Buying in Portugal? Here is why using a Foreign Exchange Specialist will save you money

Buying a new home in Portugal can be exciting. Transferring the funds from overseas for the first time, on the other hand, can be daunting and outright stressful. 

Many banks can complicate the process and there can be a wealth of unnecessary international fees and fluid exchange rates to take into consideration. The whole process can become overwhelming and utterly confusing for many of us. 

Take your stress away

Private Luxury Collection recommends to all its buying clients, when purchasing a home in Portugal for the first time, that they work with a specialist foreign exchange provider to ensure that all the stress and worry are taken away. 

Not only does this help solve your money transfer problems with a better, faster and more flexible service; they will put you at ease by providing a safe pair of hands to guide you through the process and answer all your questions. 

Why a Foreign Exchange Specialist and not Your Bank? 

Firstly, they make currency simple. They bypass many of the complexities that mainstream banks have in how they move and hold money, allowing you to have more options. 

Secondly, with offices located all around the world, they will happily meet with you face to face. You will be able to talk to them personally about all your currency needs. By having people on the ground in Portugal they are perfectly placed to know the region and how service providers in the area operate. 

Relax, Your money is safe. 

The safety and security of your money are important. That is why a foreign exchange specialist will take protecting your money seriously.  Your money is kept in segregated client accounts known as ‘safeguarding accounts’ and by using global tier 1 banking partners. This means that funds are kept separately for security and to ensure compliance with regulations. At no time is your money an asset of the company. 

On top of all this, they hold significant insurance to cover professional indemnity, Directors, Officers and Cyber Security. 

Transactions you can trust

When you enter into a transaction with a foreign exchange specialist, they enter a matching, irrevocable binding trade with their bank. This turns your sold currency into your bought currency, from which your outward payment is made. 

They do not speculate on the currency markets. Or invest your money overnight. 

Enjoy better exchange rates

If you are looking to benefit from the best exchange rates when it comes to buying a house in Portugal, then a foreign exchange specialist will outperform the high street banks, and will make money transfers simple and stress-free. 

Options you can’t get from your bank

There are a number of different options available to you when using a foreign exchange specialist in Portugal with more that your bank can’t offer. For example, you will be able to set up a buy-now-pay-later forward contract. This contract will allow you to fix the exchange rate ahead of your completing the purchase of your home in Portugal. This way you can know exactly how much your property is costing you.

Receive big savings on fees

Transferring money internationally can be costly. If you were to transfer money overseas from a UK bank account you could be charged anything between £10 to £40 for each transfer.

It doesn’t sound much on a €400,000 transfer to buy a house, but the costs can add up. Especially if you’re transferring money every month to pay your mortgage or bills. You can then be looking at charges from £120 to £480 a year.

Of course these cost savings apply wherever you are transferring your money from, whether it be Australia, the USA or elsewhere in the world. 

Stay informed and looked after

When opening an account and transferring money with a foreign exchange specialist you will always know where your money is, with regular updates on exchange rates and movements in the market.

When you are informed and up-to-date, it is easier to decide when the time is right to transfer your money.

However, you do not have to decide on your own. You will receive a dedicated account manager who will get to know you and understand your needs. He/She will then suggest the best options available to help you transfer your money and  will assist you in moving your money overseas, quickly, reliably and securely. Better still, they offer great foreign exchange rates that will outdo most banks. 

Through years of experience and working with several different foreign exchange specialists, Private Luxury Collection is proud to recommend GC partners, who have been established in Portugal for  years and have facilitated numerous transactions on behalf of our buyers, sellers and personally for our own company.

If you would like to know more about working with GC Partners or to open an account with them today please visit:  GC Partners