FOREIGN CURRENCY EXCHANGE

Good currency exchange transactions are key to profitable overseas property investment. In partnership with www.hifx.com we strongly recommend you to avoid potential loss by reading this page carefully.

At Monttrust Investments we fully appreciate the importance of making good foreign exchange transactions when dealing with the large sums involved in property investment abroad. For this reason Monttrust works in partnership with , a leader in the field of currency exchange, to give its members the best deals currently available. Exchange rate is important because any fluctuation will either play a detrimental or beneficial role in your Sterling transfer. It is common for currencies to alter in exchange rate by as much as 10% over relatively short periods of time and this will have a large impact on your final price and eventual returns on your investment.



A typical example:

Investing in a property in Europe for 200,000 Euros, you would have paid the Sterling equivalent of £134,526.13 in May 2005. Two months later you would have paid £136,873.80 for the same property purely due to fluctuations in exchange rates. Monttrust Investments in partnership with Hifx offer members:

• No commission charges
• Worldwide transfers sent fast and efficiently
• 24 hour market monitoring, enabling you to benefit from currency fluctuations outside normal banking hours ?
• Regular Payment Plan incorporating small regular transfers
• Peace of mind that you are dealing with a company that has been trading foreign currencies for big organisations
  

FAQs about Currency Exchange

Where should I buy currency?

When purchasing an investment property abroad, it pays to get in touch with a specialist foreign exchange dealer such as Hifx. Specialist brokers have lower overheads than high street banks and tourist outlets and will offer more competitive rates for investors changing the large sums of money involved.

What will it cost me?

In general the more money you convert, the better the rate. Depending on your bank or broker, funds transfer costs between £15 and £40 per transaction. It is advisable to compare the total cost of a currency exchange deal, as some currency dealers do not charge a transfer fee while more than making up for this in the exchange rate they quote.

How do I purchase currency?

You simply need to set up your trading facility with Hifx, then you will be able to buy currency with ease by a simple telephone call.

Can I hold out for a particular rate?

Yes, you can instruct Hifx to secure a rate the moment it changes to your desired level. Hifx will place an order to purchase currency outside London trading hours, which will automatically trigger as soon as your desired rate is achieved. However, be sure to be realistic about the rate you are looking for and be prepared to wait! Often savings of some £2,000 can be achieved on an average property purchase of say, 200,000 euros (see example above).

What if the rate is good now, but I don't need to or can’t make my payment for 3 months?

No problem. Many off-plan investors fix an exchange rate as this is permitted through Hifx for up to two years. All you need to do is book an exchange rate and send your dealer a deposit, usually 10% of the contract value. The 90% balance of your currency contract is payable when you wish to have funds transferred overseas.

Will foreign exchange dealers offer advice about market conditions and rates?

By their very nature, it is impossible to predict markets with absolute certainty so foreign currency dealers are not regulated to give advice. However, many will gladly provide you with information about prevailing market trends and currency movements. Based on this research, you will find it easier to make your own decision about when to buy currency. You can pursue the latest currency charts by visiting www.Hifx.com as well as sign up to receive daily or weekly market updates.

How can I make payments for my overseas mortgage from the UK?

The Hifx Regular Payment Plan was set up to assist clients that need to make regular overseas payment transactions. Typical payments include overseas mortgages, transfers of UK pension payments or any other regular bank transfers. The Regular Payment Plan fixes an exchange rate on regular overseas payments for a period of between 6 and 24 months, removing the worry caused by fluctuations in the exchange rate over that period of time. Hifx will arrange direct debit payments each month and transfer your funds directly for you to the destination account of your choice.

How do I pay for my currency?

After booking an exchange rate with Hifx, you will need to transfer funds to their client account. The easiest and quickest way is by CHAPS of BACS. Bear in mind that any cheque will have to clear before funds can be sent. Once Hifx have received your cleared funds, they will transfer your currency to the account of your choice.

How can I find out current exchange rates?

The Interbank rate is displayed on the internet and on Ceefax. Hifx's website features live currency charts for major trading transactions, as well as historical exchange rates. For a current quote on the amount you are looking to exchange for your investment, it is best to call Hifx for an individual quotation.

How long will my funds take to transfer to an overseas bank account?

Hifx use the electronic funds transfer system, enabling faster transfer than a high street bank. Same-day transfer service is available to most European countries and North America and there are next day transfers to all other destinations.