Money Exchange - Steps to buying your home abroad

'The quest for an Inter-Bank exchange rate'

John was a 63-year-old successful entrepreneur who had found his dream home in South Africa. The plan was to retire.

The deposit on the property was the Rand equivalent of £8,000, which he placed through a high street bank. It was at this point he thought their charges were rather high.

After all, the inter-bank rate looked quite different from the one he was given, but then the inter-bank rate was for large amounts of money. But wasn't he about to spend substantial amounts of money in the form of the full payment on a house?

John wondered whether he could get anywhere close to that inter-bank rate for himself.

At that point he talked to Interchange. We offered him something very close to that seemingly elusive rate. And because he wanted a 3-month forward option in a currency with high inflation, we were actually able to improve on the rate of exchange further, and lock his rate above the inter-bank rate.

The amount required to complete the transaction was £2,800 less. John now uses us for even the smallest transactions of rand into pounds and vice versa.

For more information on the various options that are open to you, or a quotation, call one of our account team on 0207 594 0599.