Buying a property abroad can be a stressful time and in most cases knowing you have the funding in place is all you consider about the money side. but what if i tell you that you could be losing thousands depending on how much you are buying your property for?

How much money can you save by not using your bank?

For Example Based on buying a property in Spain for £200,000
By not using a foreign exchange broker will cost you £12,712.07 more than using one of the top 5 banks in the UK.

*Total = ExchangeRate x (Amount - Transfer Costs) *Savings : Maximum saving from Foreign Exchange Providers against IFX *Total

Currency exchange is one of those processes that can seriously cause havoc to your finances if you fail to understand the main mistakes that overseas property buyers make.

Interbank Rate
The interbank value is the price banks trade between themselves when they are moving millions. The interbank rate however gives you an indication of where the rate is and what direction it’s moving in as it moves every second.

Here are the differences between the interbank rate and what you should expect to pay when purchasing currency from the below institutions:

- Banks – Will charge you up from 3% to 5% more than the interbank rate for popular currencies such as the Euro and US$, and from 8% to 10% + for less common currencies.

- Currency Brokers – On average will offer you a rate that is around 1% more than the interbank rate. This rate will vary depending on the amount and will be reduced if you exchange currency on a regular basis.

In order to exchange your currency for the Best Exchange Rate and ensure your money is safe and secure plus is working for you then contact a currency specialist company (not a bank)! A currency specialist can discuss a strategy that best fits your needs where as using a bank would be done either over the phone with a banking clerk who is unexperienced in trading currency.