The Benefits of a Currency Specialist

Currency markets are volatile by nature and it’s hard to keep track of all the ups and downs on a daily basis. If you’re considering buying a property overseas, it may seem like an added hurdle to negotiate but working with a currency specialist can help you manage any international payments you need to make. While your local bank may seem like the best place to start, a currency specialist may be able to offer better value and provide guidance on fluctuating markets.

If you’re concerned about the exchange rate, it’s worth remembering that a little advance preparation goes a long way. Finding the right rate for you can take time, and a specialist can help you track and target the rate you require. Of course, your ideal rate can never be guaranteed and exchange rates are influenced by external political and economic factors which can be hard to predict. However, different providers will offer different rates depending on the value of each transaction. This is where you can start to see value from a specialist; due to the high volume of transactions that currency brokers undertakes every day, it enables them to achieve and offer customers better rates than a high street bank may be willing to provide to its private clients.

Great rates on currency transactions

As a currency specialist, moneycorp can offer great rates and also ensure you’re not losing money on unnecessary fees and charges for international money transfers. Bank transfer fees typically range from £20 to £40. The difference this makes to your budget could be significant – as well as transfers for a deposit and a property payment, there will be lawyers’ bills, local taxes and other bills to pay on your new property and all those fees could add up.

Finding the best tool for your requirement

If you need to make a payment immediately to secure a property, a currency specialist like moneycorp can provide a spot rate and initiate a transfer. Again, a little planning can go a long way, and a currency specialist can also help you with your payments throughout the process of buying a property overseas. They can offer tools such as a forward contract, which allows you to fix a rate of exchange for a set period of time, meaning you can plan ahead and be certain that any required payments – perhaps in the time between placing a deposit and paying for the property – will be paid in full. Exchange rates can fluctuate by as much as 10% or more over relatively short periods of time, so it can have a substantial impact on the ultimate cost of your property. Forward contracts are a means of protecting against subsequent currency movements and offer a way of managing your exposure. Please note a forward contract may require a deposit.

Understanding the market and finding guidance from experts

A specialist works with people who are purchasing property and they can provide guidance and support to talk you through the process. In addition, they can share their knowledge of the sometimes baffling currency market to help you understand the implications of your decisions. This will help you to make a more informed choice about the best way forward for you. You can accept the prevailing spot rate on the day you want to make a transaction, or perhaps set up a forward contract to aid budget planning. If you have the time and understanding of currency markets, another solution that a currency specialist can provide guidance on is whether or not to set up a market order. This is equivalent to a safety net placed in the market 24/7 that guarantees a minimum exchange rate but allows you to take advantage by buying at a better rate if the market moves in your favour. This may sound like a complex procedure, but a specialist can provide all the information you need to find out if this approach will work for you and how to set it up.

Manage your money online and access a personal service

Many people do most of their banking online these days and international money transfers need not be much different. A specialist can provide you with an online account which allows you to set up and track payments and review your costs. They’re still on the end of the phone for when you need them, but if you’re just looking to pay a legal fee or set up a regular direct debit to cover maintenance or local taxes, you can do this from your online account at any time. The moneycorp app gives you the added flexibility of being able to make transfers and track payments wherever you are from your phone or tablet. The bottom line is that a specialist can give you the expert support when you need it, and once you’re comfortable with the process you have access to everything you need to manage your international payments.

Before you head off to your local high street bank, it’s worth investigating how a currency specialist could help you manage your funds across borders and help with the purchase of the home of your dreams overseas.

For more information, please contact Christelle Colairo on +44 203 823 0210 or christelle.colairo@moneycorp.com. To register for a free, no obligation account, please click here.

moneycorp is a trading name of TTT Moneycorp Ltd which is authorised and regulated by the Financial Conduct Authority for the provision of payment services. All customer funds are safeguarded in segregated client bank accounts.

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This entry was posted on Monday, September 11th, 2017 at 1:05 pm and is filed under Legal, Lifestyle, Living in France, Marketing . You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.


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