As the exchange rates are constantly changing, an important aspect to your transaction will be the timing.
Here’s an example:
A European property priced at €200,000 would have cost £169,780 at the end of September 2010. Due to exchange rate movements, that same property would have been £8,791 more expensive at £178,571 just one month later.
In many cases, people don’t pay much attention to what’s happening to the exchange rate and simply leave their decision to make the international money transfer to the last minute hoping for a good rate, assuming, that without all the funds available, there isn’t much they can do.
Regardless of why you’re transferring your money, the larger the amount you’re looking to move overseas, the more important it is to maximise the timing of your transaction and minimise the risk that the exchange rate could get worse and make your money worth less. Remember, as soon as you decide to move overseas or buy and sell an asset abroad such as a property, you are exposed to adverse moves in the currency market.
Here’s an example:
A European property priced at €200,000 would have cost £169,780 at the end of September 2010. Due to exchange rate movements, that same property would have been £8,791 more expensive at £178,571 just one month later.
In many cases, people don’t pay much attention to what’s happening to the exchange rate and simply leave their decision to make the international money transfer to the last minute hoping for a good rate, assuming, that without all the funds available, there isn’t much they can do.
Regardless of why you’re transferring your money, the larger the amount you’re looking to move overseas, the more important it is to maximise the timing of your transaction and minimise the risk that the exchange rate could get worse and make your money worth less. Remember, as soon as you decide to move overseas or buy and sell an asset abroad such as a property, you are exposed to adverse moves in the currency market.
