Currency Exchange specialists can save you a fortune!
Written by: Graham Gilbert Date: 27 November 2006
As we jet off for our hard-earned holiday each year we all notice that the same number of pounds seems to get us differing amounts of the same foreign currency from one year to the next.
But while buying our holiday spending money on one day as opposed to another might save us tens of pounds, it can make a difference of thousands of pounds when we are transfering the large sums of money that are involved in purchasing a French property. Consider the following example:
While a property costing 250,000 Euros would have cost you £165,175 if you made the transaction on the 24th of June, the same 250,000 Euros would have cost you £174,775 on the 21st of July – a difference of £9,600.
A currency exchange specialist will always get you a better exchange rate for your hard earned savings than a high-street bank - you can also eliminate the risk of exchange rate fluctuations. A Forward Contract allows you to lock into a price today for a transaction that will take place in the future – especially useful if you have staged payments to make over a period of time. This allows you to budget ahead and gives you the peace of mind of knowing exactly what you will be paying over the term.
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