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June 5, 2015
Purchasing property overseas, whether for commercial or residential purposes, brings a lot of opportunities to save, but also an obstacle course of fees to navigate. Working with an international money transfer firm can help ensure you get the most bang for your buck.
Real estate purchases are high dollar transactions that most often run into the hundreds of thousands. Getting a better exchange rate by just a couple of percent on such a large amount can really add up. Saving 2% on a $250,000 property purchase equals $5,000. These savings can be passed on to clients offering them a better value and ensuring they choose your company rather than a competitor.
It’s not just about the financial savings though. Working with an international money transfer firm also offers added convenience and efficiency. Instead of waiting three or four days for the money to clear bank accounts, it can be received and ready for use within 24 hours. Once your organization has an account with an FX company, all it takes is the click of a button and a money transfer can be initiated in less than a minute. No more wasting time at the bank.
While every company has different needs, our experience has highlighted a number of areas where property companies can benefit such as:
There is a certain amount of risk involved in any large international purchase because of exchange rate fluctuations. The lengthy time frame involved in real estate dealings though just adds one more level of risk. It could easily take one or two months for a closing, and in that time, if the purchase currency increases in value, it could have a significant impact on the final cost of the property. Working with an international money transfer firm offers a number of ways to hedge against risk by using currency forward contracts or currency options to protect your clients against sudden currency spikes.
If you are unfamiliar with the risk mitigation techniques available for large dollar international currency exchanges, speak with a currency specialist at a firm like Xoom or World First. They can explain the different risk reduction options and help steer you in the right direction. Savvy real estate companies can offer their clients the best value by mitigating the risk involved in currency exchanges and ensuring they get the best rate for their dollar.
Though the dollar amount involved in residential real estate purchases aren’t as high, there is still significant value to be added by working with an international money transfer firm. Offering to handle all of the currency transfer and exchange needs for a client, makes the process seem less complicated. If you can get your client the best rate at the same time, it is a double bonus. You’ll be providing your client with full service tailored to their needs all at a lower cost than your competitors.
If handling an overseas property purchase where the money won’t be moving through the real estate company, the client can still be referred to SendMoneyCheaper.com to get exchange rate quotes. This will help them get a better understanding of the fees and costs that will be charged for their overseas property money transfer.
Working with a global remittance firm is all about transparency and savings. Anything that makes the transfer process cheaper, more efficient, and more transparent is valuable to clients and helps property companies gain a competitive edge. Become the full service real estate firm your clients deserve by creating a strategic partnership with the right international money transfer company.
In addition to the previously mentioned benefits of working with an FX firm, there are numerous other areas where they offer added convenience and efficiency such as:
Use Send Money Cheaper’s Comparison Tool to find the right international money transfer company for your current needs and then talk with one of their currency specialists today to see how they can help.