Purchasing a home in a foreign country is one of the main reasons people transfer large sums of money abroad. When you’re exchanging smaller sums of money, perhaps for a holiday, there are various places you can go which will offer decent exchange rates, e.g. the post office.
However, when you’re transferring larger sums of money, e.g. for house purchase, it’s often a good idea to approach a specialist foreign currency exchange company. These are companies that specialise in foreign exchange, and are well geared to get you the best exchange rates.
Why are exchange rates important? Exchange rates are particularly important when you’re transferring larger sums of money simply because of the numbers involved. Let’s say you’re transferring £300,000 then just three percent of this would be £9,000, when you take out £300 pound for your holiday 3% is £9, i.e. less significant.
Why do specialist foreign exchange companies usually get the best exchange rates? The key is that they’re specialist, so rather than being jacks of all trades, e.g. like the banks, they are very much focused on exchange rates.
They can, therefore, judge the foreign currency market, sending your money at the optimal time. This requires some degree of expertise and knowledge of foreign currency markets, knowledge that their specialist employees possess.
Foreign currency exchanges will offer your personalised advice about sending your money, and endeavour to make the process as transparent, efficient and cost-effective as possible.