“A weak pound may present an opportunity” says leading currency broker TorFX.
Over recent months the pound has dropped sharply, particularly against the Euro and US dollar. While that makes buying a property in Europe or the US more expensive (in sterling terms) than it was one year ago, it may present a major opportunity for anyone considering selling their overseas property to bring money back to the UK . Whether you are buying or selling foreign currency, choosing the right currency provider can make a massive difference to your finances.
Low cost currency broker TorFX specializes in making currency transfers for individuals and companies. Online account opening makes it quick and simple for customers to open a trading account, and transfers can be made without any fees or hidden costs. The exchange rates offered by TorFX can be several percent better than the banks' , resulting in savings of several thousand pounds on a typical property transaction.
“Quite simply, our currency service helps clients get more currency for their money , while also providing a simple, friendly service that cannot be matched by the high street banks” said Jon Beddell, managing director of TorFX.
Currency News
Sterling's slide continues, with sharp falls in the Sterling/Euro rate and Sterling/dollar rate. Bad news for foreign property buyers, but good news for anyone bringing money back to the UK . A Euro now buys around 84 pence, up from just 69 pence one year ago. Weakness in “high yielding” currencies has created buying opportunities for the Australian and New Zealand dollars as those exchange rates improve dramatically.
Aside from the exchange rate savings, you can also fix your exchange rate for a future currency transaction as far as two years in advance, avoiding the risk of losing money on any exchange rate fluctuation during that period. This is a crucial tool for anyone buying a property abroad, especially an off plan property that may take many months to complete.
If you have mortgage payments, bills or other living expenses to pay in foreign currency, you can use the TorFX Regular Payments Plan to ensure your funds arrive in time each month, and avoid hefty transfer charges.
Clients can also place instructions with their personal dealer on when to buy, and at what rate. TorFX currency analysts are always on hand to provide advice and updates, and keep customers informed. “Most of our customers have never made a large currency transfer before, and dealing with the banks can be complicated and stressful. We take the time to explain the process clearly and advise on the best solution”, said Adam Solomon, a currency dealer at TorFX.
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