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Overseas property buyers urged to

options instead of using a bank

Overseas property buyers in the UK have been urged to use specialist foreign exchange companies if they plan to transfer money abroad.

According to Paul Collins, editor of BuyAssociation, currency fluctuations can have a big effect on the cost of purchasing a residence in another country.

This, he said, means it is "massively important" for buyers to secure the most favourable rates before handing over their money.

Mr Collins noted that high street banks will not offer the best rates to customers, which means they would be better off seeing a group that specialises in transferring money around the world.

He acknowledged that this is not a particularly interesting subject to address and possibly the least exciting part of the entire purchasing processes. However, Mr Collins insisted it is "hugely" important to real estate buyers.

"It can make thousands upon thousands of pounds worth of difference in the price of a property," he commented.

"The exchange rate is quite strong at the moment, but if I were to be buying, I would be consulting a specialist to find out exactly what they thought the market would be doing."

According to recent figures from HiFX, France is currently the most popular destination among Britons who plan to purchase a foreign property. The country was the first choice of 35 per cent of people in the UK during March, while 16 per cent looked towards Spain.

Non-European countries also attracted lots of interest, with the US and Australia proving appealing to many, along with New Zealand. Indeed, these nations ranked ahead of some established European markets such as Germany and Italy.

In addition, the HiFX study indicated that one in four people from the UK think owning and running a foreign property is cheaper than looking after a home in Britain.

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