A Great time to exchange your Pounds for Euros
Due to the current high in sterling against the euro it is a great time to exchange your British Pounds for Euros. Our Partners at Currencies.co.uk have provided this information that might help you to understand the current currency market, if you are considering buying property overseas.
Currency made EASY!
The price of sending money abroad changes every 2 seconds, which ultimately causes the cost of an international property sale to fluctuate.
Currently GBP/EUR is trading at a 16 month high of 1.2150 offering an excellent opportunity to anyone from the UK buying a house in Europe at the start of 2012.
If you were considering buying a property at the start of December you you should know that the market has moved by over 3.5% in your favour, this movement would give you an additional saving of £4,500 on a property worth €150,000.
For people who considered buying in July you are now looking at a 9.5% saving without reducing the property’s value simply through the gain in the currency market. This is a saving of £13,000 on a £150,000 property.
The figures in the table below highlight the difference in currency you would have received when buying at the high compared to the low during the last week, month and 6 months on a £200,000 currency transfer.
| Duration |
Hi / Low Market Movement |
Difference in currency on £200k transfer |
| 1 week | 2.6% | €5,400 |
| 1 month | 3.59% | €8,714 |
| 6 months | 9.51% | €23,050 |
Forward Contract
Would you like to fix your future exchange at the current rates.
We have several contract types available for a client to choose between depending their strategy, one of which is a a “Forward Contract”. A forward contract allows you to freeze the rate of exchange for up to two years for a small deposit.
It has been used a lot recently due to the uncertainty and is ideal for anyone who does not want to risk their currency exposure.
If you want any assistance with Foreign Currency exchange then contact me
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