Your partners for Foreign Exchange ....

When you buy an overseas home for investment or personal use, you will need to perform one or more currency transactions. Some people would simply contact their bank and instruct them to buy their currency for them. However, there are potential huge savings to be had by speaking to a 'specialist currency broker'.

Why is understanding about currency volatility so important? ....

HIFX and Moneycorp both understand that buying or selling significant amounts of currency can be a new and daunting prospect. It is essential to understand that when you agree to buy property abroad, you are exposed to 'currency risk'. Ignorance could cost you thousands of pounds! The following example illustrates an avoidable and unnecessary increase in the cost of a property:

If you had agreed to buy a property, priced at $250,000 in June 2005 (when the GBP/USD exchange rate was 1.83) it would have cost you 136,612.02 Had you neglected to fix the exchange rate at the time, that same property would have cost 142,857.14 by the end of July, an increase of 6,245.12 in 4 weeks.

Customer service and efficient processing....

With several years experience helping clients to buy and transfer currency for a property abroad, both HIFX and Moneycorp understand your needs. They also appreciate that each client is different. That is why they will give you your own personal currency dealer, who will take the time to listen and help you at every stage. Saving money on the exchange rate is only a small part of the service they offer; timing and good communication between all parties is also essential.

'Spot' and 'Forward' currency contracts....

If you need to buy currency you simply agree an exchange rate with your currency dealer; with more time you could ask him/her to monitor the market and call you at a 'target' rate. However, if you are worried that future exchange rates might increase your costs but you are not in a position to buy currency yet, you can fix a rate via a 'forward currency contract'. To do this you only need to have access to 10% of the funds initially. It is simply a mechanism to 'buy now, pay later' where you are no longer exposed to currency moviements.

HIFX now has a great service for travelers from the UK to anywhere needing foreign currency .....
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