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Posted November 28th, 2013 by Charles Purdy

Is there a more valuable tip for property buyers?

Have you thought about the crippling effect of exchange rates on your overseas property budget? If you have funds in a UK bank ready for purchasing abroad, the value of those pounds in euros or dollars is constantly changing in line with the exchange rate. This means many buyers from the UK don’t know until the day they make a foreign currency transfer how many pounds they’ll need to meet the agreed euro or dollar price of their foreign property.

Here’s an example. The current asking price of this smart three-bedroom villa near Paralimni in Cyprus, with white goods, two bathrooms and terrace with hot tub included, is just €148,000 (for more details contact OGC on 0207 898 0549).


So here we demonstrate – using exchange rates available from currency speciaist Smart Currency Exchange – how the actual price in pounds to British buyers fluctuated at various points over just three months, thanks to nothing more than rate movements. The result is by a hefty £3,362 – enough to cover the cost of a few trips over there if you were to buy the property!

Date                           Approx. Smart £/€ rate                      Property price
November                        22 1.1935                                                      £124,005
October                              22 1.1730                                                     £126,172
September                        23 1.1810                                                      £125,318
August                                22 1.1620                                                     £127,367

The good news is that you can eliminate the effect of fluctuating exchange rates on the cost of your overseas property purchase. Using Smart Currency Exchange to make all your currency transfers is the first step to making your pounds go further when buying abroad – they offer consistently better exchange rates than high street banks. However, download our FREE REPORT today and discover how a forward contract could help you fix the cost of your overseas home in pounds, before you have to pay for it in a foreign currency.

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