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Prime Properties is proud to be affiliated with Moneycorp, the leading foreign currency exchange provider. Moneycorp is one of the fastest growing and most successful companies and they are rapidly expanding across the world-wide market. Together, Prime Properties and Moneycorp can offer services and foreign exchange worldwide. Moneycorp can save you thousands by giving you a cost effective alternative to the high street bank for your currency transfers. Traditionally, high street banks may seem the obvious choice for where you change your savings, due to ease and tradition, but they are likely to offer you the tourist rate on the exchange of your hard earned cash, as opposed to the commercial rate that a specialised foreign exchange company will offer.
Currency Exchange Service for overseas buyers
Buying a property abroad is often the realisation of a personal dream and probably represents one of the greatest expenses of your life. As part of the purchase process, you may need to transfer a Sterling sum into another currency in order to pay for your property. This vital element of the purchase process - one that is often overlooked - can make a huge difference to the price, in Sterling, that you will have to pay for your dream home. Exchange rates change constantly and 10% fluctuations in a relatively short space of time are not uncommon. This could effectively increase, by 10% (or more), the Sterling amount that you will have to pay. There are various organisations that can convert your sterling into whichever currency you need. Specialist currency dealers will normally offer you a better rate of exchange than your bank and provide a more personalised service. Foreign exchange companies such as Moneycorp often offer a proactive service to their clients, using their expertise to monitor exchange rates on the clients' behalf in order to achieve the best possible rate of exchange. If you ask your bank to send the money you should expect them to charge you for doing so. The local bank may also make a substantial charge for receiving the money. A reputable currency trader, however, may well be able to reduce those overseas charges substantially by sending the money via a cheaper route.
Forward contracts Fixing an exchange rate for the purchase or sale of currency for delivery at a later date (up to two years). This type of contract allows you to fix a rate even if you do not have all your Sterling available to transfer at the time of purchase. Forward buying also removes the risk of adverse currency movements that could lead to the Sterling value of your overseas property increasing between the time of signing the contract and making the actual payment. Stop loss orders Setting a minimum level at which required currencies are bought or sold. Stop loss orders effectively protect you from adverse currency movements by guaranteeing a minimum exchange rate. Limit orders Setting a level of exchange rate at which, if achieved in the markets, you will buy or sell required currencies. The savings you can make by using a foreign exchange specialist instead of your bank are considerable. For example, a couple wishing to purchase a property in Spain for 200,000€ would have paid the Sterling equivalent of £134,725 in May 2006. Two months later, they would have paid £138,360 for the very same property. But by securing an exchange rate in advance, they would have made a saving of more than £3,600. "So far I am really impressed with the way this transaction has proceeded and with the support you and your team have provided. I will certainly be recommending your service to anyone I encounter who wants to move money around the world. I have tried this exercise through my banks in the past and have found it frustrating and expensive - you guys are a breath of fresh air! Best wishes, Keith." Our Regular Payment Plan will be of great help to you if you have regular currency transfers to make. Such transfers might include overseas mortgage payments, pension payments or any other regular currency transaction. The Regular Payment Plan offers you three simple payment options. Whichever you choose, you will always receive an excellent rate of exchange and enjoy the convenience of making payments by Direct Debit as opposed to arranging individual payments through your bank.
How does it work?The Regular Payment Plan is flexible to suit your needs. Your regular payments will be paid to Moneycorp by Direct Debit. Moneycorp will then arrange for all currency transfers to be made to an account specified by you. Moneycorp will not debit your account more than 5 working days before the value date of your currency payment. Please note that the minimum monthly transfer amount is £250. How much will it cost? The only charge for this service is a £4 transfer fee for each transfer made on your contract.Bank receipt charges are eliminated. We guarantee that our clients will not pay any bank receipt charges when sending funds abroad*. This guarantee applies regardless of the amount being transferred or to which bank. Daily brief - The Moneycorp Daily Brief is designed to give you regular up-to-date information on the foreign exchange marketplace. Click here to subscribe for FREE Weekly currency update - The Weekly updates give you access to information on all of the major currencies. The update details the impact of world events on exchange rates and currency performance as well as the economic performance of the currencies country of origin. Click here to subscribe for FREE
*Should a client incur such charges, Moneycorp will refund them in full. Excellent exchange rates for your property purchase |
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