Berlin Property for Sale
A web resource for UK and Irish buyers looking to invest in Berlin propertyBerlin Property for Sale
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| Foreign Exchange | ||
| Most UK banks offer a poor Euro exchange rate when transferring large sums of money abroad, such as for purchasing a property. It is possible to get a much better exchange rate, saving potentially thousands of pounds by using a currency broker. These companies can also provide you with a range of additional services, such as advising on future currency movements. |
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Brokers
also offer the option of a ‘forward contract’, where
you can book the Euro purchase up to two years in advance at the
current rate by making a small deposit. This can be very useful
for those investors who have staged payments to pay, such as when
buying a property which is in the process of being renovated or
buying off plan, as it removes the risk of currency fluctuations. |
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| It
is very simple to open an account at zero cost, and it is advisable
to open accounts with a number of different brokers so that you
can compare the rates you are offered. It is often possible to
negotiate a better rate than the rate you are initially offered
by ‘shopping around’ as the brokers will try to better
each others' rates. Also ask if the broker is prepared to refund
any receipt fees charged by the receiving bank.
Once you have agreed upon a rate it is simply a case of faxing a signed contract to the broker with the details of the account where the money is coming from (your account) and the account where the money is going to (generally the Notary’s account). You then just need to make a BACS or CHAPS transfer from you bank and the broker will take care of the rest. Links to a number of currency brokers are provided below: Currencies
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