Step Four: Getting set up
How can you be sure you’re getting the most from your budget when you’re exchanging currency? Unless you plan ahead as early as possible in the property buying process, you can’t. Yes, you can shop around and see who’s offering the best rate and the lowest commission on the day, but currencies fluctuate all the time
– this can have a dramatic effect on the price of your property overseas.
Without the help and expertise of a dedicated currency expert constantly watching the markets for you, you are likely to lose money simply by converting it at the wrong time. This is where a currency specialist is a key part of a successful overseas property purchase.
You may need to move money overseas regularly
, for example making foreign currency mortgage payments, transferring rental income, paying tuition fees, or picking up your pension in another country. An efficient, time and cost-saving way to do this is to set up a regular payments service with a currency specialist. Because it’s automated, you can be sure that important payments are always met on time.
You can also choose to fix an agreed exchange rate for your regular payments
, so you’ll always know how much money you’ll receive and how much you need to pay. This can make budgeting easier, so it’s a good idea to think about it as you are considering the day-to-day costs of your new property.
Removals services – Top Tips
If you’re planning to move into the property you’ve purchased overseas, it’s important to find a reputable and reliable international removals company. Here’s our Top International Removals Tips.
1. Look for accreditations, memberships, awards and accolades
Check their accreditations and professional memberships. We recommend taking a look at the companies who are members of the British Association of Removers Overseas (BAR)
, the International Association of Movers, the FIDI Global Alliance, and look for accreditations by the FAIM quality standard. Ask us for recommendations – just get in touch.
2. Get recommendations
Personal recommendations are also valuable – if you have friends, colleagues or family members who have moved abroad and were happy with the removals company that they used, or ask for recommendations from your agent or other professionals who helped you with your property purchase. We would also be delighted to recommend removals experts from our network of tried and trusted partners.
3. Check their insurance policies
Check the removal company’s insurance policies and make sure that any items you are transporting overseas are covered for the route they will take. For example, are they covered while in transit by sea, as this requires specific marine insurance? Check that your possessions are insured while they are in storage before they are moved to your end destination.
4. Do your research
It’s important to do your research and approach a removals company early on in the buying process – we recommend 3-6 months before the day you want to move. Removals companies are busy and have long lead times, so you have to plan ahead and get booked in with them well in advance.
5. Find out about packing services
It’s definitely worth asking the removals company to pack up your belongings – this will only cost a little more and means that your belongings will be professionally wrapped and packed. Note that some removals firms will not guarantee the safety of items if they have not been packed by the company itself.