How to Save Money on your Overseas Property Purchase

Have you considered using a Foreign Exchange Specialist ? Many people are unaware of, or neglect the importance that exchange rates have on the cost of their overseas property and the currency risk that is associated with an overseas purchase. If you're emigrating or buying a holiday home abroad, you are likely to transfer money into a foreign currency. This needs serious planning, especially if you are buying a new development 'off plan' where you are required to make several 'stage payments' during the construction of your property. We therefore highly recommend the use of a specialist foreign exchange company who offer services such as these: Travel Money -- by using a foreign exchange agent you can get better rates than your bank or travel agent & zero commission charges. You can also have the convenience of the currency being delivered free to your home or place of work or if you prefer you can choose to collect from major airports or railway stations. Off-shore accounts -- Having an off-shore account can be beneficial for a number of reasons. As a frequent traveler it can be convenient and economical to hold an account in the currency of your destination. Bureau de Change and credit cards both charge chunky premiums or commission. So, if you know you'll be spending considerable time abroad, why not transfer a lump sum in advance and take advantage of savings on the currency conversion? With today's fluctuating exchange rates, it can be prudent to hold a number of different currency accounts to protect your assets from global market variations. Offshore banking havens can offer high earners and investors low or no-tax environments in which to deposit savings for attractive rates of interest. Instructing your agent to exchange and transfer your money into such saving accounts can help you to avoid tax and, effectively, stop the bank from pocketing your hard earned money! Mortgages -- Need to re-mortgage in the UK to "top up" your overseas finance? Are you unsure about the pros and cons of Sterling vs. currency mortgages? If you're looking to finance an overseas property, ask your foreign currency agent who works with selected mortgage brokers to bring you a mortgage suitably packaged for your maximum convenience and minimum cost . Spot Contracts-- the most basic and popular foreign exchange product is an agreement to buy or sell one currency in exchange for another. You settle the contract the same day, at a price based on the current value of one currency compared to another -- the "spot exchange rate". Spot exchange rate movements are highly unpredictable however, even during a single trading day. Relying on the spot market for future foreign exchange is highly speculative. Forward Contracts -- let you "buy now-pay later" yet fix the rate in advance and thus avoid the risk of the exchange rate moving against you. Between June 20th and July 20th 2005 for example, the Sterling Euro rate fell from 1.50 to 1.43. If you had booked a forward contract in June, you would still have been able to buy at or near 1.50. If you had been buying a property for 200,000 Euros you would have saved yourself around