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A Guide to Buying Overseas Property

Tips on Buying your dream property abroad.


The motivations for buying overseas property can vary considerably, although one common reason is that it could seem undervalued and therefore likely to appreciate in future. For example, if your local currency is particularly strong relative to that of a foreign country, the cost of buying overseas property can seem especially inexpensive, and could present a lucrative real estate investment opportunity over the long term.

Managing exchange rates and risk is an important factor in all overseas property purchases

Foreign transfers related to overseas property purchases are typically for larger amounts at a fixed settlement date in the future. Therefore you need to be aware that any currency movements of just a few percent can have a large cost to you when you come to settle.

When transferring funds denominated in your domestic currency to either make a payment in full, a down payment, or a series of smaller mortgage payments, you will probably want to find a better foreign exchange solution than simply using your regular bank.

Saving Money on Mortgage Payments When Buying Overseas Property

Typically banks provide poor forex services, which often involve very wide dealing spreads and limited transaction sizes. Fortunately, you can usually do much better by transferring your money through one of our partner providers in our comparison tables.

You should consider using one of our BER partners specialising in foreign payments who can advise you on Forward Exchange Contracts that allow you to lock in a rate for some or all of your transfer. A forward foreign exchange rate is the exchange rate at which one currency can be exchanged for another currency for settlement on a predetermined future date (maturity date).

You should also read our article: Top Five Tips for Buying Property Overseas.

 

Further Reading

 

Facebook’s Libra Is Not the Game Changer That’s Being Promised

Enthusiasts would have us believe that Facebook’s own digital currency, Libra, will instantly revolutionize the remittance industry upon its release in 2020 — except it won’t. A harsher reality awaits, with conversion costs, capital gains taxes and a lack of Libra-priced goods all likely to limit its appeal.

Last update: 6 Jul, 2019

Best Multi-Currency Accounts 2019: WorldFirst vs. TransferWise vs. OFX

We compare the features, exchange rates and security of the three best multi-currency accounts available today — the WorldFirst World Account, the TransferWise Borderless Account and the OFX Global Currency Account.

Last update: 12 Jun, 2019

WorldFirst add Hong Kong Dollar and Chinese Yuan to World Accounts

WorldFirst add Hong Kong Dollar and Chinese Yuan to World Accounts

World Accounts now let your business collect funds and pay local suppliers in HKD or make payments to offshore CNY (CNH) accounts in China.

Last update: 16 May, 2019

  

Posted to: Property Transfers Travel

 
   

Get a Better FX Deal when you Send and Spend Abroad.

 

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