How we can Save you Money on your Currency Transfer
29 August 2019

Despite the impending departure from the EU, global movement has never been more fluid. Whether it’s retiring overseas or bringing money back into the UK to acquire property, boundaries represent far less of a barrier than in the past.

Currency movement requires careful consideration and depending on the purpose, there may be legislation to comply with first. However, when all the administration requirements have been met, there’s still the issue of dealing with a currency exchange.

There are no shortage of ways to execute this type of trade; many people turn to their bank in the first instance. Although this may be the best known method of transferring money internationally, it’s often the most expensive.

Banks often levy hefty charges for sending funds overseas, and typically offer a poor exchange rate. This leaves the customer significantly out of pocket, unaware that they could save thousands of pounds by using a personal currency exchange service from companies such as Privalgo.

At Privalgo we offer a full range of currency services that deliver competitive exchange rates as well as minimal fees and options such as forward contracts.

Take a look at the two following case studies which highlight the potential benefits of using Privalgo for any currency exchange.

Property Sale

A client living in Marbella sold his property for €5million and wanted to bring his money back to the UK. One of his neighbours in Marbella recommended Privalgo. Having recently used its currency exchange service to convert GBP to EUR, the neighbour was very impressed in terms of both the personalised service they received as well as the savings offered compared to the rates from the bank.

The neighbour offered to provide introductions to his own personal dealer at Privalgo. After a very short conversation, the individual realised that Privalgo would be able to offer a far superior exchange rate and also could save the expense of large transfer fees.

The figures the client was able to review made it very clear that Privalgo offered the best value:

Having seen the above offer, the client was keen to proceed without delay and signed up to Privalgo instantly. As a result, the currency exchange was completed and the funds in sterling were received in the client’s bank account later the same day.

Off Plan Property Investment

As well as carrying out simple currency exchanges, Privalgo can assist with more complex transactions, such as this property investment for a client.

The international client was a veteran of property investments, and for the past decade had been using his bank to make acquisitions in the UK. This involved both making the payment and exchanging his funds from HKD to GBP.

In April 2017, the client was preparing to make another purchase, using his normal bank to pay the initial 25% deposit by converting his HKD to GBP. The full purchase price was £229,950,00.

The property sale was due to complete in the last quarter of 2019. Early this year, Brexit was exerting a strong influence over the exchange rates and he had concerns that the pound could perform strongly over the coming months on the back of positive Brexit negotiations. While this may have been a beneficial currency movement for some, for this client it would have been disastrous. A stronger pound would have meant that more HKD would be required to pay for the balance. This could have rendered the property a poor investment.

Upon learning that some expert sources were predicting an upward swing of 10% in the HKD/GBP exchange rate, the client telephoned his bank to find out what options were available to provide protection. After being passed around three separate departments and waiting on hold for long periods, he conceded defeat and hung up.

However, he hadn’t forgotten his currency and mentioned the problem to his UK developer who introduced him to the team at Privalgo. Speaking to currency experts, the client was able to get information about the factors which would influence exchange rates over the coming months and what he could do to mitigate any losses.

The client opted for a forward contract, allowing him to freeze the currency exchange rate and reserve it for use at completion. This meant that although the property sale would not be able to complete until Q4 2019, he could still use today’s exchange rate providing surety over the price and removing any risk from the transaction. Privalgo’s commitment to providing a solution to a complex currency issue and executing it at the best time gave the client a lot of confidence in the expertise of Privalgo and the advice they provided.

More Satisfied Clients

The above two case studies provide a small flavour of the services that Privalgo provide and how we could save you money on currency exchanges by eliminating fees and offering the most competitive rates. To discuss your currency needs with an expert, get in touch with Privalgo today.

Disclaimer: This case study is largely based on real events but is only provided here to show potential savings that could be made using Privalgo and is not a real single trade. The bank rates and fees quoted are fictional using an estimated exchange rate approximately 0.5% above the market rate and used merely to show potential savings of not using a bank service. The actual rates and savings will vary from day to day.

