The UK remains outside the Euro zone and this means that you will need to exchange your pounds sterling into euros in order to buy your foreign property. Traditionally the High Street banks have offered this service, but they are expensive.
If you are purchasing a Berlin Buy to let property whether this be a Berlin Apartment or Berlin Apartment block you will need to convert your UK funds to Euros.
In recent years companies like VFX Plc have been established to offer a less expensive and more efficient service. The cost savings could be very significant.
Please find below some answers to the most frequently asked questions.
Q. Who should I speak to about buying currency?
Q. How much does it cost?
Q. What are transfer fees?
Q. How do I purchase currency?
Q. Can I arrange a specific rate?
Q. Can I keep a current good rate to make future payments?
Q. Can I get advice from a foreign exchange dealer?
Q. How do I make mortgage payments abroad?
Q. How do I make regular income/pension payments abroad?
Q. How do I pay for my currency?
Q. How can I find out current exchange rates?
Q. How long will my funds take to transfer to an overseas bank account?
It is always advisable to speak to a currency specialist when considering any exchange of money. Not only can they simplify the process of transferring funds overseas, but they can also be up to 4% better than the high street bank. As Foreign Exchange is their core business they are experts at making the process simple, cost-effective and efficient for clients.
Unlike the banks, most currency specialists do not charge for their services. In fact, they actually save you money. VFX Plc will typically beat the rate offered by the high street bank by up to 4% and do not have any transfer fees or commission charges.
There are no transfer fees for using VFX Plc. There is also no commission to be paid. You simply pay the amount that you would like transferred and that is it. You will then see the full amount of the foreign currency deposited into the beneficiaries account with no added charges.
The service offered by VFX Plc has been specifically designed to be simple and straightforward. You will be given a designated currency specialist who will be happy to explain the process of transferring the money in an easy and jargon-free way. You can give them a call or email them to ask any questions you may have.
Yes. If you have budgeted for a specific rate of exchange you can let your VFX Plc Currency Specialist know and they will track the market so you don’t have to. As the markets approach your desired rate they will let you know that you are nearly there, and they can even buy the currency on your behalf as soon as it reaches the specific rate.
Unlike the High Street Banks, currency specialists such as VFX Plc can fix the rate of exchange for anywhere up to 12 months. In today’s uncertain economy when rates of exchange are extremely volatile, you can ‘lock-in’ the rate today for a payment in the future so you can budget for your transfers and have peace of mind that the rate cannot drop.
Your personal Currency Specialist at VFX Plc is always on hand to answer any questions you may have. Whilst they don’t have a crystal-ball to tell you exactly where the rates are going to go, they can help advise on the most economical way of transferring your money overseas.
VFX Plc can set up regular payments so that you do not need to worry about making the monthly transfers overseas. After setting up, you can sit back and relax in the knowledge that your payments overseas will be completely automated and transferred at the best possible rate.
There are several ways in which you can pay for your currency. The most popular is via a Telegraphic Transfer (bank transfer) via BACS or CHAPS. VFX Plc can also accept payment via most major Credit/Debit Cards and can also set up payment by Direct Debit and also cheques.
Finding the live rate of exchange with VFX Plc could not be easier. Simply call or email your designated currency specialist and they will be happy to let you know the current rate of exchanges. Alternatively, you can simply request a call-back via the web site and a currency specialist can call at a time convenient for you.
Most major currencies (GBP, EUR & USD) can be delivered same-day. For all other currencies feel free to phone VFX Plc and they will be happy to answer any questions you may have.