Buying a property abroad is one of the biggest transactions a homebuyer will make and often is the realization of a personal dream. Ensuring that the transaction runs as smoothly as possible has never been more important, especially when transferring large sums of money in another currency is taken into account. The exchange rate between currencies may be an overlooked factor for some, but it’s one that international buyers should keep in mind while shopping around. Or better yet, they could partner with a foreign currency dealer like Moneycorp.
Moneycorp, a non-bank provider of foreign exchange services, provides a multitude of services for buyers looking to transfer money to secure funds for a new home. From commercial foreign exchange services to online travel money, prepaid currency cards, and bulk delivery of physical currency, employing a company like Moneycorp makes all the difference between having a successful transaction and getting lost in the finite details of exchange rates and foreign regulations.
Peter Day knows all about how Moneycorp can aid in the buying process. After he and his wife sold their software business in the UK last year, they began looking to buy lakefront property in Florida where he could fly an amphibian plane from their back garden. Having just purchased a new plane, Day was looking to base it in Florida, thanks to the abundance of lakes in the Sunshine State.
“We found a suitable property in Orlando and decided to use Moneycorp for the transaction, as we were referred to them by the real estate agent,” says Day. “We found them to be both courteous and efficient.”
Finding a competitive rate of exchange is also imperative for buyers when closing on an international deal. Monitoring exchange rates on behalf of clients ensures that clients get the best rate possible, which at times, can end up saving them thousands of dollars.
“The rate they provided was very competitive compared to using our bank or any other foreign exchange provider,” says Day.
Having a reputable currency trader may also help reduce any extra fees attached to transfers. In addition, a knowledgeable company like Moneycorp can help ensure that the transfer is happening at the most favorable time for the buyer, always with the goal of getting the most bang for the client’s buck.
According to Day, the actual process was simple. After receiving and accepting the proposed quote, Day transferred funds in GBP from his UK bank to Moneycorp’s bank account, which then transferred the funds in USD to the closing agent to pay the seller. With Moneycorp, Day’s goal of securing the property was met with the utmost importance and never bogged down with financial jargon or hullabaloo.
With Moneycorp simplifying the exchange of monies for international buyers, buying a home outside one’s native country has never been easier. Although Day’s airplane is currently being certified and isn’t expected to be ready until 2016, Day states that he’ll use Moneycorp for all of his future international transactions.
“It was easy and we saved about $10,000 over what we would have paid using our bank, so we were pleased.”
For more information, visit www.moneycorp.com/usa.