ARRANGING FINANCE
Buying a Cyprus property abroad is a significant investment and fluctuating exchange rates can make a huge difference to the final price you pay. By buying currency at wholesale prices directly from the market at exchange rates that are not available to individuals, currency exchange professionals are able to pass on significant cost savings.
Whether you're buying a dream holiday home or investing in Cypriot property, you will have to make one or more currency transactions to complete the purchase. The issue needs serious planning, especially if you are buying a new development 'off plan' where you will be required to make a number of 'stage payments' during the construction of your property.
Whilst you will know the price of the property in Euros, the actual cost in Sterling will be determined by the exchange rate you obtain. If Sterling strengthens during construction the cost will decline, but if the Euro strengthens, then your costs will increase, i.e. a stronger Euro means your dream home will be more expensive.
Example: If you had agreed to buy a property, priced at Euro 250,000 in September 2007 (when the GBP/EUR exchange rate was 1.4850) it would have cost you £171,717. Had you neglected to fix the exchange rate at the time that same property would have cost you £189,121 in mid January 2008 (GBP/EUR rate 1.3219) ... an increase of 10.1%
Their services can offer you the following benefits:
- Unrivalled rates that can save you up to 4% on the exchange rate.
- No transfer charges, no commission fees and no overseas bank receiving fees.
- Fix a favourable exchange rate for up to 2 years protecting you from unnecessary currency risk and allowing you to lock in a favourable exchange rate.
- Their services can be used for purchasing property and send over stage payments, emigrating and sending regular currency transfers abroad (for example pensions)
- As a member of SWIFT, the world's largest payments and settlements network, you benefit from faster payments and highly secure transfers.
Last year, HIFX PLC helped over 30,000 private individuals buy and transfer currency and currently work with most of the major overseas property agents, lawyers, developers and migration agents, which has given them an unrivalled knowledge and understanding of the market. Competitive exchange rates which save you money are just the start. HIFX is the only currency specialist to have eliminated all bank receipt charges. As a result they can guarantee that Buying Cyprus Properties clients will not have to pay any receipt charges when they send funds abroad (should a client incur charges, HIFX will refund these charges in full.)
No one can predict the currency markets, but HIFX has been ranked within the top 3 most accurate foreign exchange forecasters globally by the Reuters Forex Poll. Published in January 2007, the league table compares all the major banks and financial institutions worldwide over the last four years.
We strongly suggest you use these services so that you are not left to the mercies of currency fluctuations and horrendous bank charges, potentially making inexpensive Cyprus apartments cost as much as small villas!
For more information contact us via info@buyingcyprusproperties.com
