When to buy is as important as from where

Too many people buying property abroad still use their banks, pay the fees levied and, more critically, wait to the last minute to change their money into the currency of purchase. This can mean literally £'000s wasted simply through lack of planning. The situation can get even worse if stage payments, rental income and mortgage payments are involved as the currency can move significantly over relatively short periods of time.

As soon as you know what you want to buy and where start talking to a currency exchange specialist such as SmartCurrency - by involving them right at the start you can plan a strategy to minimise the effects of adverse movements in currencies.  This doesn't mean committing to buying early but could involve setting a price at which you take the plunge or buying an option to fix the rate for a while.  Your specialist will be able to advise you on the best way forward and the options you may have.

What is the true benefit?

Imagine, if you will, a movement in the £sterling : €uro rate from 1.4723 to 1.4381 (an actual movement between 6th August 2007 and 5th November 2007 - three months).  Now assume you're buying a property for €300,000.  That's a difference in £sterling of £203,763 versus £208,608 - a saving of almost £5,000 before fees and charges!  It's easy to see why a little planning to take advantage of positive movements and protection against adverse ones can pay off handsomely.

Yes, but....it can work both ways can't it?

Sure, but if you've selected your dream home based on a budget at the time the last thing you need is to find the whole plan upset by something over which you have no control.  Planning against negative movements doesn't have to exclude you from the benefits of positive ones - but failure to plan could make the difference between affording the furniture and fixtures you wanted and having to make do with inferior products.