International Currency Exchange

When making a purchase abroad, only a minority of people consider the International currency exchange and the impact this will make on their transaction. Often not uppermost in your mind, it can be equally as important as the purchase price as the currency exchange rate has a direct and noticeable bearing on your bank balance. The majority of international property buyers are therefore paying much more than necessary to transfer money using their high street bank.

If you are buying abroad, it is likely that you will have to pay for your property in the currency of that country, and even small fluctuations in the money markets will make a difference to the price you pay for international currency.

Moneycorp offer a completely automated online account opening facility - open your account entirely online – a fast and straightforward process! Paper free – ability to open an account online, no need for any paper documentation and no signature required. Speed - just a few clicks away from opening your Currency Exchange account without having to rely on the post or a fax machine.

Given the sums of money involved in a property transaction and the associated additional costs, you will no doubt want to save money wherever possible. You will also want to ensure that the price that you have to pay for your property does not increase due to an adverse exchange rate movement.

You are able to save literally thousands on buying overseas property or making regular payments abroad, such a for a mortgage or loan, by using a currency exchange company that offers superior exchange rates.

The astounding price increases are often due to movements in the international currency exchange market, a complicated system of banks and trading companies working continually to meditate on, and constrain our entire economy.

Although the individual has no control over this market, within a currency exchange company, dedicated teams of brokers, analysts and support staff are working continually to ensure that you are aware of its movements while offering you the products and services that will save you both time and money.

Whenever you carry out an international currency exchange trade you enter into a contract. The length of time over which the deal is done denotes the type of contract.

Spot Contracts are the easiest and quickest form of foreign exchange contract. It is an agreement to buy or sell one currency in exchange for another. You then pay for the currency at the agreed rate within the given time and the purchased currency is then transferred to any bank account of your choice.

Forward Contracts allow you to agree a trade for payment on a particular date in the future (the maturity date). Unlike spot contracts, a forward contract eliminates the risk of inconsistent exchange rates by locking in a price today for a transaction that will take place in the future. Trades can be arranged from one week to two years ahead.

With a forward contract deposits are payable immediately with the remaining balance upon the maturity date. Funds will then be transferred to any bank account of your choice on the same day.

Moneycorp International Currency Exchange offer the facility to open a bank account in your chosen country from their UK office. This service is free of charge and your new account can be ready to receive your funds in seven ways. They also negotiated that transfers sent from your Moneycorp Exchange account will be free of all receipt fees. This, coupled with the free exchange service, means they can transfer your money into your new bank account completely free of charge.

There are three basic steps involved, namely:

Open an account
This is done by simply returning the application form along with two forms of ID. One must be photographic, and the other must contain proof of residence. Once received and processed, a currency planner will contact you within an hour.

Buy your currency
Speak to your designated currency planner and they will give you the current market rate. If you are happy with the quotation the currency is bought on your behalf. Confirmation is sent in writing by way of a deal receipt and provides instructions on how and when to make payment for your currency.

Get your currency
Once received, your cleared funds will be promptly transferred to any bank account of your choice, worldwide, the same day. The typical spot transaction takes between two days and two weeks depending on your method of payment.

The Benefits of Using Moneycorp International Currency Exchange:
* Free transfers to all clients on any amount
* Better exchange rates than the banks
* Quicker payments overseas and international payments
* Fixed Exchange rates for up to 2 years
* 24hr Information desk
* Mortgage facilities
* Linking in with your accounts department to ensure tracking and delivery of funds.

Example:
A property costing 250,000 Euros, purchased on the 24 June would have cost £165,175. However the same 250,000 Euros purchased on the 21 July, less than one month later would have cost £174,775. A difference of £9,600.

Sign up for an online account now with Moneycorp Foreign currency exchange to ensure that you pay the best possible price for your property abroad.