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Berlin property, Berlin buy to let
Currency FAQs
Buying a Berlin Property?
The UK remains outside the Euro zone and this means that you will need to exchange your pounds sterling into euros in order to buy your foreign property. Traditionally the High Street banks have offered this service, but they are expensive.
If you are purchasing a Berlin Buy to let property whether this be a Berlin Apartment or Berlin Apartment block you will need to convert your UK funds to Euros.
In recent years companies like Axia FX have been established to offer a less expensive and more efficient service. The cost savings could be very significant.
Please find below some answers to the most frequently asked questions.
Q. Who should I speak to about buying currency?
Q. How much does it cost?
Q. What are transfer fees?
Q. How do I purchase currency?
Q. Can I arrange a specific rate?
Q. Can I keep a current good rate to make future payments?
Q. Can I get advice from a foreign exchange dealer?
Q. How do I make mortgage payments abroad?
Q. How do I make regular income/pension payments abroad?
Q. How do I pay for my currency?
Q. How can I find out current exchange rates?
Q. How long will my funds take to transfer to an overseas bank account?
Q. Who should I speak to about buying currency?
It depends whether you want cash for travel which you can get at your bank or the airport etc, or whether you are exchanging larger sums of money. Typically, for larger sums you will get a better service and a less expensive rate from a specialist Foreign Exchange company such as Axia FX, as they are intermediaries for the public with access to good Foreign Exchange rates.
Q. How much does it cost?
If you go to your Bank or many airport traders, it is usual to be charged commission and fees as well as a transfer cost. This can amount to as much as 4% of the transaction, and is charged on top of the exchange rate differential. However if you go to a good Foreign Exchange company such as Axia FX you will not be charged these extras. The only cost is in the differential exchange rate. Another benefit is that larger sums cost less through these specialist companies as they will negotiate a better rate for you.
Q. What are transfer fees?
Banks and some other organizations charge a fee of between £15 and £40 per transaction to transfer funds. This is to cover the transmission agency fees they encounter. A good specialist Foreign Exchange company will absorb these costs for you.
Q. How do I purchase currency?
Simply register with Axia FX and you will be able to buy currency by email or fax, or even over the telephone.
Q. Can I arrange a specific rate?
Yes, you can instruct Axia FX the moment the rates change to your desired level. Alternatively, you can place an order to purchase currency when the rate reaches your specific rate. This will be traded for you even if the rate you want occurs overnight.
Q. Can I keep a current good rate to make future payments?
It is easy to fix the exchange rate for anything up to two years. This will make it simpler to manage the cost of your currency payments by avoiding fluctuating rates. When you are buying a foreign property you may find you have stage payments to make over several months, or a mortgage over several years. Talk to your Axia FX dealer and you will be able to arrange the best system for your requirements, and could save a lot of money.
Q. Can I get advice from a foreign exchange dealer?
There are two types of regulation which may cover FX dealers. Some are registered under FSA and are required to go into your affairs in some detail to be able to offer you advice. Most are regulated by Customs and Excise and some will provide you with information about prevailing market trends and currency movements. Axia FX traders are very experienced in the markets and will be able to share with you their market knowledge and experience which should assist you in making your decision.
See www.axiafx.com for more information
Q. How do I make mortgage payments abroad?
Investing in Berlin Property? Taking out a Berlin buy to let mortgage? Axia FX provides a choice of Regular Payment Plans so that you can choose the best plan for you. For example you might wish to fix your payments at the same rate for a period, so that you can budget safely. Alternatively you may wish to let the rates move each month, in the hope of rate improvements.
Q. How do I make regular income/pension payments abroad?
At Axia FX we can set up a monthly DDM for you to cover this need. This means that every month (or year) you can be sure that your money will be safely transferred.
Q. How do I pay for my currency?
After booking an exchange rate with Axia FX, you will need to transfer funds to our client account. The easiest and quickest way is by CHAPS or BACS. It is also viable to send a cheque, however the cheque must be clear in order for us to transact your funds. Once they have received your cleared funds, Axia FX will transfer your currency to the account of your choice.
Q. How can I find out current exchange rates?
The Interbank rate can readily be found on the Internet and on Ceefax. Axia FX website displays the live market rate. Viewing these rates will certainly be of use to you if you are monitoring a rate but please be advised that unless a client is trading in millions of pound on weekly/ daily basis these rates will not be achievable. For a live quote on the amount you are looking to book please phone Axia FX on +44 (0)845 257 8258
and mention us BuyBerlin to take advantage of the relationship that they hold.
Q. How long will my funds take to transfer to an overseas bank account?
Axia FX use state-of-the-art payment systems to transmit funds around the globe everyday. With regards to EUR in particular, they have the facility to transfer funds same day providing they have the clients funds in before 2 p.m. They generally get the funds into the destination account a good deal quicker than a high street bank. Destinations outside Europe or North America take 48 hours. Bear in mind that there is sometimes a short delay in the receiving bank before your account is credited, this can usually be overcome with a "proof of payment" document that Axia FX can provide on request.
