Pounds to Euros
Author: Phillip Booker

Exchanging Currency from Pounds to Euros can appear simple
and easy, but without proper precautions you could lose out
on a poor exchange rate and lose as much as £10,000
per £100,000 exchanged.

With the best respect in the world our high street banks
have been doing a great job over the past four decades as
people have been buying property abroad. Since the 60's
they have dominated the currency exchange market.
Basically... and to their credit they have a reputation far
and beyond any other organizations.

However since the change of the century, building societies
have led the way in competing with the banks. As far as
economics, such competition makes the market place more
competitive. From a Currency Exchange point of view they
are also beginning to lose out on transfer of money;
especially on purchases of property abroad.

I can give you a 1000 words, but none will promote the
Currency Broker better than genuine examples:

Case Study

In August 2007 there was Jayne from Southampton, she was
buying a property in Almeria, Spain. Her transfer was for a
villa at £325,000; a superb 5 bedroom villa with sea
views. Her bank had frightened her with the exchange rate,
so she decided to look elsewhere; fortunately she came to a
Currency Broker's website. She was offered an exchange rate
of US €1.39 / £1; they were able to offer
€1.41 / £1. This meant had she continued with
the bank she would have realised €451,750 - however
fortunately the broker service could manage €458,250;
saving Jayne €6,500 (£4,600)

Case Study

Margaret and her husband Roy were buying in the Majorca in
December 2007; they were buying a 3 Bedroom apartment on a
top class complex, swimming pool, bar, shops etc. The
property in Majorca is expensive so a three bedroom
apartment was priced at £265,000. Newly retired they
wanted the best deal on their currency exchange. Their bank
had quoted €1.31 / £1 but the broker was able to
secure at deal at €1.33 / £1. This meant the
currency broker was able to save Margaret and Roy
€5,300 (£3,900).

I hope these two case studies have helped your
understanding on how important it is to get several quotes
when exchanging currencies.

Before you read this article would you pay €5,300 for
a service when purchasing a property abroad? Probably
not... But some are, and the banks are laughing.


About the Author:

Mr. P. Booker
Senior Currency Expert and Columnist
http://www.pounds-to-euros.com/