Orlando Florida is heating up and there is no better time to buy your vacation home.
Orlando Vacation Homes – Charles Valeston, La Rosa Realty: As pointed out in an earlier article (Thinking about buying a Vacation Home in Orlando Florida – Part 4 – When is the Right Time to Buy) we are seeing dramatic increases in regular sales while Short Sales and Bank Owned properties have fallen below 5% of the total number of vacations homes currently on the market.
Foreign National Buyers, Acutely Aware of Exchange Rates
Foreign National Buyers are acutely aware of exchange rates. Exchange rates can change daily and so the dilemma for the foreign buyer is when to exchange their funds? For example according to XE Universal, todays exchange rates are:
XE – Universal Currency Converter, www.xe.com/ucc/
1.00 EUR = 1.43904 USD
1.00 CAD = 1.05871 USD
1.00 GBP = 1.63108 USD
Compare Banks Before Choosing
Before transferring funds into the United States of America you will need to open a bank account. Any number of large US commercial banks offer accounts specifically designed to attract the monies of foreign national buyers. These US banks will exchange currency for a fee. Comparing the account services being offered and fees being charged for the exchange service is an absolute necessity before selecting the bank to business with. You will find that no two banking institutions have the same services or fee schedules.
Research Benefits of Independent Currency Exchange Companies
In addition to the banks, there are several independent currency exchange companies that function as brokers between foreign and US banks. Evaluating a few of these independent currency exchange companies can return great benefits. Of course these companies charge exchange fees, however, their fees are lower than those charged by the banks and they offer several unique services. Among these are:
- A personal account management/advisor
- Foreign exchange risk management hedging strategies to properly mitigate foreign exchange exposures.
- Active management of currency risk provides protection against financial shocks, ensures budgeted rates are achieved and instills confidence in investors and lending banks.
- Assistance with setting up an US bank account from your home country.
The following additional services specific to residence of the United Kingdom due to licensing regulations, these include:
- Automated periodic payments which are settled by direct debit from a foreign bank account. Payment schedules can be set up to suit payments such as to an US Mortgage holder.
- Travel money exchanged to fit with specific travel itineraries.
Choosing a firm to do business with, whether it be with an independent funds exchange company or directly with an US bank is a personal decision. You should evaluate both and decide which alterative best meets your personal and financial objectives.
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