When buying an overseas property, a currency exchange specialist checklist can help you to save thousands over using a bank. Specialists save their clients money by offering a better-than-bank exchange rate. All currency exchange companies offer the same type of currency exchange options and they all buy money from the same market. And since the industry is heavily policed and regulated, they all follow similar procedures, however the quality of the service can vary widely!
Ultimately, your choice needs to based on how you feel about the specialist currency exchange company. Use this checklist to help make your decision:
- Do they charge some kind of set-up (upfront) fee? There are a few that do this, but the majority do not. The only thing you should pay for is this:
- the money (at the agreed rate)
- the transfer fee imposed by your bank
- the fee your overseas bank might charge to accept transfers; and
- some exchange specialists charge a fee to send the money for transfers under 10,000
- Does the company representatives and literature received from the organisation make the process simple and give you all the information you need?
- Does the company specialise in exchanges for property purchases and understand the overseas property market or are they a jack of all trades?
- While talking to the representative, does it sound like someone that is simply doing a job or does the representative give you the feeling that they’re going to have your moneys best interest at heart?
- Does the company appear to spend a substantial amount on fancy brochures and advertisements (This often is an indication that they have high overheads and have to get higher margins from their clients to pay for their advertising?)
- When talking to the representative are you patched into a busy call centre with lots of noise in the background, or are you talking to a dedicated specialist who will give you their full attention?
- Does the company offer helpful resources such as weekly currency updates or educational reports?
- Do the currency traders make commission on selling you currency? If so, keep in mind that it is in their best interest to make the most on the transaction and get you to trade even if the currency is at a poor rate.
- If this is a requirement for you, can the organisation set up an account quickly – in hours?
- When asking the broker about rates or the market do they come across as knowledgeable and talk in terms that anyone can understand rather than financial jargon?
The key is to feel good about the organisation and the specialist you’re dealing with. You want to ensure that your money is in safe hands! Use this currency exchange specialist checklist to help you choose.
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