Surprisingly very few people who deal in foreign exchange currencies take very much time to think about foreign exchange currencies. Or at least, the foreign exchange currency rates they’re paying. This is odd, because often it’s the rate of exchange that can make the difference when it comes to major investments such as property.
The trouble is that most people tend to view foreign currency exchange as something deep and mysterious, virtually unfathomable and entirely unpredictable. True, it’s impossible to foretell what may happen in the world tomorrow which could affect the foreign exchange rates we’ll be paying, and trying to predict the global financial climate a few days, weeks or even months in advance is generally considered laughably absurd.
Yet sometimes it is possible to be able to make long term forecasts which provide reassuring stability. It’s a little like watching the tides and waves between two islands, and eventually managing to predict the best time to sail across. Yet foreign currency exchange specialists do even more than this, because they need to work in the here and now with swift transfer arrangements, international transfers between foreign currencies the same day, as well as providing long term exchange rates guarantees.
This is critical, especially if you’re looking to invest abroad, buy property abroad, import or export goods abroad, pay employees who live abroad, relocate abroad yourself, or collect a pension or salary abroad.
In other words, it isn’t just multinational corporations which need to consider the impact of foreign currency exchange rates, because they can, and do, affect anyone. We are no longer living in a society which treats each country as unique, different and isolated financially from the rest of the world. Today many of us view the international property market as those a few decades ago saw the national market.
International trading, emigration, repatriation and overseas investment are all commonplace, yet still the concept of taking foreign exchange rates into consideration takes a back seat, costing people thousands of pounds completely unnecessarily. If you’re looking to purchase property abroad then the estate agents in your chosen country will usually be more than happy to help you open a foreign bank account, but they won’t offer any help or advice when it comes to managing it, your money or the exchange rates.
You’ll need to make an immediate transfer for the deposit, and this can easily cost you dearly if you visit your bank, since their exchange rates are usually less than competitive. But the balance of your investment will usually not be required until near the completion of the sale agreement, which in many cases can be weeks or even months away. How are you supposed to know what the exchange rates are likely to be?
Of course, the answer is that you can’t, yet you could very easily find that several weeks or months later when the time has come to make the payment, rates have rocketed and your carefully budgeted financial commitment is no longer sufficient.
The solution is to take advantage of a foreign currency exchange specialist able to provide long term exchange rate guarantees, helping to protect you from the turbulence of the markets, saving you considerably compared to high street bank foreign currency rates, and giving you peace of mind. Not to mention a little more spare cash.
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