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Buying
Euro's to Pay for your Greece Property Purchase
(and other fees)
Okay –
let me explain the whole process of buying Euro's as you can
either save or lose of money if you don't take action Today!
When buying
in Greece (or any overseas destination), you’ll eventually
have to pay a reservation fee, deposit, staged payments and/or
the full purchase price. During this process, you’ll
be required to convert your British Pounds to Euros. By this
time you should have an outline of exacly what you owe and
an estimate on when the money will be due in the future.
Since
the exchange process is simply one tiny aspect of the entire
purchase transaction, many buyers fail to give it the attention
it deserves and thus make a fundamental mistake.
Most buyers
understand that:
The
price of currency fluctuates second by second as it gets
traded on the currency market floor.
Banks
add on a 2-5% profit margin
when selling the currency to the end-user (you)
HOWEVER, what buyers don’t realise is that
there are ways to purchase currency at a far more competitive
rate AND often at a better time than when the money is actually
required.
To save
sometimes £1,000's on your foreign currency exchange
and transfer requirements to Greece, you’ll want to
use a specialist currency company rather than using your high
street bank!
If you
decide to purchase a property in Greece for X price in Euros,
that price will change every 15 seconds against sterling until
you buy or reserve your currency. AND if you use your bank
you'll not only pay a higher price for your currency, you'll
also run the risk of working with people that do not specialise
in helping you to buy at the right time.
So...
the two big advantages of using a currency specialist service
are:
Better
rates than the bank
Assistance
with helping you buy at the right time to achieve even more
savings
Imagine budgeting for a property purchase to the value of
£ 100,000 only to discover that the cost increased
to £105,000 due to changes in currency rates - substantial
changes can happen in days and even hours!
Consider
two case studies to understand the difference between a bank
and a currency specialist (Case studies supplied by 'Smart
Currency Exchange Limited').
"Mr
and Mrs Maurice were planning to immigrate to Greece.
They identified the property that would turn their dream
into reality. The total cost was 620,000 in Euro's.
If they negotiated their needs with a currency specialist
at the then rate of 1.462 they would have paid 424,077
in Sterling.
Instead of contacting a specialist and securing a fixed
rate, Mr and Mrs Maurice waited until their completion
to exchange currency. The transfer took place 4 weeks
after they decided to purchase. And in those 4 weeks,
the cost went up to £434,205 - in Sterling.
The
Maurice’s lost just under £10,000.
That’s the price of a new car!!”
“Last year Simon decided that it was time to live
his dream and create a new life in the sun. The initial
payment on his property was 86,500 in Euro's. If he had
used a high street bank rather than a currency specialist
this would have cost him £60,241.
His
saving by using a currency specialist was over £1,000.
This paid for a large portion of his white goods”
KEY
POINT #1:
To get a better euro exchange rate than what the bank will
offer you, call a currency specialist.
KEY
POINT #2: In order to get assistance with buying
currency at the right time, EVEN IF YOU DON'T HAVE THE MONEY
YET, you must sign up with a good currency company as soon
as possible. They will then help you create a strategy and
assist you with buying or reserving currency at the best time.
It is
EASY to reserve currency at today's rate (if it is good) for
a purchase in the future - for just a fraction of the cost
up front
In order
to avoid the mistake that overseas buyers fall prey to by
blindly accepting the rates quoted by their bank or failing
to secure a euro exchange rate at a good time for a purchase
in the future, I suggest that you give Smart
Currency Exchange a ring on 0808 163 0102 (freephone).
Smart
is the only currency specialists that work exclusively with
overseas property buyers and they have very strong relationships
with Greek businesses. Further, Smart is the only currency
company that does NOT pay its traders commission so you know
their pay cheque does not depend on your purchase.
