Britons with Homes Overseas Urged To Consider Hidden Costs By Online Travel Money Provider The Currency Club

An estimated one million Britons now have a second home overseas, with the majority of properties being used as a holiday home and winter sun base. Around half of all British owned holiday homes are in Spain and France, making the GBP to EUR exchange rate of particular importance. Canada, Australian and America also feature highly on the list, as do up and coming destinations such as Bulgaria and Dubai.

While buying a house in another country is often the realisation of a dream and a first step towards future emigration, there are downsides too. Along with the problems associated with securing a mortgage in a second country, financing a second home, locating a property, completing a purchase in a second language and to foreign legal requirements, one of the thorniest issues can actually be cash flow. Those who plan to winter overseas or who have purchased a property with a view to letting it out to other holiday makers are particularly susceptible to the vagaries of exchange rates. A poor rate of foreign exchange can end up costing a disproportionately large amount due to the sums being changed and the frequency with which funds need to be swapped from one currency to the other. Sam Thakkar, of online travel money site The Currency Club said, “With the recent credit crunch spreading over much of Europe and the USA there have been no shortage of great value properties on the market for those seeking to buy a second home overseas. The expense of buying a home doesn’t stop with the mortgage though and repairs, renovations and even extended stays in your place in the sun all demand you find a great deal on travel money. A poor exchange rate can add unexpected pounds, shaving your budget just when you want to get the most from your investment and truly enjoy your new place in the sun.” A recent study by The Telegraph found that a typical home overseas can cost as much as £10,000 per year in maintenance. Research from The Currency Club suggests that those who use their bank to transfer the foreign exchange equivalent to a third party are incurring an extra £200 once poor exchange rates and transfer fees are taken into account. Over spending to that amount every year adds up to a significant sum, making wire transfers and purchasing of travel currency through high street banks an ill-advised method of paying for goods and services overseas. The Currency Club specialises in offering the best exchange rate on currency transactions with business and leisure services for both frequent and not so frequent travellers. It has seen an increase in the number of clients exchanging larger amounts of foreign currency. Some of this is simply practical as it makes better economic sense to change money in one go and get the best exchange rate, as well as convenience driven where it’s easier to use a system you know and trust rather than spending time in the destination reading up on foreign exchange brokers and comparing rates. More and more, those with properties in Spain and France as well as destinations such as Bulgaria and Turkey, are ordering larger amounts of travel money to pay for renovations. Effectively, this means that anyone buying a home overseas needs a ready supplier of hard currency in order to bring the building up to scratch and make it feel like a home as well as cover costs such as community fees, removals and cleaning. Works such as landscaping, pool maintenance, installation of air conditioning etc. can all be costly so it makes sense to get the best possible rate of exchange before travelling in order to make the final cost of work as low as can be. The Currency Club specialise in offering the best exchange rates available and operate a wholly internet based service for complete convenience. To find out more and order online, visit http://www.thecurrencyclub.co.uk

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