For most of us, the first time we need to use a company which will look after a large currency exchange will come when we are buying a property abroad. If we take the figures for 2008/09, it transpires that as many as three million British people were hoping to buy a home in the sun, with Spain and Portugal being the most popular choices. More than two million British people already own a property abroad, with around 500,000 of these homes being used purely as an investment. On average, those who do visit their holiday homes do so about two or three times a year.
Even taking into account the fall out from the financial problems which began in 2008, it’s clear that there is still a considerable number of Brits looking at buying that dream home. If you are in this group then you have probably already been out to the country of your choice to look at the various properties on offer, but have you given any consideration to the technical aspects of actually paying for the property when the deal goes through? It’s so easy to get caught up with the excitement of buying a home abroad which means that you can end up giving little thought to the less glamorous but vitally important part when you actually have to transfer money overseas. If this sounds familiar, then it’s time you began to look seriously at the options when it comes to dealing with this part of your plans to buy a home abroad.