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 will inevitably 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 like 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 may well be able to reduce those overseas charges substantially by sending the money via a cheaper route.

Your currency can be delivered any time within two years at an exchange rate fixed at the time of purchase. This is called 'forward buying' and it will help you secure an exchange rate at an advantageous level even if you do not have all your sterling available to transfer at the time of purchase. Forward buying removes the risk of adverse currency movements that could lead to the sterling value of your overseas property increasing between the time of signing and the contract and the actual payment.

EURO SAVINGS CASE STUDY
For example, a couple wishing to purchase a property in Spain for 200,000 euros would have paid the sterling equivalent of £135,107 in December 2005. Three months later they would have paid £139,034 for the same property. By securing an exchange rate in advance, they would have made a saving of almost £4,000.

Key Benefits
Moneycorp can help you achieve the best exchange rates making your money go further. We can also offer a range of services that will help protect you against adverse currency movements.

In addition, you can take advantage of the following benefits:
* No commission charges or receiving bank fees
* Fast, efficient worldwide transfers
* A dedicated dealer to guide you throughout your currency
* transaction(s)
* 24 hour market monitoring enabling you to benefit from currency fluctuations outside of normal banking hours
* Regular Payment Plan - smaller regular transfers
* Extended office opening hours 7:30am - 10:30pm Monday - Friday and 10:00am - 4:00pm Saturday
* A Moneycorp Privilege Card to purchase currency and travellers cheques commission free at any of our retail branches. You will also receive a 1% improvement in the rate of exchange at our airport locations.
* Peace of mind dealing with a company that has been trading foreign currencies since 1979, is the only foreign exchange company in the UK to have been certified to ISO 9000 Quality Assurance and last year traded in excess of £5 billion in currencies


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