Don’t wait until you move to transfer your money – that’s the worst thing to do
Planning to move somewhere exotic? Or perhaps you are in the process of looking for an overseas property to invest in? Either way, there will come a time when you need to move money from the UK, to an overseas account. With this in mind, most people will not think to look at currency exchange rates until near the time they need to move their money. Little do they know, that the longer they wait, the more money they could end up losing.
The earlier you start looking at the currency exchange rates, the earlier you can get a good deal. Due to the volatile exchange rate, you can never be certain of getting good value for money. A rate now may cost you £10,000, whilst if you wait a month or two, the same amount of currency could end up costing you £15,000, due to the poor rate available at the time.
Smart aims to help you save money, and help you buy your currency at a rate that suits you. There are different options to choose from:
Option 1: The ‘Spot’ contract. This option is ideal for people who need an almost immediate transfer. It can take up to 5 working days if you transfer with a bank, but Smart will have your money transferred for you within two. Once a rate has been verbally agreed, the full amount has to be paid within three working days. Once Smart receives the payment, the trader will exchange the sum into the currency required.
Option 2: The ‘Forward’ contract. This type of contract is perfect if you want to fix budget, as it allows you to order your currency in advance, for a rate that suits you, when it becomes available. By buying the rate when it falls within your budget, there’s no need to worry about needing more money if the exchange rate changes, you will pay at the rate you agreed to. For example, your budget is £10,000 but if the exchange rate changes, the same amount of currency could end up costing you £15,000 a few months down the line.
Option 3: The ‘Order to Buy’ contract. Perfect for those who are not in a hurry to move their money. After speaking with the currency specialist, a rate which you deem suitable will be agreed. The trader will then strive to make the purchase for you if and when the rate hits the agreed target.
Whichever path you decide to take, make sure you research you financial options as far in advance as possible, and speak to a few specialists to evaluate your needs. A small percentage in a rate may not seem like a lot, but the more money you need to exchange, the bigger loss you could be faced with.
If you haven’t yet collected your FREE report from Smart on "Why Overseas Property Buyers Lose Money… and how YOU can avoid it" get it here.
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