Real Estate Blog Panama October Archive

Exchanging Currency?

By Currency Dave at 10/12/07 17:58

If you are an Expat looking to buy property abroad, you will inevitably need to transfer your currency to US Dollars to buy the property or arrange financing. It is very important to pay attention to the exchange rate for your payments, or it could end up costing you a lot of money!

The fact is that many individuals will simply use the exchange rate offered by their personal bank. The bank's 'retail' rate of exchange is usually a few percent worse than the market rate. The bank may also charge wire transfer fees, commissions, and bank receiving fees. Since the bank takes a large profit that is built into the exchange rate, many individuals don't realize they are other options available to them. There is an alternative to using your bank that could save you significant sums of money.

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