A recent poll has shown that nearly 80% of people in the UK purchasing foreign property exchange their currency through the bank. However, the Sunday Times in a recent article have highlighted that this could be a big mistake. The company that topped the Sunday Times poll, Foreign Currency direct a specialised fx brokerage, were shown to save up to and beyond £6000 compared to the high street bank.
So if you are looking to make the most of your investment abroad and want to keep the property price as cheap as possible it may be an idea to contact the company on trh@currencies.co.uk.
While it is sensible to investigate options, when I bought my property in Switzerland my bank was only marginally more expensive than any of the independent specialists. First Direct (HSBC) had different rates, and while the headline tourist rate is often uncompetitive, in my case, over £60K was a much better rate - so check.
