Make sure you get the best currency Exchange Rate for the property purchase
Of all the decisions made when buying a vaction home in the US, the one that is often overlooked is how to handle the currency exchange. Despite this, significant savings can be made by investors who engage an expert to handle this aspect for them. There are some countries that practice ‘currency control’ such as Brazil, Morocco, and the Bahamas meaning specific methods need to be adhered to in order to move funds across borders. But even in those countries that don’t, such as Britain, Canada, and Germany, or even those that have pegged currencies such as Dubai, thousands of dollars can be saved as a result of selecting the correct method and company to use to transfer currency.
Companies that operate in the field of currency exchange make their profit by adding a small margin to the exchange rate. However, some companies apply a larger margin, meaning they get a good profit, whilst the investor receives a smaller amount of dollars. Depending on the size of the transfer, even a relatively small difference in the margin charged by the exchange company can result in a large difference in the amount of dollars realized in the US – often many thousands of dollars. The best way to maximize the amount of dollars you can get from your transfer is to meet with a qualified and licensed currency exchange company.
VillaDirect has relationships with licensed currency exchange companies, we will be happy to provide an introduction.