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Foreign Exchange Northern Territory Article
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Currency Exchange Case Studies
It is extremely important to understand the
principles of using a currency exchange broker. If we cannot explain clearly
you will go back to your trusted bank to arrange the transfer. Not only will
these possibly charge for the service they'll not get the best deal. No...
excuse me... they will get the same deal we can get but they will
appropriately charge a higher return because they have superior overheads.
It is common for the banks to charge between 2
to 4% on top of their wholesale purchase of currency. 95 times out of 100 we
will charge less than 1% (the 5% will be for third world countries,
especially those with a civil war).
Rather than explain further allow us to give
some real situations...
Check out
our following case studies and determine which one might be similar to your
own situation.
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Exchange
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Case Study
In November 2007 Simon from Gloucestershire wanted to invest in a property
in Miami, mainly because the dollar was weak against the pound. He had
£175, 000 to invest which was going to buy him a substantial property. He'd
been given a quotation from his bank at US $1.80 / £1. A broker in
comparison could achieve US $1.84 to the £1; plus of course these brokers
don't charge any incidental fees. Simon if he would have gone through his
bank would have got $315, 000; but because he chose a broker they were able
to secure $322, 000. This saved Simon $7, 000 almost £3, 400
Scroll below... For more Case Studies
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Case Studies Currency Exchange
continued...
Case Study
Ines and Kevin from Glasgow were buying a Duplex in Spain, January 2008; it
was a strange scenario, they were renting before they bought. They had lived
in Spain for approaching 11 months and had left their house sale money in
their bank in Scotland. Because of their purchase they had been advised to
use a broker. Rather than use the broker that the building company
recommended, they had chosen to look on the internet. Fortunately they had
found a Currency Broker. Most brokers can always beat a bank's quote, it
isn't so easy to beat another broker. The Currency Broker saved Ines and
Kevin €1, 300 Euros over another broker, but nearly €6, 200 Euros against the
banks
Case Study
In August 2007 there was Jayne from Southampton, she was buying a property
in Almeria, Spain. Her transfer was for a villa at £325, 000; a superb 5
bedroom villa with sea views. Her bank had frightened her with the exchange
rate, so she decided to look elsewhere; fortunately she came to a brokers
website. She was offered an exchange rate of US €1.39 / £1; they were able
to offer €1.41 / £1. This meant had she continued with the bank she would
have realised €451, 750 - however fortunately the broker service could manage
€458, 250; saving Jayne €6, 500 (£4, 600)
Case Study
In September 2007 Dominique wanted to buy an Apline ski home in Austria. The
property was valued at £295, 000. He hadn't gone to the bank as he had heard
that the banks weren't always the best choice. A broker will be fully aware
of what the banks charge at what rates they work with: Barclays on this day
was working with an exchange rate of €1.35 / £1; the broker on the other
hand could get €1.38 / £1. Using Barclays, Dominique would have received
€398, 250; whereas the broker actually secured him €407, 100 which has a
difference of €8, 850 (£6, 400).
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We know that changing currency for property
purchases abroad can be a daunting possibility, but if you don't proceed
with caution you could be wasting £15, 000.
The whole proceeding of changing currency is
complex; especially for those who may only use such a service once on their
lifetime.
Foreign Currency SNIPPET...
Euro
falls as ECB raises rates 25bp [at Financial Times]
- Financial Times - Thu 03, 04:35 PM
The euro fell from a 10-week high against the dollar on Thursday after the
European Central Bank indicated it might have reached the end of its monetary
tightening cycle.
If a currency strengthens or weakens against another, what does that
actually mean to you?! In order to understand currency exchange matters,
it's often easiest to review real situations with real losses or gains.
Please check out our frequently asked
questions page...
Frequently Asked
Questions
Foreign Currency SNIPPET...
Euro
falls as ECB raises rates 25bp [at Financial Times]
- Financial Times - Thu 03, 04:35 PM
The euro fell from a 10-week high against the dollar on Thursday after the
European Central Bank indicated it might have reached the end of its monetary
tightening cycle.
EU countries using the euro: Austria,
Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the
Netherlands, Portugal, Slovenia and Spain. |
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Exchange Quote | Case
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Foreign Exchange Northern Territory News
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On December 31, 2008 foreign exchange reserves of the National Bank of Romania stood at EUR 26,220 M, compared to EUR 27,228 M at November 30, 2008 and EUR 25,307 M at December 31, 2007, a press release informs.
Read more...
LONDON (Dow Jones)--Following are European Central Bank foreign exchange reference rates. All currencies are quoted against the euro.
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Taipei - Taiwan's foreign exchange reserves posted a month- on-month increase to a record high of 291.71 billion US dollars in December on interest and other gains, the Central Bank reported Monday. Our foreign exchange reserves stood at 291.707 bil...
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(RTTNews) - Israel's foreign exchange reserves totaled US$41.414 billion at the end of December, representing an increase of US$4.559 billion from the end of November, the central bank reported Sunday.
Read more...
(RTTNews) - South Korea's foreign exchange reserves rose to US$ 201.2 billion in December from US$ 200.5 billion at the end of November, a report by the country's central bank said Monday.
Read more...
As the global credit crisis takes its toll on the world economy and further depresses oil prices, Nigeria 's foreign exchange reserves fell by 6 billion U.S. dollars or 8.2 percent in December last year to 52.7 billion dollars. The reserves in the month to Dec. 29 dropped from 57.4 billion U.S. dollars in November, the Central Bank of Nigeria (CBN) said Friday in its monthly report. Record oil ...
Read more...
Zimbabwe's economy is now virtually based on foreign exchange, a state daily said Thursday, with fewer goods and services available in the local dollar which is rapidly losing its worth because of galloping inflation,
Read more...
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