And before you know it you are already in February!
With the clock ticking it’s a good time of year to look at your finances for the year ahead and beyond. What better way to start than a healthy sustainable regime to keep your foreign exchange finances in place and ready for 2023.
Whether you are a second home owner, a full time resident in a foreign country or work in another currency. Perhaps you are receiving your pension, paying for a mortgage or are sending money to a family member. Either way, it’s important to put in place good practices to make sure you are getting full value on your foreign exchange.
Trading your currency may seem like a very small part of your plan but it could mean the difference between buying or not buying a property or being able to live your dream life in the country you have chosen. Keep currency at the forefront of your mind and you will make the most of your hard earned cash.
Here are 3 tips on how to maximise your foreign exchange transfers :
- When buying or selling your property abroad start talking to your Foreign Exchange broker at the beginning of your project. This will help them understand your needs, rate watch for you and will allow you to have an account open with all payment beneficiary details in place for when you finally complete your purchase.
- Foreign Exchange payments don’t have to be large. Keep in mind that if you are receiving or paying regular payments it might be a good idea to enter into a forward contract. This contract enables you to block a rate for a few months up to a year allowing you to be able to budget and maximise your exchange. Talk to you dealer to put this in place.
- Try to do some rate comparisons with other brokers just to make sure you are always getting a favourable rate for you.
Where do you start your search abroad?
Property prices in France and Spain are still extremely well priced at the moment. If you are looking for a good financial return you can certainly get a lot of euros for your bucks with the rental yields on some places being very attractive. Finding a good real estate agent that understands the changing markets or who has a good knowledge of their area is crucial.
Look at their experience; ie how long have they been in real estate, search social media for their posts to see how they market themselves and check out there local offices. A good real estate company should go all out for your property investment , they should aim to bring your dream of having the perfect property portfolio to reality. Look for a company that perhaps offers a full turnkey solution, meaning they will source your perfect investment property, arrange a mortgage, then manage rentals in house meaning they can find a tenant and manage the property moving forwards.
Research your area well and don’t be scared to ask out to relocation companies who will be happy to talk you through any questions you may have. At Elys we recommend that you have a chat with The Relocation Hub who are always on hand for help with admin, finances, the legalities of living abroad ,schooling, health care…
Start to Plan Your Budget
With rising fixed costs due to rising inflation worldwide it is really important to have clear budgets and check out the country’s mortgage rates, rules on lending, the cost of fuel bills and travel. Making a plan and starting to put together your finances will mean that you are able to prepare your monthly payments and can then prepare in advance your foreign exchange. All these things will make sure that your plans in the future for your new adventure in a foreign country will hold no nasty surprises. Having a chat to a good financial advisor is highly recommended as they can talk you through inheritance, tax implications and investment products all good information when moving to a new country.
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