We sat down with Adam Wiffen, Foremost Property Group’s currency broker to ask him about moving to Malta and the best ways to move your currency.
I would have to say the main financial concern at the moment for my clients moving overseas to Malta is the movement in the currency exchange rates. When buying a property in your home country, the purchase price is agreed and instantly you know how much the property is going to cost you. When buying overseas you have an ever changing factor of the exchange rate. Until you have converted your funds you’re not fully aware on the final price. Here at Foremost Currency Group we have a range of currency tools and contracts to make the most of your currency and remove the volatility and uncertainty out of the markets. Giving you a clear indication on how much your overseas property will cost.
How are you able to help them transfer money when they haven’t a Malta bank account?
Foremost Currency Group holds one of the highest money licenses a brokerage can hold, an E-Money licence. This means we can hold client funds on account for as long as the client needs us to. At the point of transfer we can transfer the funds to any account. The client doesn’t need to actually open up a euro account before the purchase of a property, we can have the client’s funds sent to the estate agent, Notaire or Solicitor. We want to make the process of sending money overseas as easy and straight forward as possible.
What is one way you can save £’s when paying a deposit and then transferring final sums approximately 12 weeks later?
As mentioned previously we have many tools and contracts available to maximise the clients return whilst removing the risk out of the market, the best way to do this is the use of a forward contract. A forward contract allows clients to fix a rate of exchange for up to 2 years into the future, protecting the client from any adverse market movement. To fix a forward, a client would actually only need to lodge around 10% of the total volume as a margin against the trade.
A perfect tool for anyone looking to sell up in the UK and move to Malta but has most of their money tied up in their UK property. This gives clients a clear budgeting tool and could just save the client thousands if the markets move against them – a movement like we saw only a couple of weeks ago after the result of the EU referendum. Clients who fixed the rates before the result would have saved themselves over 10% in market movement alone.
How do you help clients move money when they are returning from living in Malta to the UK?
When moving back home it is incredibly important to use a broker like myself. Unfortunately, the banks take advantage of you returning and widen their rates. They know you are in no need of the euros and as a result you’re at a disadvantage. At Foremost Currency Group you’re not. It doesn’t matter if you are buying or selling euros you will always get the best rate of exchange.
To make the process as easy as possible we can also accept the euros from the Notaries directly. This means that if you have already moved back to the UK whilst waiting for the property sale to go through you don’t have to worry about making the trip out again to request the funds to be transferred home. This is all carried out over the telephone with us.
If you would like an update on the currency market, call Adam Wiffen on 01442 892060 today for a free no obligation currency consultation. Or open a no obligation trading account today; fast and free to open.