Get more for your money when buying overseas

An expert foreign exchange service can help make your money go further on the overseas property market

With summer at an end and autumn closing in you might understandably be dreaming of owning your own place in the sun. And now could be the time to buy. With the pound’s strength against the euro and property prices in both France and Spain still relatively low, your budget might go further than you think.

In the aftermath of the Scottish referendum sterling hit a 2 year high against the euro at €1.28. The pound is significantly stronger against the single currency compared to the 2013 low of €1.14. At last year’s low, a property listed at €300,000 would have cost around £263,000. That same property would now be worth around £236,000: a £27,000 saving, simply due to the exchange rate difference in just over 12 months.

Additionally, it is worth bearing in mind, that the property prices in France and Spain are currently still much lower than their pre-recession levels. In parts of Spain property prices are about 50pc below the 2007 prices. However, demand is on the rise again and purchases of Spanish property are up by around 47pc from 2013, so these lower prices may not be around for long.

Using the specialist currency services of City A.M. International Payments you can make your money go even further. The service is provided by foreign exchange experts, Moneycorp who help thousands of people buy property every year.

City A.M. International Payments offer bank-beating exchange rates, typically 3-4pc more competitive than you can expect from your high-street bank – which could mean a saving of around £4,000 on a transfer of £100,000. This would certainly be enough to increase your budget or even cover renovations on a dream "fixer-upper" in the Dordogne.

The transfer fees are also typically much lower than the £20-£40 a bank could charge – with City A.M. International Payments, transfers are fee-free online and cost just £10 over the phone.

As a client of the service, you will be assigned your own dedicated account manager to offer expert guidance on the fast moving foreign exchange market. You will even have access to specialist foreign exchange tools to protect yourself from negative market movements.

For example, a "forward contract" would allow you to fix an exchange rate for up to 24 months. This is perfect for those buying a property in a different currency, since there is often a delay of several months between signing the purchase agreement and payment, during which time, exchange rates could shift and potentially make the property much more expensive, or even unaffordable.

And, after you've completed the purchase, the service can still help with your mortgage and maintenance fees. Moneycorp’s Regular Payment Plan allows you to automatically send payments at a schedule that suits you. Just like a forward contract, you can even fix the exchange rate for up to 24 months. It's easy to make and manage currency transfers at your convenience, you can transact online 24 hours a day, 7 days a week or over the phone with your account manager.

And you can rest assured that your money is safe with Moneycorp, who have been in the foreign exchange business since 1979 and are authorised by the Financial Conduct Authority for the provision of payment services.

So if you want to make the most of your money when buying a dream property overseas, City A.M. International Payments could save you thousands. Get in touch today to find our more, it's free to open an account and there is no obligation to trade.

■ For competitive rates and the exclusive City A.M. offer of free online transfers, call free on 0808 115 3718