The home-buying process is often a lengthy operation that involves many different gears all turning at once. But when the buying process takes place overseas, the operation is even more involved. From opening up new bank accounts to understanding exchange rates, buying or selling internationally takes research, industry know-how and expertise. Buyers must consider fluctuating exchange rates, additional transaction fees and potential investment risks. Luckily, they don’t have to do it alone.
“One of the main things to be aware of is the risk of currency volatility and the affect this can have on the return on your investment,” explains Kelly Cutchin, country manager of Moneycorp Inc., an international exchange company. “If the currency in the country where your investment property is located depreciates significantly over a five-year period, you could find there is a significant reduction in the return on your investment. A foreign exchange specialist can provide guidance on the currency market you are entering.”
A leading non-bank provider of foreign exchange services, Moneycorp works to provide foreign exchange services for both corporate and private clients.
These services proved to be invaluable for Jim Black, a Scotland resident who, along with his wife Sandra, purchased a second home in Florida in 2014. When hunting for a new home, the Blacks were recommended to Moneycorp through their real estate company, Homes of America. Not only did Moneycorp handle all of the Blacks’ financial needs throughout the entire process, they also arranged international transfers and set up accounts where necessary.
“Our home-buying experience was a bit of a whirlwind,” says Black. “It was unbelievably fast, and we had to get our money changed quickly or we would lose the home we wanted.” Luckily, Black notes that Moneycorp made the entire process easy, and speedy. In fact, the exchange company had the Blacks’ money changed and in their new American bank account in less than 24 hours, making it possible for them to close on their home.
“If you open an overseas bank account, there can be costs attached, and while it varies from country to country, you could end up paying non-residency fees,” explains Cutchin. It was this type of sound advice that made the Blacks feel confident with their international home-buying process.
“We never had any experience of international money transfers before,” says Black. “Moneycorp set up accounts quickly and effectively,” he notes, stressing how impressed he was with the company’s professionalism and customer service. “They explained everything to us and made sure we understood what was happening. Nothing was a problem for them.”
For more information, visit www.moneycorp.com/usa.
