At Privalgo we strive to provide our clients with bespoke solutions to ensure that they are maximising their international payments and currency transfers. We help our private clients facilitate a range of purchases and sales, but one of our specialities is luxury goods.
Since our inception, we’ve helped our clients achieve the most cost-efficient rates for their purchase of luxury goods by following the same philosophy that we apply to everything we do. And that’s combining technology and talent. Now enough talk, let’s see how we’ve helped.
Much like many Brits, one of our clients, Cecil, spends the summer months soaking up the Portuguese sun, escaping the erratic English weather for non-stop sunshine and crystal blue waters. After purchasing a property through one of our partners in the Algarve, they used Privalgo to complete their property transfer. After deciding to make the move permanent they decided they wanted to purchase a boat to spend more time at sea.
After deciding on a beautiful 120ft Motor Yacht valued at €6,500,000, they went forward with the transaction. The boat broker went to facilitate the purchase and subsequent currency transfer using their bank, however Cecil decided to check the rate that he could get with Privalgo instead.
The rate supplied by the boat brokers bank for the transaction was 1.0522 (GBP/EUR), with the value of the boat purchase at £6,177,532. Cecil then reached out to his Privalgo Relationship Manager, Will Stephenson, who informed him that Privalgo could combine a rate of 1.1013, explaining that with our market-leading technology and transparent pricing model we could potentially save Cecil a mammoth £275,417 by trading with us. With no hidden fees. Just simple and effective customer service. The decision was easy, and Cecil went with Privalgo. He’s now exploring the Algarve all year round, enjoying his savings wisely.
It’s no secret that Switzerland is known for its watches, it’s known as the Watchmaking capital of the world! One of our clients Rebecca, was travelling through Switzerland on a skiing vacation making the winter pilgrimage to the Swiss Alps. With her 15th wedding anniversary coming up, she wanted to buy her husband his favourite watch, a Swiss-made Ulysse Nardin. The model that he wanted retails for around CHF 29,990 and goes to make the transfer using her standard bank back in the UK. Her bank offered a GBP/CHF exchange rate of 1.15718 meaning that the price of the watch in GBP was £25,916.45. Although not knowing much about FX markets, she did a quick check online and saw there was a significant different between the rates found online (the inter-bank rate) and what her bank was offering.
A friend of hers had recently used Privalgo for a property purchase and she decided to compare the rate to see if she could save some time and money. She went onto the Privalgo website and within minutes was speaking with Relationship Manager Alex. He informed her that she could in fact get a much better rate with Privalgo, 1.1836. This brought the total purchase price of the watch to £25,337.95, saving over £570 when compared to her usual bank. This amounted to nearly 3% of the total purchase cost.
Rebecca opened an account in a matter of minutes, needing only a passport and a selfie. Only hours after initially speaking with Alex, the account was live and the transaction was processed. Another Privalgo success story.
Home to some of the world’s most famous artworks and museums, Paris is one of Europe’s premier cities for fine art buyers and sellers alike. Dominic an art collector from the UK was walking through the Montmartre quarter, famous for being the neighbourhood of artists, when he walked past a contemporary gallery. He immediately fell in love with the artwork in the window and went inside to enquire.
After hours of deliberation, he had negotiated the artwork to €60,000. He had only brought a pre-loaded travel card with him so realised he would need to make a bank transfer from his UK account, requiring a currency transfer to pay the French gallery in Euro’s.
He logged into his bank account and went to make an international transfer, however they were offering a rate of 1.0551 for the transfer. After seeing on the news earlier today that the rate was around 1.11 GBP/EUR he decided to search online for another supplier, where he found Privalgo. After reading about their transparent pricing structure and market-leading tech he decided to open an account straight away and get his live rate. After a quick and easy sign-up process, he was contacted by his dedicated account manager, but being quite tech-savvy, he thought he would give it a go himself.
With an intuitive and easy-to-use platform, Insight, Dominic got his live rate which was significantly better than his bank’s rate at 1.1031. He deposited funds and executed the trade, moments later the artwork was his! He secured the artwork for £54,392.16, a staggering £2,474.49.
Are you getting the best exchange rate and service for your luxury good purchase?
If you’d like to find out exactly how much cheaper your FX transfer could be, fill in the form to the right and Privalgo will get right back in touch with you.