Buy your Euros, or Pounds, at the best exchange rate today.
When buying a property in Portugal, make sure that you get the very best foreign currency exchange rate today. It will make a considerable difference to the real value of the purchase.
Most people are happy to accept whatever rate of exchange their bank gives them. Or they are happy just to leave that area to their lawyer. You could save thousands of pounds by buying your euros through our Global Currency Exchange Network.
The process of Foreign currency exchange transfers couldn’t be easier.
This is a commission FREE service and there are no bank transfer charges.
If you use certain banks in Portugal, we will even arrange for you to avoid the usual 1% receiving charge that your local bank may make.
However, be aware that some companies make charges for transferring money abroad.
Here is a simple 3 step guide:
Step 1. Open an account
Complete an application form and ensure you have usually two forms of ID: (1) photographic (2) proof of residence.
Step 2. Buy your currency
Speak to a currency dealer and they will give you the current market rate. If you are happy with the quotation they will buy the currency on your behalf. This trade is usually confirmed in writing by way of a deal receipt and usually provides instructions on how, when, and where to make payment for your currency.
Step 3. Get your currency
Once cleared funds are received by your dealer, they will promptly transfer your exchanged currency to any bank account of your choice, worldwide, the same day.
Other than just choosing any particular day to exchange your money, you could choose other dates to make the currency exchange. It may be that you have decided to buy a new property that won’t need the final balance to be paid until 18 month’s time. In this case, it may suit you to do a ‘spot deal’ today for the deposit and arrange for a ‘forward deal’ for the final balance. By doing this, you will have just ‘fixed’ the purchase price to your home currency and will have ensured that you don’t get caught out by a weakening home currency, or a strengthening one in the country of your purchase. This can save people thousands.
Here are 4 basic types of transaction:
• Spot Contract
A spot contract is undertaken when you buy currency at the prevailing exchange rate at the time of the transaction and make payment within two working days. This transaction is typically used for deposit payments on property or for full payment if the funds to pay for the transaction are available.
• Forward Currency Contracts
A forward contract is undertaken when you fix the exchange rate now for a specific date from one to 24 months in the future. As an example, your final payment for a home abroad may be the equivalent of £100,000. You could fix that exchange rate today with a small deposit, and pay for the bulk of that transaction at the completion of the forward contract. To guarantee the exchange rate, private clients will have to pay for at least 10% of the value straight away (a margin deposit) and the balance on or before the maturity of the contract.
• Time-Option Forward Contracts
You may also reserve a time-option forward contract. This contract allows greater flexibility in paying. For example, a property developer may give you a date of December 2008 as an approximate completion date but may tell you it could take a bit longer. Your dealer may recommend that you set a date for your forward contract of February 2009 and you are free to settle that contract anytime before the maturity date with no penalty.
• Limit Order
Limit Orders allow a client to set the rate at that which they would like to exchange their currency. Our foreign Exchange partner will monitor the market for you and if the rate can be achieved, we will purchase the currency on your behalf. We would then notify you of the due date for your payment. This is particularly important for contracts of substantial value where a small currency fluctuation may have huge implications.
If you would like further information please call our Private Client Desk on 01480 458400. You may also register online with us. We will contact you to activate your account. In order to complete the registration process, we require two forms of identification. Please also provide us with a copy of your passport or driving licence and a utility bill, council tax bill or landline telephone bill with your address.
The value of your foreign currency can be fixed for a given period ahead. If you don’t wish to transfer your money now, you can book the rate of exchange now, for a date ahead.
To discuss how best to make a currency exchange into euros at the best rate, talk to a foreign currency exchange specialist. visit fx-foreignexchange,
Open a Free Currency Exchange account with us to make your Bank-to-Bank transfers much better value.