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Currency Exchange

Amber Overseas has teamed up with specialist financial services, who have dedicated expert brokers, who will utilise much experience, to manage your funds to best advantage.

For most of us, the need for foreign currency goes beyond just travel money. In fact, we deal with foreign exchange more than we think we do, and are directly affected by the exchange rate that we get.

Here are a few examples:

• When you are buying a property overseas (for retirement, investment or holidays)
• When you are emigrating
• When you are importing a car, boat or other valuable goods
• When you are joining a University abroad and need to pay tuition fees in a foreign currency
• When you have retired abroad and need to receive your UK pension
• When you have a foreign mortgage and need to make monthly payments in a foreign currency
• When you own an overseas property and receive rent in foreign currency that you need converted into your local currency

HOW IT WORKS

It is as easy as ABC

A is for Account B is for Better Rates C is for Currency Transfer

A is for Account All you have to do is fill out a registration form.

When our specialists receive your completed registration form, they can set up your account on the same day. You will also be assigned to a dedicated dealer who can explain the process in jargon free plain English. If you need any help or guidance in filling in the registration form they will help.

B is for Better Rates once registered you will get excellent exchange rates, better than the high street banks, which can be guaranteed for up to two years ahead. You will also be able to make free international money transfers for amounts over £5,000 or equivalent.

C is for Currency Transfer your currency can be transferred to any destination in the world.

Security of Funds - Money laundering

Under the Money Laundering Regulations 2003, commercial foreign exchange companies are treated as "Money Service Businesses" which are covered by regulations administered by HM Customs & Excise.

Overseas property

When you are buying a property abroad it's a dream come true for most of us, but this dream can easily turn into a nightmare if not done rationally. How does currency price change affect your overseas property buying?

 

Let's take an example, you are a British resident and are buying a new villa in Spain. As the villa is new, you would not be paying the whole amount in one go. You will need to put down a deposit with the developer, and then further stage payments (installments) during the construction over the next 12 months, with a final payment upon completion. You have agreed on a price for the Villa and all the payments will have to be made in Euros.

 

However, the actual cost of the villa (in Sterling) will be dependent on the time you actually buy the Euro to pay the developer. Now, if Pound Sterling strengthens during next few months 24 months, the actual cost will decrease but if the Euro strengthens then your costs will increase. You will need to spend out more Pound Sterling than you estimated for the same amount of Euros. Which means that your property has just became more expensive! Just to give you an idea of the damage it could do to you, the price of Euro was 1.5219 in June 2004 and later in May 2005 it was 1.4526. If the property price is €200, 00 it could cost you £137,684 instead of £131,414 that you originally thought.

Our specialists can fix the rates for up to 2 years in the future. This means that the exchange rates are guaranteed for that particular day in future when you have to make the payment. You have complete peace of mind as you remain in control. Another example could be of outright purchase of a resale property, where there is a time lag between the "Offer Acceptance" and "Completion of sale" dates. The currency price change can just rock your budget. Our experienced specialists will help you identify such risks. We and they are determined to save you money and protect you against any such risks.

EMIGRATION

Our specialists can give you expert foreign exchange advice if you are thinking about emigrating. They will want you to have the best possible start by taking as much money with you, and can offer you competitive exchange rates, free transfers* and no commission, ensuring you are getting the most for your money.

REGULAR OVERSEAS TRANSFER

At times you have to make overseas money transfers regularly. This could be because:

• You have retired overseas but still receive your pension in the UK and you need to transfer it each month to your overseas account
• You have bought a property overseas and you have to make your mortgage payments in Euros
• You are working overseas and send money home regularly

Every month you have to go through lot of hassle and still do not get enough value for your money.

Our specialists can help make the regular overseas transfers simpler and better, with features such as:-

• Better exchange rates than the bank, you get commercial rates as opposed to retail rates.
• No commission charges
• Cheaper transfer fees compared to banks

TYPES OF TRANSACTION

There are various types of currency transactions that we can offer you. Our team of dealers will establish your requirements and outline how each transaction can benefit you. They will offer you expert guidance and provide you with all the information that you require to make a sound and clear decision on which transaction to choose.

Spot

This is the most basic and popular type of transaction. It's a basic "buy now, pay now" system. This is done when the client wants to purchase the currency at "today's" rate, the client should arrange to have cleared funds in our account within 48 hours. The agreed amount of currency is then transferred to the account specified by the client. It will take anything up to two working days to clear the funds in the foreign account.

Forward

This is when the client can secure themselves into a rate for anything up to twelve months down the line. The main difference between forward and spot being, it uses a "buy now, pay later" system. As currency markets tend to fluctuate, this can seriously affect the cost of what ever you wish to purchase. That's why a forward transaction can be used to take the clients risk out of the market.

Stop Loss/Limit orders

In this type of contract, you place an order with your desired exchange rate "upper limit"; you can also secure yourself against a downside in the market (stop) by also specifying a "lower limit". As soon as the market hits that rate, be it any time of the day, the currency is automatically bought for you.

FAQ’s

how can I save money on currency exchange?

Foreign exchange providers buy the currency in bulk from the market at "wholesale rates" and then pass on the price benefit to clients. This could mean a saving from a hundred to several thousand pounds (depending on the amount you purchase). They provide foreign exchange at "commercial rates" as opposed to "tourist rates" available from high street banks.

 How much does it cost?

It is generally free to open an account, and there is no added cost.

 

TOP 5 MYTHS ABOUT INTERNATIONAL MONEY TRANSFERS

1. My bank will provide me with the best exchange rates; after all I have been their customer for several years! Whether you are transferring £5000 or £50,000, normally banks would provide you with “tourist rates”. It would be very similar to when you change your £200 into Euros at a Bureau de change at the airport. This may or may not be the best rate! Foreign exchange providers buy currency in bulk from the market at a wholesale rate and pass on the benefit to you.
2. I feel lost in the currency jargon. I definitely need to be a currency guru to get a good rate! You do not need to know any jargon. You will usually be assigned a personal account manager who will explain various deal options in plain and simple English so that you can make an informed decision. Your account manager should be your one point contact for all your foreign exchange needs.
3. The amount that I am transferring is not that big, it won't make much difference anyway! Money saved is money earned! You would be surprised how much money you can save by using foreign exchange providers.
4. Irrespective of the amount, I will have to pay the Wire transfer fees. The wire transfer fee is not mandatory at all. as the rate is good right now, I should buy it now

 

Exchange rates fluctuate all the time. You will be offered a way that you can secure yourself into a rate for anything up to 2 years. You will only need to put down 10% of the amount that you wish to transfer, as deposit. This way you have taken your risk out of the market and can still earn interest on the larger part of your Sterling.

 

Complete the enquiry form to find out how much you can save.