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Foreign Currency Transfers
The smart way to pay for your Caribbean property
Prices for overseas property are usually quoted in a foreign currency, be it US dollars, or the local currency of the island in which the property you are buying is located. When buying or building property in the Caribbean, the last thing you want is to find that you have insufficient funds to complete your purchase or house building project due to fluctuating exchange rates.
As part of our promise to take care of your every need when buying or building property in the Caribbean, Tropical Connections has established a relationship with a foreign exchange company that is able to transfer funds to the Caribbean at more competitive rates of exchange than your High Street bank or building society.
Foreign exchange rates can change rapidly, which could lead to an unexpected shortfall in funds by the time you are ready to complete your purchase or make that last stage payment on your house building project. Where Caribbean transactions generally take much longer to complete than in the UK, the impact of fluctuating foreign exchange rates can be devastating.
Although many of the Caribbean islands have their own local currency, we recommend that you pay for your Caribbean property in US dollars. The reason for this is that if your transaction should abort for whatever reason, you are likely to lose less money against the US dollar than if you had used Jamaican, Barbadian or Eastern Caribbean dollars.
Using the services of a foreign exchange company to transfer your purchase or house building funds to the Caribbean will see you paying less pounds sterling for your US dollar than when using a Bank or Building Society. You also have the option to buy US dollars when exchange rates are good, even if you are not yet ready to transfer funds to the Caribbean. This is known as a ‘Forward Contract’ which allows you to buy US dollars at a fixed rate for use at a later date. Funds are transferred quickly and there are no commission fees or charges payable for your transfers. And best of all, setting up your foreign exchange account is easy.
There has never been a better time than now for being smart when it comes to getting maximum dollars out of your hard-earned pounds sterling.
Personal FX is regulated by the Financial Services Authority and HM Customs and Excise, so your money is safe. Click here to learn more.
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