Fortunately, there are ways that you can save money and simplify the process of moving funds overseas.
Costs associated with maintaining a property abroad
Maintaining a property from a distance can incur all sorts of costs. You’ll need to pay for utility bills and different services, such as gardening, cleaning and repairs.
You may also need to pay a foreign mortgage every month, and you’ll likely want to transfer any rental income back to your home bank account.
Having to handle so many overseas transfers can get complicated, and it leaves you more exposed to currency volatility. In addition, some providers charge a transfer fee every time you move money, and these fees can quickly add up.
Getting a strong exchange rate and avoiding fees
Securing a strong exchange rate can make a big difference, particularly when you’re moving large amounts of money or making regular transfers. However, most banks tend to offer uncompetitive rates and a very limited selection of services.
That’s why working with Currencies Direct can yield significant savings. We offer highly competitive exchange rates and we don’t charge transfer fees, meaning you get more from your money when you move it abroad.
You can also speak to a dedicated account manager. They’ll talk you through the range of services we offer and help you find the solution that suits you.
Holding currency on account
Another way you could simplify the process and potentially save thousands is by using a digital currency wallet – buying currency in advance and holding it on account ready to use when you need it.
This gives you the freedom to transfer money when the exchange rate is at its strongest, rather than when a payment is due. Therefore, you’re less exposed to the risk that the exchange rate will weaken, and you can capitalise if the rate improves.
It can also help simplify and streamline your maintenance payments. With your balance stored securely in a digital wallet, you can quickly and easily pay bills, invoices, and everything else from one easy-to-use account.
Maintaining a property aboard doesn’t have to be complex or costly. Contact Currencies Direct today and find out more about how we could help you time and money when making an international transfer.
The views expressed on this page are those of the author and not of The Portugal News.