Buying overseas property often involves making international payments. Whether you’re paying for property upkeep, making mortgage repayments, or you’re going to be transferring your salary – you’ll want to get the most for your money. We compare the options for you below.
Using a bank or a foreign exchange broker
Not everyone is aware that there are alternatives to using a bank when it comes to making international payments and by using a specialist foreign exchange broker, you could save time and money.
Unlike banks, currency brokers operate specifically to help you transfer your money and this means they can focus on securing you a better exchange rate and providing service to meet your individual needs. The benefits offered by each currency broker vary, but typically you’ll get:
• Better exchange rates
• Low or no transfer fees
• Faster transfers
• Better customer service
Foreign exchange solutions
A forward contract allows you to fix an exchange rate now for a transfer taking place on a future date. Since exchange rates are constantly changing, this is useful in case the rate moves against you. With a forward contract, you’ll know exactly how much money you’re going to receive in advance of the transfer date.
If you need to make transfers frequently then regular payment options could be for you. You can arrange to have funds transferred automatically on a regular basis, for example if you are making monthly mortgage repayments.
Choosing a broker
French Private Finance has carefully selected World First – an award-winning foreign exchange specialist – as their partner for international payments. For more information, visit our International Payments page.