Property Buying FAQ's

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10 TIPS ON BUYING FOREIGN CURRENCY

 

 

1.      Remember, there are alternatives to your local bank

 

2.      As the trading of foreign currency is not regulated and therefore your are not protected, by the Government, it is your responsibility to take whatever steps you feel are necessary to ensure you have trust and confidence in your provider of foreign currency.

 

3.      Most currency exchange specialists are trustworthy.  However, as there is often no guarantee that your funds will reach their destination you should carry out a status enquiry on your chosen organisation by obtaining a status report from a credit reference agency or by asking your bank to arrange one on a no charge basis, to establish some basic credentials of the provider.

 

4.      Compare the rates of exchange offered by suppliers but make sure you are making a like for like comparison. Also, because the currency market rates of exchange are constantly changing up or down, second by second, it is important that any meaningful comparison of rates is undertaken within as short a timescale as possible.

 

5.      Beware of suppliers which use misleading rates to entice you to give them your business. The reality could be that, if the transaction is not done at the time of the quotation, then the actual rate you receive may be far less attractive.

 

6.      Be clear as to whether or not there are any extra or hidden charges, such as transfer fees or commission.

 

7.      The amount of currency involved in the transaction will influence the rate of exchange - so, in the main, the greater the amount, the better the rates.

 

8.      Understand the procedure operated by the currency provider in undertaking your transaction, particularly what is to happen and the timing of each event.  It is important to establish that any currency bought on your behalf is held in an escrow account pending the transfer and clearing of your purchase funds. Also, you need to have timely confirmation of both the contract terms for the purchase of the currency and the completion of the transaction.

 

9.      Plan ahead so that you have sufficient time to manage efficiently your foreign currency needs rather than have the worry and possible problems when leaving it to the last minute.

 

10.  When registering with a currency provider, always read the "small print" of the terms and conditions to which you are committing in order to avoid any nasty surprises in the future.

 

Craig Strong, Managing Director - CAPITAL CURRENCIES

 

 

 

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