How We Helped With Currency Throughout A Property Story In Umbria Italy
Henry and Susan Benjamin bought a converted farm house in Umbria in Italy in 2005. They used Currency Solutions to ensure they got the best exchange rate and also saved themselves from unnecessary stress. We asked them to explain how Currency Solutions were able to help them.
Henry “When we bought the house, transferring our funds wasn’t very high on our priority list. We had originally thought that getting our bank to make the transfer would be the easiest and best way to send the money over however a friend recommended that we should speak to Currency Solutions and after speaking with Harry (one of the brokers) I’m so glad we followed up on his suggestion.”
Christina “What did Harry say to you which you found useful?”
Henry “He took the time to understand our situation - we were uncertain about the process of using a broker and thought that we would have to be transferring hundreds of thousands of pounds to be able to work with them but Harry put our minds at rest and said that he could help us transfer smaller amounts too. He suggested that because the sale would take three months to complete we should consider a forward contract to protect ourselves against currency fluctuations. This meant that we were able to fix the exchange rate even though we didn’t need the money or want to pay for it straight away. Securing the rate was a big relief because it meant that even though the rates moved the cost of our property in Sterling wasn’t affected.
Christina “How have Currency Solutions been able to help you continue to save money?
Henry “Over the next few years we spent our holidays in Umbria and transferred money on an adhoc basis when we needed to pay for bills and maintenance, then in 2009 we made the decision to retire out here permanently. One of our big concerns was that poor exchange rates would mean our pensions wouldn’t go as far as we’d hope and having dealt with the banks in the past we were concerned that making a transfer each month would be a hassle.
Susan “Harry explained that we could fix a regular payment abroad (RPA) which would enable us to secure the rate for up to 24 months (although we tend to fix for 12months at a time). By fixing the rate and setting up a standing order from our UK account we know that we are always going to get the same amount of Euros to spend each month - plus we get a better rate and there are no queues or charges which we would have to face if we were to use the bank. Our bank would charge us £25 per transfer so this is a saving of £300 per year straight away. As its automated using Currency Solutions just means must less stress.
Christina “Would you have any advice for anyone else looking to make a transfer?
Henry “Speak to Currency Solutions, it doesn’t cost anything so is certainly worth a phone call. All of our transactions were completed with the minimum of bother and with a really good exchange rate.
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