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Selling your Portuguese property and moving back to the UK?
Updated: 28-May-2010
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Head of Private Clients for Moneycorp, one of the UK’s leading foreign exchange and international money transfer providers.
Selling your Portuguese property and moving back to the UK?
If so, you’ll need to move your euros back too.
With sterling still struggling to recover from a period of decline, this could be a good time to sell your overseas assets and repatriate the funds.
Whether you own a holiday home, investment property or other assets in Portugal, by selling them and moving money back to the UK, you can potentially benefit from the weak pound.
The pound has traded within a tight range against the euro since the start of the year, from a low of 1.09 to a recent high of around 1.18 due to the economic problems in Greece.
On the face of it, both Euroland and the United Kingdom are in the process of getting their act together.
That should make for renewed stability in the sterling/euro exchange rate. In practice however, there are still risks for both.
Disharmony in the two-party UK cabinet is easy to imagine, given the circumstances of the forced marriage after the recent election.
Plus, the failure of yet another Euroland bailout for Greece would not be a total surprise.
The process of repatriating funds back to the UK can be complicated and you should bear in mind:
• Exchange rates are constantly fluctuating – so knowing when to trade is tricky
• In some countries, banks can charge up to 1% of the value of your transfer
• Legal issues, that differ from country to country, can be confusing – and costly
To help you move your money home, a currency specialist can offer a repatriation service which ensures you make the most of your funds.
When using a currency specialist like Moneycorp, you will benefit from free, expert guidance on the currency markets – and you won’t have to pay commission. Plus you will get more competitive exchange rates than with your bank when transferring your funds.
Judith Johnstone from Hampshire used Moneycorp to repatriate her funds back to the UK.
“Because of the weak pound, paying the mortgage for our holiday home in euros was difficult. My husband and I decided to sell. The Moneycorp dealer explained the transfer process and with their guidance I managed to secure a fantastic rate of exchange, which meant more pounds in my UK bank account. Moneycorp helped us put a silver lining on the sale. I would absolutely 100% recommend Moneycorp to anyone selling property and sending the money home.”
Moneycorp can also take care of all your money transfers to and from Portugal. Their experts make the process quick, easy and highly cost-effective.
To find out how Moneycorp can help you, save money on your exchange rate, please
click on the Moneycorp button on the right hand side.
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