OVERSEAS HOME BUYERS TAKE A £9,000 POUNDING
People buying homes in continental Europe can lose in excess of £9,000 as a result of poor exchange rates offered by High Street banks, independent analysis for Currencies.co.uk shows.
The average foreign property buyer, spending €200,000 on their overseas home would spend on average £167,291 using a specialist foreign currency provider such as Currencies.co.uk compared with an average of £171,524 being offered by the leading high street banks – a massive £4,233 difference, the independent analysis by GSA found.
Specialist foreign currency providers can offer around 5% more than the High Street as they use commercial exchange rates to determine the value. But despite this, just 10 per cent of foreign currency transactions are made using a foreign currency provider. With tens of thousands of Brits emigrating or buying second homes abroad each year they are collectively wasting millions as a result of poor exchange rates.
The best price for a €200,000 transfer was £166,791.76 offered by Currencies.co.uk, while the worst was £176,211.45 offered by Bank of Scotland – a difference of over 5.5 per cent.
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