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Exchange rate 'will fluctuate throughout overseas property purchase'

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Foreign property investors have been reminded currency exchange rates are likely to alter while they are making a transaction.

According to Olann Kerrison, a currency specialist at Moneycorp, purchasing a residence in another country can be a time-consuming process.

This, he said, means the relative value of the currency in their home nation and in their chosen market will change throughout.

As a result, timing a cheap currency transfer correctly could be crucial if a property investor wants to make the most of their money.

Buyers were encouraged to keep a close eye on the market so they are aware of exchange rate movements or arrange to transact when rates reach a particular level.

Mr Kerrison noted that overseas property buyers typically do not consider the issue of currency until their purchase is nearly complete.

However, he said mistakes in this area could potentially add an extra ten to 20 per cent to the cost of their transaction.

He acknowledged that this is not a particularly exciting subject for overseas property investors, but stressed it is vitally important.

"The earlier you start thinking about how much you need and when you'll need it, the more likely you are to be able to obtain a favourable rate that will help your budget to go further," Mr Kerrison commented.

Buyers were encouraged to consider using foreign exchange brokers to transfer money abroad.

Mr Kerrison said this is because they tend to provide more competitive rates and lower charges than high street banks.

Buyers were assured it is not unusual to feel daunted by the various processes of purchasing a foreign property, such as dealing with red tape and foreign languages. However, Mr Kerrison said transferring money between the UK and their chosen destination need not be one of the issues that seems intimidating.

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