Three Top Tips for Managing your Overseas Property PaymentsApril 19, 2015 6:17 pm
Do you own an overseas rental property to generate income? Or perhaps you have a family home abroad for guaranteed sunshine at the drop of a hat?
Buying a property in a foreign country is big decision and something many people dream of. Whilst it definitely seems appealing; getting your finances in order and planning your overseas payments is paramount to ensure you are not spending more money than you need to be.
The good news is you no longer have to suffer the poor exchange rates and high transfer fees applied by the banks. FTT Global’s exchange rates are up to 4% more competitive than a typical high street bank and we only apply a £10 processing fee if your transfer is under £3,000.
Here are your three helpful tips for managing your overseas property payments:
- Book a Forward Contract.
A Forward secures today’s exchange rate for up to 1 year, so when the rate is in your favour you will benefit by locking this in as soon as possible.
Making a series of mortgage payments? Book a Forward for the total amount you need to pay and draw down from this anytime you need to make a money transfer.
Now you can rest easy knowing your rate is locked in with no risk of spending more money if the market moves against you.
- Place a Profit Order.
When you have a few sporadic payments you need to make, placing a Profit-Order will help you achieve the rate you want.
All you have to do is tell us the rate you would like to achieve and FTT will do all the hard work for you. We’ll monitor the market for you 24/7 and book your money transfer if your rate becomes available.
Now you can spend your time planning your next trip away rather than watching the market!
- Use Auto-Pay.
Are you making regular payments? Auto-Pay allows you to simply set up a standing order from your bank to ours and we automatically send your purchased currency to the account you have requested. We’ll keep you updated via email each time we make or receive a payment for you. Rest easy knowing your payments will be made on time, every time!
If you would like some more advice on make overseas property payments, please contact us on 020 3603 8940 or email [email protected].
This post was written by Kayleigh Driscoll