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Posted May 1st, 2013 by Charles Purdy

Listen up – we’ve found a clever way of saving money

Every penny counts when purchasing an overseas home, which is why Peter Friend and Mark Barber were pleased as punch when they discovered an easy way to save money when they bought abroad.

Case study 1

When the couple needed to send money to France to pay for the deposit on their new property, instead of asking their UK bank to do it, they sent the money through a specialist currency company, who gave them a far better exchange rate than that which their bank was offering. The currency firm they chose, Smart Currency Exchange, offers exchange rates that are typically around 3 per cent better than high street banks.

“We used Smart first to transfer the deposit for our property, which worked out at around £80,000,” said Peter. “We did compare rates and using Smart definitely saved us money – at the time, we were banking with Lloyds TSB and, from memory, when we transferred the £80,000, they could not touch the rate we got from Smart.”

Savings on currency transfers didn’t end there for Peter and Mark, who run their property in South-West France as a B&B called La Villa de Mazamet. They paid just under €390,000 for the property in 2005 and needed to cover regular mortgage repayments in Euros, as well as bills for restoration costs. To help them budget, they were able to secure a fixed exchange rate for a series of future mortgage payments.

Case study 2

“Over a five-year period, we used Smart to pay our French mortgage and set up a forward agreed six-monthly rate,” added Peter. “And on occasions, for example when we had large builders’ bills to pay, we used Smart again for spot contracts. It all worked really well for us.”

La Villa de Mazamet is in the town of Mazamet in the Tarn, 45 minutes from Carcassonne. A beautifully restored character property, it has five luxury ensuite bedrooms available, a spa, swimming pool and restaurants – ideal for weekend breaks or as a base while searching for your own property in South-West France.

Since setting up La Villa de Mazamet, Peter and Mark have met and introduced other people to Smart Currency Exchange, including those who run businesses that make international payments. Whether you need to send money abroad for personal reasons, such as buying a property, or because your company makes and/or receives payments in more than one currency, find out how Smart Currency Exchange could save you money: call them today on 0808 163 0102, or download their free report.

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