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Buying
Euro's to Pay for your Italy Property Purchase (excerpt
taken from the Guide)
Property Currency Exchange
Okay – let me explain the whole process
of buying Euro's as you can either save loads or lose loads
of money… if you don't take action today.
When buying in Italy (or any overseas destination),
you’ll eventually have to pay a reservation fee, deposit,
staged payments and/or the full purchase price. During this
process, you’ll be required to convert your British
Pounds to Euros. Fortunately for you, you'll have an outline
of exactly what you owe and an estimate on when the money
will be due in the future.
Since the Euro exchange process is
simply one tiny aspect of the entire transaction, many buyers
fail to give it solid attention and make a fundamental mistake.
Most buyers understand that:
The
price of currency fluctuates second by second as it gets
traded on the currency market floor.
Banks
add on a 2-5% profit margin when selling the currency to
the end-user (you)
HOWEVER
what buyers don’t realise is that there are ways to
purchase currency at a far more competitive rate and often
at a better time than when the money is actually required.
To save £1,000 to £ 20,000 on
your foreign currency exchange and transfer requirements to
Italy, you’ll want to use a specialist currency company
rather than using your high street bank!
If you decide to purchase a property in Italy
for X price, that price will change every 15 seconds until
you buy or reserve your currency. AND if you use your bank
you'll not only pay a higher price for your currency, you'll
also run the risk of working with people that do not specialise
in helping you to buy at the right time.
So... The two big advantages of using a currency
specialist service are:
Better
rates than the bank
Assistance with helping you buy at the right time to achieve
even more savings
Imagine thinking and budgeting for a property
sales value of £ 100,000 only to discover that the cost
increased to £105,000 due to changes in rate - substantial
changes can happen in days and even hours!
Consider two case studies to understand the
difference between a bank and a currency specialist (Case
studies supplied by 'Smart
Currency Exchange Limited').
"Mr and Mrs Maurice were planning to
immigrate overseas. They identified the property that would
turn their dream into reality. The total cost was 620,000
in Euro's.
If they negotiated their needs with a currency
specialist at the then rate of 1.462 they would have paid
424,077 in Euros.
Instead of contacting a specialist and securing
a fixed rate, Mr and Mrs Maurice waited until their completion
to exchange currency. The transfer took place 4 weeks after
they decided to purchase. And in those 4 weeks, the cost went
up to £434,205.
“Last year Simon decided that it was
time to live his dream and create a new life in the sun. The
initial payment on his property was 86,500 in Euro's. If he
had used a high street bank rather than a currency specialist
this would have cost him £60,241.
His saving by using a currency specialist
was over £1,000. This paid for a large portion
of his white goods”
KEY
POINT #1: To Get a better euro exchange rate than
what the bank will offer you, call a currency specialist.
KEY
POINT #2: In order to get assistance with buying
currency at the right time, EVEN IF YOU DON'T HAVE THE MONEY
YET, you must sign up with a good currency company as soon
as possible. They will then help you create a strategy and
assist you with buying or reserving currency at the best time.
It is
EASY to reserve currency at today's good rate (if it is good)
for a purchase in the future.
In order
to avoid the mistake that overseas buyers fall prey to by
blindly accepting the rates quoted by their bank or failing
to secure a euro exchange rate at a good time for a purchase
in the future, I suggest that you give Smart
Currency Exchange a ring on 0808 163 0102 (freephone).
Smart
is the only currency specialists that work exclusively with
overseas property buyers and they have very strong relationships
with businesses in Italy. Further, Smart is the only currency
company that does NOT pay its traders commission so you know
their paycheque does not depend on you placing an order or
not.
Furthermore,
they will be able to give you a feel for the Euro Exchange
Rate and what it’s doing in the markets. Call 0808 163
0102 to speak with the Smart Team!
For this
weeks comments on the Euro and current indicative rate, please
read below:
For more
information on the legalities of buying in Italy get the Italy
Buying Guide!
