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.
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 in the current financial climate for being smart when it comes to getting the maximum amount of dollars for your hard-earned pounds sterling.
Visit Global Reach Partners to learn more about how you can benefit when sending money from the UK to buy or build property in the Caribbean.