This is possibly one of those "gem" bits of information to store away in the archives of one's mind.
It is not restricted to just real estate although it does have a possibly huge impact for any buyers who are intending using money from outside of the USA for a home purchase.
It has the potential for a significant gain in life events such as relocation to a foreign country and in the event of the dispersal of monies from an estate if crossing International borders.
When transfering money internationally the most frequent way is by check or "wire" from your or to your bank. The bank then exchanges the currency at the going rate and credits/debits your account.
Well, the bank exchange rates are competitive against each other, but they are not telling the whole story.
For example, if you were to received £100,000 and you deposited in your bank you would receive something like $142,000 due to the exchange rate.
Now if you had an option, would you prefer to receive an extra $7000 on top of this amount.
Well, now you do have that option.
The are companies that deal with currency exchange, no I do not mean the type of currency exchange companies you find at the airport. These are specialist brokers that deal normally with only their home currency. They are able to exchange currency at very nearly "market" rate. This is what makes the difference.
If the currency exchange (Forex) market rate for USD/GBP is 1.5000. Your bank is going to be in the region of 1.4200. A currency exchange broker is going to be able to get a rate of 1.4965 - 1.4950. That's a significant gain on your money.
You may think that people who move large amounts of money across international borders would know about this!
That's what I thought, but they don't always know.
If you are looking to move money from USA to UK or vice versa, try contacting Ashley Ingle at Excel Currencies.
For other currency exchanges a simple web search should provide the answers or possibly contact Ashley for a recommendation/referral.