‘Smart Currency was there at the beginning of our overseas journey – and again at the end!’
Back in 2005, Gerry and Florence Allerston used Smart Currency Exchange to buy a condominium on Florida’s east coast, transferring around $250,000 worth of sterling to make their purchase. So when they recently decided to sell their property and repatriate the proceeds home, there was no question over who they should use.
Right from the start, Smart Currency was able to save them money, Gerry recounted “I compared Smart Currency’s rates for buying dollars with those provided by my two banks, and worked out that we saved around £3,500”. The property was based in a small town called Stuart, between Orlando and Miami, overlooking the St Lucie River. Throughout the years they lived there, the Allerstons used Smart Currency to transfer money from the UK to the States, paying for living expenses and running costs.
The couple had retired when they bought the property, meaning they could spend almost half the year there over a number of stints, and they used the property as a convenient base to travel around the rest of the US. It was a difficult decision when they eventually decided to sell their property for personal reasons, but luckily the fluctuating exchange rate was on their side at this point – even though they actually made a loss on their property!
Gerry explains: “Thanks to the exchange rate, our losses on the proceeds of the sale were minimised when we repatriated the funds of the sale – when we bought our house in 2005, we received around $1.98 to the pound, yet when we sold, we got approximately $1.51 to the pound”.
During the repatriation process, they were looked after by David Comber, one of the senior traders at Smart Currency Exchange. In the recent Smart Currency guide, ‘A Currency Specialist’s Guide to Buying Overseas Property’, David shares his top 5 currency tips for transferring funds for – and from – overseas property:
1. Never underestimate the effects of currency fluctuations – changing rates between the time you agree a price and the time the transfer is made could have a dramatic effect on the price of your property in pounds.
2. Act soon to take advantage of our expert market guidance – if you know you are going to transfer money to the UK or elsewhere, why not set up an account today? You will be able to access all our high-quality content as well as the expertise of your trader, who can offer you advice and guidance throughout your process – as well as the latest currency availability rates
3. Use a forward contract to fix the price of your purchase – by locking in exchange rates as soon as you know you will need to make a transfer, you can be assured that the money you get for your property, or the price of your property purchase, will remain the same price, regardless of market rates.
4. Know your budget – make sure you have a clear idea of how much you can afford to pay for a new house or receive from a sale. This allows you to be realistic from the beginning of the process.
5. See what extras you can take advantage of – we know that the sooner you sell, the better, so the speed and timing of this process is crucial. It’s a really good idea to talk through your options with your trader in advance, whatever your transfer needs.
All in all, Gerry and Florence were thrilled with the service they received from Smart Currency Exchange: ‘I couldn’t recommend Smart Currency highly enough. Our dedicated trader, David, kept us informed throughout the whole transfer process. We will definitely continue to use Smart Currency for any future international transfers, to or from the UK’.
For your own copy of the Smart Currency guide, ‘A Currency Specialist’s Guide to Buying Overseas Property’, simply click here.