If you are an EU national, under the EU pet travel scheme you can freely travel within the EU with your cat, dog or ferret if it has a European Pet Passport.

For your pet to qualify for entry into the EU country without the need for quarantine, they must have a pet passport which shows that they have been:

  • micro-chipped
  • vaccinated against rabies
  • treated by a vet against tapeworm (this one applies to dogs only)

Make sure that your pet receives the rabies vaccination at least 21 days before you plan to travel and that the vaccination is received after your pet has been micro-chipped – otherwise the vaccination will not count for the passport purposes!

A pet passport must be issued by an Official Veterinarian (OV). If your vet does not have an OV at their practice, they should be able to advise you how to contact the nearest one.

Some minor changes are being introduced the EU pet travel scheme on 29 December 2014. The main changes are that a new style pet passport will be introduced (although the old style ones will remain valid for the life of the pet) and the introduction of pet passport checks when entering EU countries. For more details see Changes to Pet Travel Scheme.

Traveling into (or returning to) the EU from a non listed country**

If you are bringing your cat, dog or ferret to the UK or other EU country from a non listed country, they will need to have been:

  • issued with an official third country Veterinary Certificate
  • micro-chipped
  • vaccinated against rabies
  • treated by a vet against tapeworm  (this one applies to dogs only)

In addition to this your pet should have a blood test to show that the rabies vaccination was successful. The vet must take the blood sample at least 30 days after the rabies vaccination was given. Your vet should give you a copy of the blood test.

Unless your pet was vaccinated, blood tested and given a EU pet passport before travelling to the non-listed country, you will have to wait until at least 3 months from the date the blood sample was taken before your pet can travel.

The mandatory requirement to quarantine pets from certain countries ceased on 1 January 2012. If however a pet fails to meet these entry requirements when it arrives in the UK, the pet will usually be placed in quarantine at the owner’s expense until disease-control requirements have been met.

Travelling into a Non-EU country

Depending on you destination country there may be additional requirements to bring your pet into the country such as import permits, health certificates, additional vaccinations and blood tests. The destination country may also impose certain quarantine rules.

Before finalising your travel plans you should contact the appropriate authorities in your destination country to get specific information about what is required.

Transporting your pet

Your pet must travel in a container that complies with the International Air Transport Association (IATA) regulations. All containers are scanned for security purposes prior to pets being placed inside.

Certain other basic conditions will also need to be met before your pet is able to travel, for example they must travel via an approved air, sea or rail route with an approved carrier.

 

To ensure that you are not parted from your beloved four-legged friend for longer than necessary you should ensure you understand what is required by your destination country and the relevant timescales involved well in advance of your planned travel.

 

* Click here for the list of EU listed and Non-EU listed countries

** a non-listed country is a country which has not been included in the list of EU or listed countries because of their higher rate of disease instances or less vigorous veterinary systems.

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