Whether you buy or sell property in Cyprus, or in other countries and you are paying in a different currency, you're paying a cost for converting those amounts from one currency to another.
Purchasing or selling a significant asset in a foreign country in a different currency comes with a particular set of complexities. There are large amounts to be saved or lost when transferring the money to buy or sell a property, depending on the service you use.
You can save a hefty amount of money using a UK FCA Regulated Authorised Payment Institution to transfer money abroad rather than a bank.
When it comes to transferring large sums of money, even a small percentage point discrepancies in the exchange rate you are offered could mean a difference of tens of thousands of pounds (or euros).
As a general rule of thumb for overseas money transfers, if you are moving any sums over €5,000, you are most likely to get the best deal from a foreign exchange broker. Exchange specialists offer more competitive rates than high-street banks and generally will not charge you a transfer fee.
Some specialists claim they will save you as much as 5pc on a transaction. However, say you were transferring €350,000, if a broker offered you a rate even one percentage point lower than a competitor, you would still make a saving of €3,500.
Unlike most retail banks or high street money transfer providers, a specialist broker offers you the chance to lock in an exchange rate for a future transfer with a "forward contract". A forward contract can help you to mitigate against any change in the rate than could throw you off your budget. Knowing what rate you will get on the day you transfer zeroes your risk of currency exchange rate fluctuations. Using such an option could save you a lot of money.
For example, at the beginning of February, £1 would buy you €1.20, but five weeks later that had changed to €1.06. If you were buying a property for €250,000 at that time, it would have cost you around £208,000 in February but £235,000 in mid-March.
We work with currency specialists who can offer you guaranteed significant savings through better exchange rates and by charging you no bank fees. If you'd like to learn how much money you can save by using a currency specialist, click the link below to request a free quote.
A currency specialist will call you for a free consultation. This is your chance to ask any question you might have and get an answer in real-time!
How safe is it?
You will get a quote from an established UK registered and FCA-Regulated Authorised Payment Institution, and as such, all money transfers are conducted through safeguarded and ring-fenced client accounts. Our currency solutions partner has won the Gold Trusted Service Award from Feefo. Your money is totally secure and protected.
We have helped thousands of overseas buyers and sellers. Using a currency broker has always been a straightforward yet successful strategic decision. You avoid the risk of losing significant amounts of money on currency exchange when transferring money internationally.
You don't necessarily have to buy or sell a property from us to get the benefits of our currency exchange services.
Our Currency Specialists Team has developed a "10 Minute Overseas Property Money Transfer Optimization" which we conduct over the telephone with you. Here is what we accomplish together in this fast-paced, zero-non-sense session:
1. Expensive currency transfer fees. Banks' exchange rate slices large chunks off your money transfer starting at 2.5% and ranging up to 4% depending on your country of residence. On top of their hidden charge in the exchange rate, many banks also charge a hefty fixed transfer fee. But, high cost can be easily and quickly avoided when you know what critical misstep not to take. We will walk you through our process and show you exactly how to transfer money in foreign currency at the lowest cost with real-time comparisons and examples.
2. A forward contract: Worrying about the uncertainty from your currency transfer and want to know the amount you would be paying or receiving for the purchase or sale of your property. We will give you the answer and provide you with a plan of how to avoid putting yourself at risk.
The 10 Minute Overseas Property Money Transfer Optimization is conducted by professionals who have worked with more than 25,000 clients. Please be assured that this consultation will not be a thinkly disguised sales presentation; it is the best intelligence a Currency Specialist can supply in a ten-minute time span.
This consult typically takes place within 1-2 days after your request. To secure a time for this consultation, please call at +35726200200 or email firstname.lastname@example.org and we will advise you regarding available time slots.
To your success