Investors looking to purchase properties overseas are at risk of losing thousands of pounds because of poor foreign exchange rates.
According to a new study, the average foreign property buyer looking towards Europe spends around €200,000 on their overseas home and would spend an average of £167,291 using specialist foreign currency providers.
In comparison, they would be spending an average of £171,524, which would be offered by leading high street banks.
That’s a significant difference of £4,233, which could be saved if consumers used specialist foreign exchange companies.
The research from GSA found that specialist foreign exchange companies could offer around 5% more than high street banks. This is because they use commercial exchange rates to determine their value.
Stephen Hughes, Director at Currencies.co.uk commented on the study: “Despite the huge savings that can be made on large currency transactions by using a company such as ours, we’re astonished that so many people don’t shop around and just use their bank.
“We hope that by highlighting just how much exchange rates can vary that people think more carefully about their international money transfers."
Using foreign exchange companies to transfer money abroad could save you cash in the long term and work more effectively for your needs.
Transferring money to the Eurozone
If you are looking to invest in the Eurozone, think carefully about how you will be transferring money to the area. Foreign currency exchange rates quoted by banks are almost always worse than the exchange rates available through specialist currency dealers.
So if you are looking to send money overseas, be sure to compare the market before you buy your foreign currency.
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