It’s often the realisation of a long-term goal - to own a second home in the sun. Like any property purchase, a lot of work goes into making the dream a reality. Alongside logistical challenges like finding the perfect place and cutting through red tape, are a number of financial considerations. Ensure you avoid losing money related to property transfers due to fluctuating exchange rates. Speak to us to help you manage your currency transfer.

TURNING YOUR DREAM INTO A REALITY

It’s often the realisation of a long-term goal – to own a second home in the sun or even start an exciting new chapter in your life. Like any property purchase, a lot of work goes into making the dream a reality. Alongside logistical challenges like finding the perfect place and cutting through red tape are a number of financial considerations. Transfer taxes and stamp duty aren’t cheap and, together with notary and legal fees, can easily add 10% to the overall purchase price.

BEWARE THE COST OF CURRENCY

Financial exchanges are sensitive to a wide range of economic stimuli, from inflation to interest rates; political instability to extreme weather. Timing is everything. The exact moment you decide to purchase a foreign currency is critical, since fluctuations in exchange rates can add thousands to the final bill – or save you a small fortune. The exact same principle applies if you are selling property abroad and looking to repatriate the money.

TOP TIPS FOR TRANSFERRING CURRENCY

In any property deal there are many things that could derail the sale. The other party could pull out, structural problems could emerge, you may even have a change of heart. When it comes to overseas deals, transferring money - and specifically the cost of moving currency - add a further complication. Following these simple steps will help make sure that international payments are the least of your worries.
USE A CURRENCY EXPERT

Exchanging high value funds and transferring them abroad always feels like a risk. And the world is an unpredictable place, especially right now. You need to be able to trust the people that are moving it for you. This means having someone available on the phone to answer questions and give expert assistance on the workings of international currency markets.

CHOOSE THE RIGHT TIME

The moment you buy foreign currency you’re locked into the rate available that day. Leave it too late and it could cost more than you’d budgeted for. Buy too early and you’ll kick yourself if the rate then moves in a favourable direction, like many who lost out following the Brexit result.

WATCH OUT FOR HIDDEN FEES

Banks and building societies charge a fee for sending money abroad. The rates they offer are often the worst available. It’s not their core business so they don’t need to offer a good deal.

“Caxton were professional and proactive, ensuring I was kept updated about relevant currency issues. This meant I got the best possible rate as result of receiving the right support at every step of the process”.

INTERNATIONAL PROPERTY OWNER

4 SIMPLE STEPS TO INTERNATIONAL TRANSFERS

1
SPEAK TO ONE OF OUR ADVISERS
2
OPEN A PREMIER ACCOUNT
3
CHOOSE THE RIGHT TIME TO EXCHANGE

Choosing the right time to exchange currency can save you thousands. Let our dedicated account team help you safely navigate the market.

4
TRANSFER MONEY ON AGREED DATE

TANIA’S STORY
GETTING THE RIGHT RATE

Tania had always dreamed of owning a property in Spain and in 2016 she finally made it happen. Having saved €400,000 Tania found the perfect place, but needed the best possible rate to make the most of her budget.

Tania had previously used her bank to make international payments, but found their rates uncompetitive and the transfer fees and charges too expensive.

Following a recommendation from her father, Tania decided to set up an account with Caxton. Tania’s main concern was that Brexit might make the Euro more expensive, meaning an increase in the cost of her property purchase. She needed a favourable exchange rate to ensure she would not lose out as the result of any market fluctuations down the line.

Through her Caxton Account Manager, Tania was able to use a Rate Alert to get live market updates and details of key events that could affect the value of the exchange rate. And although Tania did look at the currency rates online, she felt reassured that Caxton would alert her as soon as the markets became favourable.

Tania also set up a Limit Order, which meant she benefited immediately from any rate movement in the right direction.

Using this proactive approach, the exchange happened very quickly and Tania got the best possible rate. Tania expects to continue to use Caxton over the next few months, and will certainly not be using her bank any time soon!

SPEAK TO A PROPERTY CONSULTANT

If you would like more information about our international payments services, please get in touch with one of our consultants.

DANIEL RAWLINGS

SENIOR ACCOUNT MANAGER

DANIEL RAWLINGS

SENIOR ACCOUNT MANAGER

Overview: Helping clients manage their international foreign exchange requirements from the start of their journey to the finish.

Specialist Area: Property sales and purchase

How long: I’ve been helping clients with their international payments for 4 years.

Why a customer should believe: Giving clients access to our account management service gives them so much more than online only services. We allow clients a chance to monitor exchange rates, set specific limits on their trades and more importantly the opportunity to speak to a friendly and helpful person on the end of the phone for any guidance they made need.

020 7201 0566