Poor exchange rates, fluctuating currency markets and needless charges by your bank mean that you could lose a lot of money when transferring money to Australia or New Zealand to pay for a property or its general upkeep.
Those people who opt to use a foreign exchange specialist, otherwise referred to as a foreign exchange specialist, typically find that they are able to secure an enhanced exchange rate, without all the unwanted extras, such as hidden charges and fees. In fact, you could save thousands of pounds by opting to use one instead of a high street bank.
For instance, if you are looking to buy a house in Australia for AUS$400,000 and transfer the funds with your bank, it would cost you £222,976 (that’s at the average bank’s exchange rate of AUS$1.00=£0.557p*, plus a £25 transfer fee).
Yet, the same transaction with a foreign exchange provider provider such as Currencies Direct would have cost you £216,348 (by removing transfer fees from the picture and using a more attractive exchange rate of AUS$1.00=£0.54p*).
(* Rates correct on 6 November 2014)
If you are about to selling a property in Australia or New Zealand, it is more than likely that you will need transfer a large sum of money back to the UK if indeed you are returning Great Britain. The exchange rate is crucial.
A ‘forward contract’ may be a suitable option. It allows you to lock in to today’s rates, subject to a low deposit, but transfer the money at a later date – up to one year.
“The currency markets are constantly fluctuating, so when moving a large sum of money, taking advantage of exchange rates when they are in your favour could literally save you thousands,” said Alistair Cotton of Currencies Direct.
Whether you are looking to reside in Australia or New Zealand permanently or regularly use a holiday property, you will almost certainly need to make frequent transfers from the UK in order to pay your bills and support yourself on a day to day basis. Again, FX providers are generally the best option for weekly, monthly or quarterly payments, as they are quicker, cheaper and offer the best exchange rates.
There are all sorts of money transfer services available, many of which have been designed to help meet your requirements at the best possible rate ensuring that your money goes further.
You are able to acquire currency now, for instant transfer. Use for:
Fix a rate for up to one year, subject to a small deposit, designed to us at a later date. Use for:
Set up a Direct Debit and even lock in to a set exchange rate for up to one year. Use for:
Set an automated currency purchase when your target exchange rate is reached. Use for:
People must manage their own currencies in order to ensure that their money goes further when making transfers overseas. Keep a close eye on the foreign exchange markets. Use the services of a currency specialist to help ensure that you get the best possible deal by minimising the risk of currency fluctuations.
Do not be alarmed if you do not have the time to assess what is happening in the currency markets. Foreign exchange specialists provide various tools that you may find helpful.
Set up a ‘rate watch’ with a foreign exchange specialist, enabling them to target a rate that you are interested in. Once briefed, they will assign a member of their expert team to monitor the markets for you, who will notify you when the rate becomes available. Banks do not offer this service due to a lack of time and resources.
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From a podcast on YouTube to a post on Facebook, many foreign exchange firms are now engaging with various social media platforms in order to keep their customers up to date with all the latest currency news, views and trends. Join their social networks.
Currencies Direct is the UK’s leading foreign exchange specialists and has helped more than 150,000 people with overseas money transfers. Visit currenciesdirect.com for more information.