Buying a property abroad is often the realisation of a personal dream and probably represents one of the greatest expenses of your life. As part of the purchase process, you will inevitably need to transfer a sterling sum into another currency in order to pay for your property. This vital element of the purchase process - one that is often overlooked - can make a huge difference to the price, in sterling, that you will have to pay for your dream home.

Exchange rates change constantly and 10% fluctuations in a relatively short space of time are not uncommon. This could effectively increase, by 10% or more, the sterling amount that you will have to pay.

There are various organisations that can convert your sterling into whichever currency you need. Specialist currency dealers will normally offer you a better rate of exchange than your bank and provide a more personalised service. Foreign exchange companies like Moneycorp often offer a proactive service to their clients, using their expertise to monitor exchange rates on the clients' behalf in order to achieve the best possible rate of exchange.

If you ask your bank to send the money you should expect them to charge you for doing so. The local bank may also make a substantial charge for receiving the money. A reputable currency trader may well be able to reduce those overseas charges substantially by sending the money via a cheaper route.

Key Benefits

Moneycorp can help you achieve the best exchange rates making your money go further. They can also offer a range of services that will help protect you against adverse currency fluctuations.

In addition, you can take advantage of the following benefits:

No commission charges or receiving bank fees.

Fast, efficient worldwide transfers.

A dedicated dealer to guide you throughout your currency transaction(s).

24 hour market monitoring enabling you to benefit from currency fluctuations outside of normal banking hours.

Regular Payment Plan - smaller regular transfers.

Extended office opening hours 7:30am - 10:30pm Monday - Friday and 10:00am - 4:00pm Saturday.

A Moneycorp Privilege Card to purchase currency and travellers cheques commission free at any of our retail branches.

You will also receive a 1% improvement in the rate of exchange at our airport locations.

Peace of mind in dealing with a company that has been trading foreign currency since 1979, has been certified to ISO 9000 Quality Assurance since 1996 and last year transacted over £7 billion on behalf of its clients.

Should a client incur such charges, Moneycorp will refund them in full.

Contact Options

Spot contracts
The purchase or sale of a currency for immediate delivery. Spot contracts are suitable for you if you have an urgent requirement for currency, and are seeking competitive exchange rates with fast and efficient delivery.

Forward contracts
Fixing an exchange rate for the purchase or sale of currency for delivery at a later date (up to two years). Forward contracts can be used to protect you from adverse currency movements and can enable you to lock into favourable exchange rates.

Stop loss orders
Setting a minimum level at which required currencies are bought or sold. Stop loss orders effectively protect you from adverse currency movements by guaranteeing a minimum exchange rate.

Limit orders
Setting a level of exchange rate at which, if achieved in the markets, you will buy or sell required currencies.

Running a Stop Loss Order in parallel with a Limit Order means that you will effectively set upper and lower currency trading thresholds, making your currency transactions more predictable with rates guaranteed within a given range.

As flexibility is crucial, your order levels will be monitored constantly and levels will be amended appropriately, with your approval. Our expertise and market knowledge, coupled with extremely flexible market orders will allow you to manage your foreign exchange needs 24 hours a day.

Regular Payment Plan

Our Regular Payment Plan will be of great help to you if you have regular currency transfers to make. Such transfers might include overseas mortgage payments, pension payments or any other regular currency transaction.

The Regular Payment Plan offers you three simple payment options. Whichever you choose, you will always receive an excellent rate of exchange and enjoy the convenience of making payments by Direct Debit as opposed to arranging individual payments through your bank.

Fix the Sterling amount that you transfer each month. With this option the currency amount that you receive in your overseas bank will vary according to the rate of exchange at the time of each transfer.

Fix the currency amount that you receive. Know exactly how much currency you will receive in your overseas bank account, with the Sterling amount debited from your UK account varying according to the exchange rate at the time of each transfer.

Fix the exchange rate for all of your transfers. By fixing the exchange rate, you will know how much in Sterling you will pay and how much currency you will receive in your overseas bank account. This option is available for periods of between 6 and 24 months.How does it work?

The Regular Payment Plan is flexible to suit your needs. Your regular payments will be paid to Moneycorp by Direct Debit. Moneycorp will then arrange for all currency transfers to be made to an account specified by you. Moneycorp will not debit your account more than 5 working days before the value date of your currency payment. Please note that the minimum monthly transfer amount is £250.How much will it cost?

The only charge for this service is a £4 transfer fee for each transfer made on your contract.

Bank receipt charges are eliminated. We guarantee that our clients will not pay any bank receipt charges when sending funds abroad*. This guarantee applies regardless of the amount being transferred or to which bank.

How does it work?

The Regular Payment Plan is flexible to suit your needs. Your regular payments will be paid to Moneycorp by Direct Debit. Moneycorp will then arrange for all your currency transfers to be made to an account specified by you. Moneycorp will not debt your account more than 5 working days before the value date of your currency payment. Please note the minimum monthly transfer amount os £250.

What will it cost me?

In general the more money you wish to convert the better the rate. Depending on your bank or broker, there will be a cost to transfer funds of between £15 and £40 per transaction. It's a good idea to compare the total cost of a currency trade as some currency dealers do not charge a transfer fee but more than make up for this difference in the exchange rate that they quote.

How do I purchase currency?

Once you have set up your trading facility with Moneycorp, you will be able to buy currency over the telephone.

How do I pay for my currency?

After booking an exchange rate with Moneycorp, you will need to transfer funds to their client account. The easiest and quickest way is by CHAPS or BACS. Bear in mind that any cheque will have to clear before funds can be sent. Once we have received your cleared funds, we will transfer your currency to the account of your choice.

How can I find out current exchange rates?

The Interbank rate can readily be found on the Internet and on Ceefax. Moneycorp's website has live currency charts and you can also view historical exchange rates. Although a useful guide to current market levels, do bear in mind that unless you are trading millions of pounds on a regular basis, you will not receive the Interbank rate for your own transaction! For a live quote on the amount you are looking to exchange, it is best to call Moneycorp.

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