Author: Phillip Booker Added: July 29, 2008
Copyright (c) 2008 Phillip Booker Exchanging Currency from Pounds to Euros can appear simple and easy, but without proper precautions you could lose out on a poor exchange rate and lose as much as £10,000 per £100,000 exchanged. With the best respect in the world our high street banks have been doing a great job over the past four decades as people have been buying property abroad. Since the 60's they have dominated the currency exchange market. Basically... and to their credit they have a reputation far and beyond any other organizations. However since the change of the century, building societies have led the way in competing with the banks. As far as economics, such competition makes the market place more competitive. From a Currency Exchange point of view they are also beginning to lose out on transfer of money; especially on purchases of property abroad. I can give you a 1000 words, but none will promote the Currency Broker better than genuine examples: Case Study In August 2007 there was Jayne from Southampton, she was buying a property in Almeria, Spain. Her transfer was for a villa at £325,000; a superb 5 bedroom villa with sea views. Her bank had frightened her with the exchange rate, so she decided to look elsewhere; fortunately she came to a Currency Broker's website. She was offered an exchange rate of US €1.39 / £1; they were able to offer €1.41 / £1. This meant had she continued with the bank she would have realised €451,750 - however fortunately the broker service could manage €458,250; saving Jayne €6,500 (£4,600) Case Study Margaret and her husband Roy were buying in the Majorca in December 2007; they were buying a 3 Bedroom apartment on a top class complex, swimming pool, bar, shops etc. The property in Majorca is expensive so a three bedroom apartment was priced at £265,000. Newly retired they wanted the best deal on their currency exchange. Their bank had quoted €1.31 / £1 but the broker was able to secure at deal at €1.33 / £1. This meant the currency broker was able to save Margaret and Roy €5,300 (£3,900). I hope these two case studies have helped your understanding on how important it is to get several quotes when exchanging currencies. Before you read this article would you pay €5,300 for a service when purchasing a property abroad? Probably not... But some are, and the banks are laughing.
--- Pounds to Euros
Mr. P. Booker
Senior Currency Expert and Columnist
Buying Property Abroad
Comments
| 
