Spring is the busiest time of year in the world of real estate. If you're planning to take advantage of the buzz and buy or sell an overseas property, taking a minute to consider currency could make a big difference.
According to Harcourts Networks' currency exchange partners TorFX, taking these three steps can really help you get more for your money.
Keep an Eye on the Markets
As you typically need to move money abroad when buying/selling international property, the exchange rate you secure for your transfer can have a huge impact on how much you pay or receive. Even a small difference in the exchange rate can add up to thousands, so picking the right time to make a transfer is crucial. By staying up-to-date with the latest exchange rate movements, you’ll be able to plan your currency transfer effectively and make your money go further.
Avoid Transfer Fees
While some currency transfer providers charge a fee for moving money abroad, others will move your money for free, so you’ll make immediate savings.
Explore your Options
Buying or selling an overseas property can be a lengthy process, and as the currency market is always moving you might find that exchange rates have shifted significantly by the time you’re ready to make your currency transfer. By exploring options like forward contracts, where you can fix the exchange rate for up to two years ahead of making a transfer, you can protect your funds from any negative shifts in the currency market.
Have a chat with your Landmark Harcourts sales consultant if you’d like to find out more about your currency transfer options. Blog contributed by Tor FX and the information has been provided for general information purposes only and must not in any way be construed or relied upon as personal advice. Trading involves risk of loss and may not be suitable for you. Please ensure you obtain and read the TOR FX Financial Services Guide and Product Disclosure Statement prior to utilising our products so that you are fully informed regarding the key risks and cost.