A personal trader at currency specialists Smart Currency Exchange can make the process of purchasing your ski chalet efficient and secure.
The impact exchange rates can have on your ski property purchase
Often, when you purchase a ski chalet, you will be doing so in a different currency from your own. Influenced by political and economic events, currency markets fluctuate every single day. As a result, the price of your property can change too. For example, say that you were purchasing a €1,000,000 chalet in Austria. Due to economic data altering the value of the pound to the euro from €1.15 to €1.12, your ski home now costs you an extra £23,300. This added squeeze on your wallet could mean that your buying plans fall through, and you have to say goodbye to that chalet in the Austrian Alps.
Plus, even after you have bought your ski chalet, there are still ongoing costs to be on top of. These include local taxes, insurance, decorating and furnishing.
How can a personal trader help me?
Fortunately, a currency specialist like Smart Currency Exchange can help you to safeguard your finances when it comes to exchange rates. One of the services that Smart Currency Exchange offers is the assistance of a personal trader. When you sign up to Smart, your personal trader will be a phone call away on 020 7898 0541. They are open from 8:30 to 6pm, UK time.
Keeping an eye on exchange rates is a full-time job, so your personal trader will do that for you. They produce regular, high-quality content to keep you informed. Their quarterly forecast draws a picture of the economic events of the upcoming months, which can help you decide if now the time is to push ahead with your property plans.
In addition, once you sign up to Smart, you have the option of receiving their weekly and daily currency notes. Whether you are looking at a chalet in Italy or Colorado, they keep tabs on the euro and the dollar and how much they are worth against the pound.
One of the services offered by Smart is a forward contract. This enables you to lock in an exchange rate for up to twelve months. In most cases, this gives you enough time to purchase your dream ski chalet, confident that your budget will be unaffected by currency movements. Furthermore, the huge benefit of this is that it allows you to budget effectively.
Through a telephone conversation, your personal trader could advise you on the current market and share with you how far your pound could go, and when will be the best time for you to act.
Regular and automated payments
Regular and automated payments are most helpful for those that have set ongoing costs associated with their ski property, such as a mortgage and management/maintenance services. This allows you to schedule payments so that they happen automatically, and you do not have to remember to make them each time. You can either send them for the exchange rate of the day, or, in combination with a forward contract, with an exchange rate that you have locked in for a period of time.
A spot contract
Your dedicated trader can help you decide if a spot contract is right for you. This is for one-off transfers that are to be made on the day or in the near future. For example, it may be that the pound looks as if it is about to drop in value and you want to make a payment before it does.
The greatest plus of a trader is the person touch: with their unique understanding of your financial situation and ski chalet buying plans, they can assist you in the best route for risk management.