Considering investing your savings in a house back home or abroad? Here’re 3 top tips from international payments experts World First that will save you money and make the buying process a helluva lot easier
“So how long have you lived in Singapore?” Us expat Honeycombers reckon we must have collectively been asked that question oh… at least a gazillion times! While Singapore is home for now (and maybe permanently, who knows!?), where we’ll all end up in a few years’ time is a constant source of chatter; be it Europe, Australia, New Zealand, the US of A, or anywhere else in the world. Though we may not know where we’ll end up eventually, one thing is for sure: Singapore’s low tax rates make it the ideal place to start saving for property back ‘home’. Even if you’re not an expat, buying a house overseas can still be a sound investment. But buying bricks and mortar is no easy task, especially when you’re trying to do it from abroad. So we spoke to the good peeps at World First to get the lowdown on how you can save money, and cut the stress, from what is likely to be one of the biggest purchases you’ll ever make.
1. Beat the banks!
A specialist currency provider like World First can secure better exchange rates than typically offered by a bank. And when you’re talking about large sums of money, scoring a great exchange rate can save you thousands. In fact, independent research has shown that someone buying 10,000GBP worth of Euros with World First could get as much as 3% more*. True story! As well as being cheaper, they also ensure transferring large lump sums is faster and more efficient.
2. Lock in rates
Currency markets move faster and are more unpredictable than T Swizzle’s love life, and unfortunately this means planning ahead can be tricky. If you’re looking to buy a house now but haven’t found the perfect property just yet, why not lock in your rate with a forward contract that lasts up to six months? It’s a great way to plan and means that you’ll know exactly how much bang you’ll get for your buck when you are ready to transfer (and how much you’ll need to save in order to make your dream home a reality!).
3. Avoid sneaky fees
While many banks are likely to hit you with a transfer fee, World First never apply fees to international transfers for private clients. Equally, once you’ve secured your new home, setting up regular payments via World First will ensure you’re keeping up to speed with your overseas financial commitments, minus the hassle (and the fine for accidentally missing a payment!).
*Calculated from exchange rates and fees obtained using mystery shop data from the FX compared International Money Transfer Index (IMTI)™ collected on 15 March 2016, based on sending a transfer of £10,000 in Euros and shows the maximum saving (excluding fees) which could be obtained by using World First rather than other high street banks.
This article is sponsored by World First