A simple way to soften the blow of the weak pound
Would you believe that since the start of 2013, a typical €150,000 property in the Eurozone has increased in price by £7,000, purely on account of the exchange rate? Similarly, a holiday home in Florida has increased by around £5,500, again thanks to a weaker pound.
Seeing the local price of an overseas property remain the same while its cost in pounds rises is disheartening to UK buyers, which is why it is so important to get the best exchange rate available when sending money abroad. The same applies for expats receiving a regular Sterling based pension or income – a weaker pound means less spending money for that month.
Conscious of the effect exchange rates could have on their spending power, when John and Claire Walters bought their new home in Cyprus in May 2012, they opted to use currency specialist Smart Currency Exchange to transfer their pounds from the UK to a Cypriot bank.
“We considered using our bank to send money to Cyprus,” said John, “but Smart offered better rates and it seemed less complicated with them. We’ve used Smart for large £/€ transfers, our highest being worth £85,000, but we still use them every month.”
The Walters, from Porthcawl in Wales, arrived in Cyprus at the start of November 2012, when they signed the final contract for their three-bedroom bungalow in Liopetri, a village in the Famagusta district. Their property was due to be completed in three to four months, so in the meantime, their estate agency provided them with free accommodation. They moved into their home on 27th April.
John continued: “We find Smart easy to deal with. And we like the daily emails that give you details of what economic announcements are likely to affect exchange rates – you can start to see trends in the exchange rates and see if there are any pointers to what is likely to happen.”
Asked if they have been affected by the banking crisis, John commented: “In all honesty, not at all. We had decided before leaving the UK that until we knew how the Spring budget might affect us, we would continue to operate our finances through our UK bank and to continue paying UK taxes. So, all our money was safe in the UK.”
Fortunately for the Walters, they found and now use Smart Currency Exchange to send money to Cyprus, helping them to get the most out of their retirement under the Mediterranean sun.
Why not find out how Smart Currency Exchange could save you money too? For a free, no-obligation quote, call them today on 0808 163 0102 or click here.