Owning a home abroad can be great fun when you are spending time there, relaxing in familiar surroundings and switching off from the hustle of normal life. But when back home, the financial commitment of that holiday home can provide a real headache at times.
Whether utility bills, service charges or mortgages in the local currency, owners regularly have to make international money transfers to cover the costs of their home. British expats living permanently abroad need to make regular payments from UK sterling into local currency from perhaps a pension or other UK income.
It is easy to use your bank to action a currency exchange and pay from a UK account to a foreign account. However, more and more people are benefiting from better exchange rates and faster transactions by using foreign exchange (FX) brokers, specialists in international money transfer. Brokers can provide one-off transactions or regular payments plans, ideal for people who have financial commitments in more than one country.
FX brokers can typically save you between 3% and 5% on the exchange rates. That can amount to an extra £50 for every £1000 transacted. The money usually arrives at the destination the same or next day, unlike the banks who often need 3 to 5 days to clear the funds.
In volatile financial times, exchange rates fluctuate and so the amount of local currency you can expect from a fixed amount can vary. Brokers offer the ability to fix exchange rates for up to one year therefore taking the risk out of the currency movement.
mymoneyspy.com works closely with FCA regulated foreign exchange brokers, comparing the rates offered across most currencies in the world. By updating the search results minute by minute, you can be sure that the rates that you see on this site are the rates that you will be offered.
Compare for yourself by completing the form opposite or by clicking the links below.