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Currency Exchange - Casco FX

Currency Exchange - Casco FX

Algarve Homes Lda. work in partnership with an established, reputable foreign exchange company, Casco FX.

Casco FX are a leading provider of foreign exchange and international payments delivering an unparalleled level of service, and tailored solutions for all of your foreign currency needs. Our dedicated team are experts in all aspects of converting your currency, as well as sending and receiving your money globally.

To ensure your money goes further when undertaking a property purchase or sale abroad it’s important to secure an excellent exchange rate. You could save up to 2-4% with a competitive exchange rate secured by Casco FX compared to using your bank, with no set up or international transfer fees.

That’s up to £4,000 on a transfer of £100,000! A saving that could help cover your legal fees or even be put towards renovations for your new home.

We are able to achieve these savings for our clients by passing on to you the preferential exchange rates we are offered by our network of banking partners across the globe.

How could the foreign currency market affect your property purchase?

Every day over $4 Trillion is traded around the world on the foreign exchange market. The market is open around the clock and significant movements in exchange rate levels are common. This is an important factor to take into consideration when buying and selling property abroad. The movements in exchange rates can have a significant bearing on the relative value of your property, as you will see in the example below:

On 16th April 2018, the Pound Sterling/Euro exchange rate hit a high of 1.1580 but less than a month later on 4th May 2018 the price had dropped to 1.1290*.

The Pound Sterling value of a €300,000.00 property at this time would have been greatly affected due to this price fluctuation. On 16th April, the property would have cost you £259,067.36.

However, on 4th May the same property would have cost you £265,721.88. That’s an increase of £6,654.52 in a matter of 3 weeks!

So, if you had agreed the €300,000 price for the property in mid-April but had not made your Pound Sterling payment until May or June you would have been considerably out-of-pocket due to the unpredictable nature of the foreign exchange market.

*prices based on live market GBP/EUR quotes from XE.com on these dates

When you open an account with Casco FX, Colin Morris in our Portugal Team will be appointed as your personal dedicated Account Manager. Once Colin has a clear understanding of what you are looking to achieve, and the timescales involved in your transaction, he will clearly explain the options available to you and inform you of exchange rate movements as little or often as you require. Keeping you in control but allowing you to make an informed decision on how best to proceed.

 

 

 

 

 

 

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