Buying a second home overseas will almost certainly require you to make a foreign exchange transaction. Whether buying a second home in Spain, France, Portugal, USA, Australia or any other country, it is important you maximise the value of your overseas currency transfer. The multiple financial and non financial considerations when buying a home overseas should not make you overlook the importance of foreign currency transfers. Ensuring you are getting the best possible exchange rate and timing the transaction properly can make the difference between saving and losing out on thousands of pounds.
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The Porters found a dream second home in Spain. Upon signing a contract for €350,000, they logged onto MyCurrencyTransfer.com and sourced an FCA regulated currency specialist. They registered and opened an account with their dedicated dealer, reserving a rate of €1.192 to the pound. This was despite the fact they did not need to send the money overseas for another 2 months. They did this because; a. the reputable currency specialist allowed them to do so (forward contract) and most importantly b. wanted to be safe in the knowledge that the cost would not increase with unfavourable market movements which could cost them tens of thousands of pounds more.
