We believe that you should be as well informed as possible prior to commiting yourself to buying a property abroad, and this includes the knowledge of how to pay for it. The more preparation that you carry out in advance of your trip, the more relaxed you will feel when you proceed with your purchase. In the majority of cases, you will need at least 25% of the total purchase price to reach your country of purchase within a month of signing the contract. Should you purchase a property soon after you arrive and are on a 2 week visit, setting up a dealing account and transferring the money on your return can be very stressful when taking into account that it takes many days for your funds to reach a bank account abroad.

Ask us to forward you an information pack well before you travel, that way you have plenty of time to understand the process involved in transfering money abroad, and why conducting business through a specialist currency transfer company can save you as much as £1,000 on a £50,000 transaction when compared to using a high street bank.

With your information pack, you will also receive a form to complete which will open an account for you should you wish to transfer currency in the future. Or you can simply register online and be ready to trade within an hour. Once your dealing account is opened, you will be allocated a personal dealing reference number and be able to transfer money to any country and in any currency by making a phone call from anywhere in the world.

It’s up to you. You can telephone your allocated personal dealer many times a day to obtain a foreign exchange rate, or you can place an order so that when the market hits that rate your personal dealer can either call you or execute your instruction – whatever suits you. Your dealer will be able to tell you how the exchange rate has been performing recently so that you will be able to make an informed decision when to trade, another reason to avoid the situation where you have to carry out a rushed transaction.

You may pay by Telegraphic Transfer (sometimes referred to as a “CHAPS” payment) which normally guarantees that your transfer will reach the currency exchange company's account either the same day or the next day.. This method can be used to avoid any delay in the delivery of your funds but normally incurrs a charge by your own bank. You could also make a BACS transfer, which can take up to three working days to reach the account. Finally, you could pay by cheque, this method would obviously delay proceeding by 5 working days to allow for the clearance of funds and the postal system. All payment procedures are explained to you in more detail prior to securing a rate. It is only when cleared funds are in the company's account that the money is released to your nominated overseas bank account, and in practice, this normally takes another 3 to 5 working days.

No, but it should be noted that some overseas banks charge you to receive currency from abroad.

Yes. This is known as “Forward” buying whereby you fix your foreign exchange rate in a specified amount today and elect a date in the future where you would take delivery of your currency. Your elected date can be anything from 1 week to 4 years in advance from the actual date of your order. When buying currency in this way, a margin payment of 10% is required at all times and you must pay the remaining 90% balance of your Forward contract(s) 5 days before the contract maturity date.

A margin is required as standard security against currency purchased on a 'Forward Basis'. A 10% margin of the total amount of any Forward Contract is held and the remaining 90% is paid upon maturity of the Contract. It is important to note that the 10% margin is maintained at all times against your trade to reflect any sudden market movement.

Yes. But in practise, you will find the process of transfering funds abroad a simple process. The information pack you receive will answer most of your questions, but if you still require more information after reading it, contact Cooper's, or telephone your allocated dealer who will always be able to explain in detail anything that you need to know. They have a 24 hour 5 day a week dealing desk and a 24 hour 7 day a week information desk. (excluding Bank Holidays)