Ready to benefit from the pound’s rise in 2014?
Exchange rates have remained in favour of British people since the start of the year, with one pound buying you more dollars than it has done for around two-and-a-half-years and more euros for at least a year.
For anyone on the verge of purchasing an overseas property or emigrating, this is great news. It means your buying power increases allowing you to look at more expensive overseas properties, or you can stick to your euro or dollar budget and have some unexpected pounds left over after your purchase – perhaps to spend on home improvements in your new property. Not a bad decision to have to make.
To really benefit from the stronger pound, overseas buyers need to ensure they get the most competitive exchange rate when they exchange and transfer their money abroad. The best way to do this is to use a specialist currency firm like Smart Currency Exchange, which is authorised by the Financial Conduct Authority to make swift, secure payments abroad at highly competitive exchange rates.
“It’s a bit of a waste if you set out to take advantage of the stronger pound and then accept a poor exchange rate,” said Charles Purdy, director at Smart Currency Exchange. “Recognising a favourable rate is only the first step to making your money go further – the second step is choosing the right people to exchange and transfer your funds.”
Here’s a closer look at the difference today’s rates are having on the cost of overseas property. This very competitively priced three-bedroom single-storey home in Florida is on the market for $65,900 (for further details of the property, click here). A typical exchange rate during the summer of 2013 might have been £1/$1.55, valuing the property at £42,500 to a UK buyer. Today’s rate of £1/$1.65 means it’s currently worth £39,900, £2,600 less than six months ago.
Here’s another example. This pretty three-bedroom cottage in the Charente Maritime region of France is a steal at just €140,000 (for further details of the property, click here). A typical exchange rate during the summer of 2013 might have been £1/€1.17, valuing the property at £119,600 to a UK buyer. But again, today’s rate of £1/€1.22 means it’s currently worth £114,700, £4,900 less than six months ago.
If you’re considering an overseas property purchase or planning to emigrate, why not find out what your pounds are worth at today’s rate using Smart Currency Exchange to exchange and transfer your funds. Get a free, no-obligation from Smart Currency Exchange by clicking here.
“I saved money when I emigrated – you could too!”
Saving more than £2,000 made moving to Canada all the more enjoyable for Margaret Johnston, who has just enjoyed her first Christmas in her new home in Nova Scotia. When Margaret emigrated in October 2013, she opted to use currency specialist Smart Currency Exchange rather than her bank to exchange her Sterling into Canadian dollars Continue Reading…