Foremost Currency Group answers this common question, helping you focus on buying your property and we focus on getting you the most for your hard earned currency.
“I was planning on buying our property before the EU referendum, however due to delays in finding the right property before June 23rd, we decided to wait till after the referendum before looking again. However our ideal property in the Dordogne surfaced just after the referendum and we had to quickly start the buying process. With the sterling hitting a new low, we realised that we needed to consult a currency expert to make the most of our sterling/euro conversion. We had done a quick currency exchange comparison with our local bank but realised that a currency specialists could save us more than £2,500 and they also had more knowledge of the market and possible trends, giving us confidence in going to a specialists exchange company rather than our local bank. Even in the current climate this proved a good decision as we managed to save just over £4,000 by the middle of June”.
This is a common situation we are currently experiencing.
The first thing we would say to any customer thinking of buying in the future is that it is never too early to open a trading account with Foremost Currency Group. Setting up an account normally takes just a couple of minutes over the phone/or online for which there is no cost and no-obligation so you don’t need to do anything else with it until you are ready to send money abroad for the deposit of your home.
Before you rush into paying your deposit for your home it would be worthwhile talking to us about how exchange rates could affect your buying power and ways we can minimise your exposure and help you make most of your currency. Don’t forget, you’ll need to factor in buying costs, including taxes and fees, on top of the purchase price of your property, as well as a volatile currency market.
When it comes to look at purchasing your euros you have the option of using a forward contract, which allows you to fix a rate of exchange so you can be sure of your budget; or use a spot contract to buy your euros for immediate delivery once you need to pay your deposit.
Either way, to buy euros you would simply call your Foremost Currency Group personal currency broker and inform him of how many euros you need to send abroad. You would then agree upon an exchange rate and subsequently send the agreed amount of pounds to Foremost Currency Group’s segregated client account with details of the overseas bank account you need the euros to be sent to. Once Foremost Currency Group has funds from you, we will transfer your euros for you, which typically arrive in the foreign account in just 48 hours.