A 'better quality of life', rather than a 'better climate' is the main reason for buying property abroad, our clients told us in a recent survey. When asked why they had bought abroad, quality of life was seen as most important, scoring an average of 8 out of 10, beating a better climate into second place.
Whatever the reason for buying abroad, it is important to consider the foreign exchange options available before buying. Investors are not always aware of the options to fix the exchange rate at the outset and fix the cost of their overseas property. With the £/€ (GBP/EUR) exchange rate having fallen by over 15% in the last year, leaving foreign exchange to the last minute can be costly. Yet whilst investors would not be prepared to take such a gamble on their UK property, thousands of overseas property buyers are taking this unnecessary risk every year. The question is, why?
The answer is that most investors still use their bank to carry out their foreign exchange transactions - missing out on competitive exchange rates and ways of fixing the exchange rate. By using a specialist currency service, buyers can fix the exchange rate today for when they need to complete on their property. Access to bank-beating exchange rates and a range of ways to reduce your exchange rate risk are features of the Hargreaves Lansdown Currency Service. What's more. . . .
You could win £1,000
By simply opening an account before 29th August 2008, you will be entered into a prize draw to win £1,000. There is no obligation to use the service and no ongoing account fees - but it means you will have access to all the benefits of the HL Currency Service when you need them.
Free transfers until 29th August 2008
Until 29th August 2008, we are waiving our normal £15 charge for all transfers below £10,000 (transfers over £10,000 are always free) and also reducing our minimum transaction size to just £500. This offer is for a limited period only and is a good opportunity to save on small transfers abroad.
Free service for all regular currency transfers
If you need to make regular monthly payments abroad in a foreign currency, our Regular Currency Transfer Plan could be exactly what you are looking for. The service is commission-free and there are no transfer fees to pay if you arrange your plan by 29th August 2008. The minimum monthly amount is £250 and plans can be taken out for up to two years ahead - saving you as much as £84 a year.
What to do next
You can request or download an application form now, or call 0117 311 3257 for further details. Please remember to return your application form by 29th August 2008 to qualify for the free prize draw.
Our currency specialists can be contacted on 0117 311 3257 for an exchange rate quote, or to discuss reducing foreign exchange risk on your future currency transactions.
Chris Saint
Currency Analyst
The Hargreaves Lansdown Currency Service is a trading name of Hargreaves Lansdown Stockbrokers Limited, which is a wholly owned subsidiary of Hargreaves Lansdown Plc. Company Registered in England & Wales No. 1822701. The Hargreaves Lansdown Currency Service is not a product regulated by the Financial Services Authority (FSA) and as such you will not receive the protections given to private clients under the rules of the FSA.
Terms of the offer
Your Hargreaves Lansdown Currency Service application form must be returned complete with the necessary identification documents as listed on the front of the application form by 29th August 2008 to be entered into the prize draw. Hargreaves Lansdown staff cannot participate in the prize draw. No purchase is necessary. Please send a self-addressed envelope for full details of the rules. The winner will be notified by post on 1st September 2008. We reserve the right to publish the winner's name.
To take advantage of the free transfers, you will need to place your confirmed instruction by 29th August 2008. The offer does not include correspondent, or receiving bank charges that clients may incur, or the cost of clients sending a payment to Hargreaves Lansdown. Our normal transfer fee and minimum transaction size will resume on 1st September 2008. The offer is limited to one HL Currency Service account per applicant. Hargreaves Lansdown reserves the right to restrict, revoke or withdraw this offer at any time. If you have any questions regarding this offer, please call us on 0117 311 3257.
