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12 | Overseas property
Overseas property
investors losing
out
Investors can lose an average of £4,000 on foreign
exchange. ‘Mystery’ calls to high street banks reveal
foreign exchange is best left to the specialists
T
he high street banks are squeezing
overseas property investors for an
The cost of buying ?200,000
average of more than £4,000 for
every ?200,000 they ‘buy’
Bank/Broker Rate* £s Spent Transfer Fees
according to foreign exchange
broker Foremost Currency Group
Foremost Currency Group 1.1517 173,656.33 0
(www.foremostcurrencygroup.co.uk).
Moneycorp 1.1485 174,140.18 £15
As the global economic situation appears to
Travelex 1.1462 174,489.61 0
stabilise and investors tentatively return to
Currencies Direct 1.1457 174,565.77 0
the overseas property market, Foremost
Broker average 1.1480 174,211.47 £3.75
Currency Group is releasing findings from a
Barclays 1.1430 174,978.13 £15 - £25
series of ‘mystery’ calls to a selection of high
NatWest 1.1371517 175,878.03 £10 - £27
street banks and foreign exchange specialists,
Abbey 1.1078 180,538 £9.50 - £19.50
disclosing the exchange rate offered to
HSBC 1.10 181,818.18 £10 - £30
individuals wanting to ‘buy’ ?200,000 (the
Bank average 1.1219 178,303.09 £18.25
approximate price of a 2/3 bed villa in rural
France). The findings will not make for happy
*Exchange rates obtained on 22.08.09 between 10.30am - 10.45am
reading for investors that entrust
international payments to their high street
banks; buying a property worth ?200,000 will
About Foremost Currency
cost them on average £178,303.09 versus Launched in October 2005, Foremost Currency provides a specialist foreign exchange
£174,211.47 with a specialist broker. service for individuals buying or selling property abroad, emigrating and transferring
Commenting on the findings, Robin regular payments overseas, and businesses importing and exporting goods. Foremost
McEwen, MD, Foremost Currency Group Currency’s team members specialise solely in the foreign exchange markets, ensuring
says, “Overseas property investors know that an effective foreign exchange price and service. The company has grown in turnover by
the quick returns characteristic of the late 90s 100% year on year and seen 50% staff growth year on year. It launched the Foremost
and the ‘00s are a thing of the past, for the Property Group in January 2008,
www.foremostpropertygroup.co.uk, and EfirstFX, an
time being at least. However investors on online trading platform, in April 2009
www.efirstfx.co.uk.
tight budgets taking a long term view are For more information, visit:
www.foremostcurrencygroup.co.uk or call: 0800 781 0601
returning to the market and financial
September 2009 Investment International
www.investmentinternational.com
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