/ Finance

Buying a House Abroad?

Why not buy a car with the money you save on transfers?

In a world that’s becoming rapidly more globalised, living abroad is becoming increasingly common with the popularisation of migration. Moving abroad will likely be an intimidating process for anyone, but knowing how to do it cost effectively can save you hundreds, even thousands; making the process a little less stressful. So, what should you consider before moving abroad? How can you save money on your move?

There are a significant number of additional costs which you’ll incur when moving; some can be avoided, some can be reduced. Firstly, let’s look at the costs which you can cut completely. By doing research into the process of moving overseas, you’ll be able to save a great deal as you won’t need a financial advisor. The internet has countless resources to inform you about the financial aspect of the moving process. While using a real estate agency can save you a lot of time and stress, it will also add to the cost of the property due to commissions. There are a number of websites online dedicated to matching property sellers with buyers. If you choose to do this, you should be very cautious. Ensure the person advertising the property is the rightful owner. You will also want to visit the house before hand to ensure it is as advertised (not a bad excuse for a weekend away). You’ll also want to ensure that the property’s deeds haven’t been offered as collateral for any loans.

While there are some costs which you’ll incur regardless of how you approach purchasing a house abroad, there are steps you can take to lessen these costs in a few areas. Firstly, you’ll want to keep an eye on the different property markets as they can vary hugely; even in neighbouring countries. This is something worth doing early on when you decide to move as it will likely factor into where you choose to live. So, moving to the right place can save you a lot of money. What about moving at the right time? Exchange rates are definitely something you’ll want to keep an eye on. When transferring large sums of money, the amount you receive post transfer can vary hugely depending on that days exchange rate. Using apps like Find.Exchange you can set alerts to notify you when the exchange rate is more favourable.

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Another area where you can save a lot of money is on the actual transfer. With so many companies offering so many different rates for the same transfer, on the same route, finding the most competitive can take hours. What’s more, you’ll also want to factor in how long the transfer will take. With big banks charging huge fees on international money transfers, you’ll want to look at some of the smaller, dedicated providers. While the fees will be lower, there will still be a huge selection to choose from. I suggest getting back on the Find.Exchange app and comparing the providers that can transfer on your chosen route. You’ll be able to see how much you’ll get in the foreign currency, how long the transfer will take and the providers user rating. Using this app will save you money, and depending on the amount you transfer, it could be a significant saving. By using price alerts and transfer comparison, you’ll be able to rest assured that you’re getting the most for your money.

By taking these factors into account, doing research and comparing transfer providers and exchange rates, you’ll be able to get a good idea of just how much money you’ll save. You might just find that the budget for your house has gone up. Saving money when moving abroad may not make it any less daunting, but when you arrive at your new Greek villa, knowing that the car you just bought was paid for with money you saved, I guarantee it will put a smile on your face.

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Sam Allen

Sam Allen

We find and compare the best exchange rates between banks, FX bureaus, post office, supermarkets and online money providers. But we're working on something even better...

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