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Overseas Bank - Euros ?

Discussion in 'Buying Overseas Property' started by armando1065, Sep 25, 2007.

  1. armando1065

    armando1065 New Member

    Hi

    I have bought an off plan apartment in Romania that is due for completion in March 2008 when the final 80% needs to be paid in Euros. I have a bank account (British sterling) here which has the funds but i am wondering what is the most cost effective way to pay the final balance without paying a huge commision on it to transfer it to euros.

    thanks in anticipation
     
  2. KICIta_

    KICIta_ New Member

    I believe that the most cost effective way is to enter into a forward contract with one of the currency exchange companies (Stirling Exchange among others) and they would normally be able to give you a fixed rate now for a transfer in a few months. Obviously, you will need to see if this will be more cost effective in the current market conditions and the exhange rate of stirling to euro (as opposed to predicted rates in a few months)
    Another way is to do it directly via your bank where they will charge you the exchange rate of the day (which is normally slightly higher than what you will be able to get through currency exchange companies) plus bank charges for the trsnafer (which is generally a standard price even though sometimes might be a % of the amount transferred) so check with your bank!

    Hope this helps but you shouldnt have to pay for commission as this is only only relevant for currency exchange in cash!

    Hope this helps.


     
  3. Lee Filkins

    Lee Filkins Administrator Staff Member Premium Member

    Do not go to a Bank, They will charge for it and will give you a very poor Exchange. You can by all means book a future deal and you pay 10% at the time and the rest when you collect. However the real advantange is to book this deal when you will the £ is at its srongest.

    I have used HIFX, for many years and would reccommend them to any one.

    PS. I dont work or have ever worked for them
     
  4. CaroleBay

    CaroleBay Senior Member

    Absolutely - steer clear of using your bank for transfers and you can save yourself a fortune.

    You'll get a better exchange rate with currency specialists, save money on bank charges in UK, and should save money on bank charges at the receiving bank.

    As with everything, there are those that are better than others, costs matter, but service is equally as important.

    HIFX - yes we have suggested them, and they seem to have been good with our mortgage clients, but we're receiving excellent feedback about Foreign Currency Direct plc.

    Carole Bayliss
    mortgagefrance
     
  5. Gerry Pridham

    Gerry Pridham New Member

    Armando,

    Try googling InterchangeFX in London (who I have used for five transactions now, and whose spread from spot is as low as 0.3% and no transfer charges for about €100,000), or SmartCurrencyExchange who are after our business, and who we will use if I can ever find time to fill the account forms.

    The InterchangeFX website has a real time currency chart, best viewed in candlestick mode, which gives you an accurate spot price just before you call to book a deal.

    Unfortunately, the Euro has strenghtened this last two weeks, against Sterling, and moreso against the USD. Depending on your timescale for paying remainder funds, and looking at the longer term 2 or 3 year average exchange rate, you'll have to take a view on future direction and either book forward, or wait.
     
  6. Mark Taylor

    Mark Taylor New Member

    Do Not Ever Use Banks As They Are A Big Rip Off. I Wanted To Buy Aed And The Banks Offered Me A Rate Which I Thought Was Good, Then I Was Refered To Use A Currency Company.

    My Advice Would Be To Enquire Through Currency Finder(on Google) They Are A Price Comparison Site And Compare All The Best Rate And Put You Through To The Company Offering Them.
     
  7. Janoulaki

    Janoulaki New Member

    You can use

    Smart Currency Exchange

    it is our sister company

    :)
     
  8. awahee123

    awahee123 Banned

    Hi ther is a company called currencies direct based in the UK which will provide you with a good rate for euros,Get in touch with them they are on Google.You do have to register with them then you can send any currency around the world at anytime.
     
  9. sturatc

    sturatc New Member

    Good info to read here
     
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