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FOREIGN EXCHANGE

Orpheus is dedicated to providing our customers a great service that goes beyond just purchasing your dream home. We work very closely with our affiliate company RationalFX, who are specialists in providing foreign exchange to private clients at commercial prices rather than retail/tourist rates. They can save you up to 6% off your foreign exchange and they guarantee to be the most competitive on the market and beat all quotes. They work very closely with their customers in providing them an outstanding personal individual service with a dedicated account manager to every client.

Foreign exchange
Once you have found your property, whether it is a resale or new build there is the question of finding a good rate of exchange for your money. You may ask yourself “why do I need to do this, when I can just use my bank?” Most high street banks tend to work with a set rate for the day whereas a currency broker will deal directly into the ever-changing international money markets and have additional dealing tools to assist getting the best rate for your currency. Ultimately the currency provider could save you hundreds, if not thousands of pounds when purchasing your house abroad.

How do currency price fluctuations affect your property buying?
Let’s take an example, you are a British resident and are buying a new build in Bulgaria. As the property is new, you would not be paying the whole amount in one go. You will need to put some deposit down with the developer, and then further stage payments (installments) during the construction over the next 12-18 months, with a final payment upon completion. You have agreed on a price for the property as €200,000 and all the payments for the property will have to be made in Euros.

However, the actual cost of the property in sterling will be dependent on how many euros you are getting to the pound, at each time of purchase. So, if Pound Sterling strengthens during those 12-18 months, the actual cost will decrease but if the Euro strengthens then your costs will increase. You may need to find more Pound Sterling than what you estimated for the same amount of Euro at the start of the process if you fail to take any preventative measures.

Now, just to give you an idea of the loss you could incur, the price of buying Euros was 1.4984 against the pound on the 7th August 2004 and one year later on 7th August 2005 it was 1.4118 (Source: RationalFX). The property you thought would cost you £129, 979 ended up costing you £141,103. An additional cost of £11,124!

With RationalFX, you can fix the rates for up to 2 years in the future. We can watch the market on your behalf and improve your chances of getting the right exchange rate. What tools are available?

To get the latest rates, purchase currency or for general enquiries please call +44 (0)7710 970422 and an experienced account manager will contact you shortly. Alternatively you can call RationalFX now on 0845 130 6362 or email info@RationalFX.com quoting Orpheus Properties and see just how much they can save you.