How we can Save you Money on your Currency Transfer
29 August 2019

Despite the impending departure from the EU, global movement has never been more fluid. Whether it’s retiring overseas or bringing money back into the UK to acquire property, boundaries represent far less of a barrier than in the past.

Currency movement requires careful consideration and depending on the purpose, there may be legislation to comply with first. However, when all the administration requirements have been met, there’s still the issue of dealing with a currency exchange.

There are no shortage of ways to execute this type of trade; many people turn to their bank in the first instance. Although this may be the best known method of transferring money internationally, it’s often the most expensive.

Banks often levy hefty charges for sending funds overseas, and typically offer a poor exchange rate. This leaves the customer significantly out of pocket, unaware that they could save thousands of pounds by using a personal currency exchange service from companies such as Privalgo.

At Privalgo we offer a full range of currency services that deliver competitive exchange rates as well as minimal fees and options such as forward contracts.

Take a look at the two following case studies which highlight the potential benefits of using Privalgo for any currency exchange.

Property Sale

A client living in Marbella sold his property for €5million and wanted to bring his money back to the UK. One of his neighbours in Marbella recommended Privalgo. Having recently used its currency exchange service to convert GBP to EUR, the neighbour was very impressed in terms of both the personalised service they received as well as the savings offered compared to the rates from the bank.

The neighbour offered to provide introductions to his own personal dealer at Privalgo. After a very short conversation, the individual realised that Privalgo would be able to offer a far superior exchange rate and also could save the expense of large transfer fees.

The figures the client was able to review made it very clear that Privalgo offered the best value:

Having seen the above offer, the client was keen to proceed without delay and signed up to Privalgo instantly. As a result, the currency exchange was completed and the funds in sterling were received in the client’s bank account later the same day.

Off Plan Property Investment

As well as carrying out simple currency exchanges, Privalgo can assist with more complex transactions, such as this property investment for a client.

The international client was a veteran of property investments, and for the past decade had been using his bank to make acquisitions in the UK. This involved both making the payment and exchanging his funds from HKD to GBP.

In April 2017, the client was preparing to make another purchase, using his normal bank to pay the initial 25% deposit by converting his HKD to GBP. The full purchase price was £229,950,00.

The property sale was due to complete in the last quarter of 2019. Early this year, Brexit was exerting a strong influence over the exchange rates and he had concerns that the pound could perform strongly over the coming months on the back of positive Brexit negotiations. While this may have been a beneficial currency movement for some, for this client it would have been disastrous. A stronger pound would have meant that more HKD would be required to pay for the balance. This could have rendered the property a poor investment.

Upon learning that some expert sources were predicting an upward swing of 10% in the HKD/GBP exchange rate, the client telephoned his bank to find out what options were available to provide protection. After being passed around three separate departments and waiting on hold for long periods, he conceded defeat and hung up.

However, he hadn’t forgotten his currency and mentioned the problem to his UK developer who introduced him to the team at Privalgo. Speaking to currency experts, the client was able to get information about the factors which would influence exchange rates over the coming months and what he could do to mitigate any losses.

The client opted for a forward contract, allowing him to freeze the currency exchange rate and reserve it for use at completion. This meant that although the property sale would not be able to complete until Q4 2019, he could still use today’s exchange rate providing surety over the price and removing any risk from the transaction. Privalgo’s commitment to providing a solution to a complex currency issue and executing it at the best time gave the client a lot of confidence in the expertise of Privalgo and the advice they provided.

More Satisfied Clients

The above two case studies provide a small flavour of the services that Privalgo provide and how we could save you money on currency exchanges by eliminating fees and offering the most competitive rates. To discuss your currency needs with an expert, get in touch with Privalgo today.

Disclaimer: This case study is largely based on real events but is only provided here to show potential savings that could be made using Privalgo and is not a real single trade. The bank rates and fees quoted are fictional using an estimated exchange rate approximately 0.5% above the market rate and used merely to show potential savings of not using a bank service. The actual rates and savings will vary from day to day.

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