Exchange Rate Transparency by Crown Currency Exchange Helps Brits Buying Property Abroad
Crown Currency Exchange is not surprised that many people buying property abroad do not always consider the extra costs associated with buying in a foreign currency. Crown is a specialist foreign exchange provider and their expertise gives customers the chance to make the most of their money and maximises their property spend.
(PRWEB) June 29, 2006 -- Many countries such as France and Spain never lose their appeal for second home owners, or for those looking to retire in the sun. However, there are several other countries that are now gaining ground on the investment stakes and these include Dubai, Croatia, Romania, northern Cyprus, Bulgaria and Crete to name but a few.
However, regardless of which country is chosen there are two important aspects to consider. Firstly, there is the cost of exchanging currency, and secondly there is the fluctuating exchange rate which will effect the cost of the property. With regard to changing currency, many high street banks can charge up to 5% for this service, and for someone buying a £200,000 property that is an extra £10,000. Moving on to the actual buying process, transactions are usually agreed several weeks or months before the deal is completed and in the meantime buyers can be left exposed to volatile exchange rates. For example, last year the euro v sterling exchange rate moved up by 7% from August to November, which would have resulted in £14,000 in extra costs on a £200,000 property purchase.
People buying abroad are increasingly using the services of specialist foreign exchange brokers that are able to offer better rates and a tailored service to suit individual needs. By focusing only on foreign exchange, and dealing in large volumes, specialist currency brokers can offer unbeatable exchange rates.
Many customers need to arrange stage payments for a new build property purchase, or for paying builders on a renovation project. Crown Currency Exchange offers customers the ability to forward order their currency, and they get a better rate the further in advance they order.
Crown specialises in two sectors, one is travel money and the other is larger transactions up to £30,000. Customers requiring larger amounts are handled by their corporate sister company.
Special offer rates are also offered during specific delivery times for a limited period, enabling customers to choose the best time to take delivery. Travel money rates are displayed on the website, and updated daily. Customers like the transparency of the rates, and if they follow the rates daily they can choose exactly when to contact the company and when to order.
To find out more about Crown Currency Exchange and their services, visit their website at www.crowncurrencyexchange.com
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