Please
note that as of the 1st of January 2008, Cyprus no longer
uses Cypriot Pounds (CY£'s)
Okay – let me explain the whole process of buying
Euro's as you can either save loads or lose loads of money…
if you don't take action today.
When
buying in Cyprus (or any overseas destination), you’ll
eventually have to pay a reservation fee, deposit, staged
payments and/or the full purchase price. During this process,
you’ll be required to convert your British Pounds
to Euros. Fortunately for you, you'll have an outline
of exacly what you owe and an estimate on when the money
will be due in the future.
Since
the exchange process is simply one tiny aspect of the
entire transaction, many buyers fail to give it solid
attention and make a fundamental mistake.
Most
buyers understand that:
The
price of currency fluctuates second by second as it
gets traded on the currency market floor.
Banks
add on a 2-5% profit margin when selling the currency
to the end-user (you)
HOWEVER
what buyers don’t realise is that there are ways
to purchase currency at a far more competitive rate and
often at a better time than when the money is actually
required.
To
save £1,000 to £ 20,000 on your foreign currency
exchange and transfer requirements to Cyprus, you’ll
want to use a specialist currency company rather than
using your high street bank!
If
you decide to purchase a property in Cyprus for X price,
that price will change every 15 seconds until you buy
or reserve your currency. AND if you use your bank you'll
not only pay a higher price for your currency, you'll
also run the risk of working with people that do not specialise
in helping you to buy at the right time.
So...
The two big advantages of using a currency specialist
service are:
Better
rates than the bank
Assistance
with helping you buy at the right time to achieve even
more savings
Imagine
thinking and budgeting for a property sales value of £
100,000 only to discover that the cost increased to £105,000
due to changes in rate - substantial changes can happen
in days and even hours!
Consider
two case studies to understand the difference between
a bank and a currency specialist (Case studies supplied
by 'Smart
Currency Exchange Limited').
"Mr
and Mrs Maurice were planning to immigrate overseas.
They identified the property that would turn their dream
into reality. The total cost was 620,000 in Euro's.
If they negotiated their needs with a currency specialist
at the then rate of 1.462 they would have paid £424,077.
Instead of contacting a specialist and securing a fixed
rate, Mr and Mrs Maurice waited until their completion
to exchange currency. The transfer took place 4 weeks
after they decided to purchase. And in those 4 weeks,
the cost went up to £434,205.
The
Maurice’s lost just under £10,000.
That’s the price of a small new car!!”
“Last
year Simon decided that it was time to live his dream
and create a new life in the sun. The initial payment
on his property was 86,500 in Euro's. If he had used a
high street bank rather than a currency specialist this
would have cost him £60,241.
His saving by using a currency specialist was
over £1,000. This paid for a large portion
of his white goods”
KEY
POINT #1:
To Get a better euro exchange rate than what the bank
will offer you, call a currency specialist.
KEY
POINT #2: In order to get assistance with buying
currency at the right time, EVEN IF YOU DON'T HAVE THE
MONEY YET, you must sign up with a good currency company
as soon as possible. They will then help you create a
strategy and assist you with buying or reserving currency
at the best time.
It
is EASY to reserve currency at today's good rate (if it
is good) for a purchase in the future.
In
order to avoid the mistake that overseas buyers fall prey
to by blindly accepting the rates quoted by their bank
or failing to secure a euro exchange rate at a good time
for a purchase in the future, I suggest that you give
Smart
Currency Exchange a ring on 0808 163 0102 (freephone).
Smart
is the only currency specialists that work exclusively
with overseas property buyers and they have very strong
relationships with businesses in Cyprus. Further, Smart
is the only currency company that does NOT pay its traders
commission so you know their paycheque does not depend
on you placing an order or not.
Furthermore,
they will be able to give you a feel for the Euro Exchange
Rate and what it’s doing in the markets. Call 0808
163 0102 to speak with the Smart Team!
For
this weeks comments on the Euro and current indicative
rate, please read below:
For
more information on the legalities of buying in Cyprus
get the Cyprus Buying
Guide!
