Sep 15, 2015
Whether you've decided to buy your dream house on a sunny European coast, or invest in property abroad, you should think of ways to reduce the cost of buying by getting the best exchange rate possible. It's no secret that banks charge hefty fees and commissions, hence they make a huge amount of money which involves little or no effort from their side. To give you an idea of how much money banks make out of currency transfers - a transfer of $100 to an isolated country often costs up to 50% of the transferred amount. At the same time, an international wire overseas of $100,000 could cost up to $4000. Apart from the large fees and commissions one needs to pay in order to transfer money abroad, there are also hidden fees such as ''service fees'' involved, which makes the entire process all the more frustrating.
As a rule of thumb, it's profitable to transfer money using an international bank only if there's no exchange involved. However, if you need to make a money transfer and exchange, for example, Dollars for Euros, then it's advisable to use commercial money transfer companies. Cheap money transfers are possible through reputable currency brokers as they can save you money and make the process a lot more smoother and efficient. The greatest advantage, when it comes to currency transfer companies, is that they provide all-inclusive quotes, which means there are no hidden fees involved or any additional commissions. For a seriously cost-effective transfer, look for companies that offer a complete no-fee scheme or very small fixed fees.
Make sure you get an expert's advice on the matter and avail of the best exchange rate and money transfer offer available. A cheap, efficient money transfer normally depends of how professional your currency broker is, so take your time to analyze the services they offer and all the information published on their website. Also, keep in mind that all quotes should be free and if you are not happy with the quote you get, you are by no means obliged to take it. It's important that you plan your purchase in advance and do a fair amount of research beforehand. The more informed you are, the better choices you'll make. After all, when buying a property abroad, be it a holiday house or an investment, the amount of money you'll be spending is no joke.