1 - Always contact a currency broker for a quote; in most cases they will offer a better rate of exchange than banks. You could save an average of £1,500 on a transaction of £100,000

2 - Brokers can also save you money on other fees and charges imposed by overseas banks

3 - Never leave your currency purchase until the latest possible day to trade. If the market takes a bad turn just ahead of your completion, you have no more time to recoup your losses

4 - Ask your dealer to keep you informed of any major market movements; you can pre-purchase the currency prior to completion should the exchange rate move in your favour

5 - Don’t be afraid to ask your broker how the currency markets operate, this will help you to decide when you should fix the rate if necessary

6 - Always play it safe, gambling in the exchange markets can be very costly

7 - When exchanging funds for your property purchase, remember to add any possible expenses you may incur such as paying for furniture or utility connections

8 - If you take out an overseas mortgage, try exchanging a few months’ worth of repayments; transfers below £5,000 can carry up to £25 fee each time

9 - If your estate agent or developer prices the property in sterling, check with your broker as paying in euros may work out cheaper

10 - Speak to your broker if you want to sell your property in the future and repatriate funds back into the UK; overseas banks’ rates and charges can be higher than in the UK

Regis Grant
Foreign Exchange Dealer
Baydonhill PLC
www.baydonhill.com

Baydonhill PLC is one of the UK’s leading foreign exchange providers