When buying property overseas it is necessary to have the Foreign Currency to purchase property. One needs to complete the purchase of the property and pay all the legal fees, in the currency of the country. In the case of buying a property in Austria, this would mean exchanging your Sterling for Euros.
Our colleagues at Foremost Currency are one of the most helpful companies when considering foreign currency purchase. They actively advise clients the best times to purchase currency, to get the best rates when you make the exchange of Sterling.
So, how does it work. Well you open a Foreign currency account. With this account you are able to transfer funds overseas for a property purchase or even to simply have enough currency to go on holiday!! You move funds from your normal everyday Bank or Savings account into your Foreign currency account. In effect you are buying the foreign currency to have in your Currency Account. You can then transfer it to your Bank account in another country for a property purchase or running costs of the property .
Well, as with all Banking there are necessary things to do to conform to the Government’s rules on money laundering. It is relatively similar to opening a normal high street Bank account. You need proof of your identity, this can be your passport. Also, proof of your home address. A Photo Driving licence is perfect for this as it gives most required address details and also has your photo. You may also need a services Bill, such as Council rates, Electricity or Gas.
Generally it takes a few days, because the Currency company must make all the due diligence checks required by Government money laundering rules….so do not think they are being slow opening your account, they are simply complying with all the rules.
Below is a complete page with links and much more information about currency exchange. There is also a Currency calculator, so you can check what you would get for your sterling in another currency.