When you buy a ski home, you want to feel confident that your money will be transferred safely and securely. While your initial instinct may be to ask your bank for assistance, there are many reasons that transferring through a currency specialist may be beneficial, here we highlight just five.
The impact of fluctuating currency rates on your ski property purchase
Currencies fluctuate all the time. This is due to events such as elections (something 2024 is proving to be big for), interest and inflation rates. Buying your ski property can take months, even years (especially so for new builds), and in that time, exchange rates can move against you. This can mean that you have to fork out thousands more for your property purchase than you did when you first chose it. For some, this could even mean halting their property purchase plans completely.
We recommend using the services of Smart Currency Exchange. This year, they are celebrating twenty years of assisting people with overseas transactions. They specialise in overseas property purchases, as well as the payments that come after a property purchase, like bills, tax and maintenance.
Personalised experience
At Smart Currency Exchange, you will be assigned a personal account manager. They will be able to chat through your property plans, budget and your appetite for risk with the currency market. Plus, you will be able to reach out to your personal account manager on the phone. No lengthy email chains. No chatbots. No being placed on hold before you get through to the person you are after.
Market analysis and insights
Monitoring currency markets is a full time job. And for banks, not their sole job. But your personal account manager will understand the nuances of the market and can provide insights into the best times to transfer money, potentially saving you a considerable amount more than the bank’s generalist approach.
Tailored solutions
If you use a bank, an overseas property transaction is just part of a long list of services offered. Conversely, as Smart Currency Exchange specialise in overseas property transactions, they are expert at suggesting what will be the right solution for you. For many, that will be a forward contract, where you lock in an exchange rate for a period of time (up to 24 months). This will mean that even if the exchange rate moves against you, your budget is protected.
It’s safe and secure
If you’re anxious about your funds going through a new provider, rest assured: Smart Currency Exchange is authorised by the Financial Conduct Authority and UK financial authorities. They also have the backing of their customers with a 4.8 rating on Trustpilot.
No hidden costs
Banks will often charge for overseas transactions. They can jot up transfer fees, receiving fees and even intermediary fees. Currency specialists are more transparent about the costs involved in an overseas transaction. Smart Currency Exchange does not charge for transfers over €3,000. Focusing solely on currency exchange enables currency specialists to streamline their processes and reduce overhead costs.
