Moving to the UK is a huge decision which involves lots of moving parts. From choosing the perfect home to finding the right school for your children, there are many important aspects to consider when moving from overseas. That’s why it’s so important to find ways of simplifying the process wherever possible.
Bradbourne Property helps many clients move to the UK and once the perfect property has been identified, a structure to facilitate payment is a key aspect to consider. Moving money between currencies and across borders can be challenging, and there are often significant costs involved.
In our latest blog, David Worthington, Director of Optimal Currency, a Buckinghamshire based foreign exchange brokerage, talks about how their straightforward and cost-effective range of services takes the stress out of arranging international money transfers when moving to the UK from abroad.
Private broking
When it comes to moving your money across borders, there are a range of options available to you, including using a bank in your country of residence to make the transfer, or utilising a specialist app. The problem with these options is that they can include hefty fees. American banks, for example, can charge 3%, 4%, or even 5% on your exchange rate and transfer fees to move dollars into the UK.
Working with a private broker on the other hand, involves significantly lower costs. Optimal Currency, for example, rarely charges more than 1% as an overall cost, and can often even be cost neutral.
“One of the best things about working with a private broker if you’re moving internationally is that it gives you a much better chance of catching a good exchange rate when something significant happens which impacts the market”, says David.
“An extreme example of this was when Liz Truss’ tax reform announcements caused a huge fluctuation to the markets which had an amazing effect on anyone buying out. We had a client in the US, for example, who was buying a £3 million house in Oxfordshire and made his offer before the reform plans were made public. The day Liz Truss announced the changes, the market spiralled and the property became 25% cheaper overnight.”
“We called him and explained the situation. Even though he didn’t have to complete on the property for a few months, as brokers, we were able to fix the rate there and then to take advantage of the fantastic rate of exchange and hold the money until it was needed. It didn’t then change whatever the market did, which gave him peace of mind ahead of his move.”
David explains there are many events that can lead to fluctuations in the markets, with the upcoming Labour budget and US election likely to have a significant impact on the exchange rate. “Working with a broker removes the uncertainty which comes with this kind of event because we can offer a fixed rate. In my experience, a client would rather know they are paying £1 million for a house, that’s $1.3 million, fixed for six months with no fluctuations. You don’t get that through apps or banks. That’s where brokers really provide more support to their clients than they will receive elsewhere.”
Broking and Bradbourne
Bradbourne have worked with Optimal Currency when our clients from overseas have been looking to move to the UK, and David values being part of Bradbourne’s professional network. “I like to work with Bradbourne because they’re absolute experts in the industry. What you experience with many property finders is that they only cover a tiny area, whereas Bradbourne covers a decent swathe of the prime markets in the UK. To have the experience, level of knowledge and relationships with the agents to cover such an area is really special.”
“Stephen is also so personable and easy to get along with. He’s extremely well connected and can always recommend the right person for the job.”
Whether you are living overseas or in the UK, if you’re interested in working with buying agents who can not only help you find your dream home, but can also smooth the process of moving to a new country for you at every turn, get in touch with us today.