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Online first for Moneycorp - 19 September 2007

Foreign currency exchange specialist Moneycorp has this week unveiled its latest tool to make getting the money to buy your property abroad into the required currency even easier, with the launch of its online accounts.

In a move which provides a service unique to the currency exchange world, the new online account facility allows overseas property buyers to open their account easily and securely, without the need for any form of paper documentation. The automated service will allow users to access their account at any time and set up payments without having to interrupt their working day.

Nick Bull of Moneycorp says this is an innovation in both customer service and account security. He said “The launch of this new service underlines our commitment to making our services more accessible for our clients. By removing the need to complete, sign and post paper documentation, we have further improved the customer experience of our service, enabling most clients to trade within minutes, whilst adhering to anti money laundering regulations.”

A large proportion of overseas property buyers automatically go to their High Street banks for their foreign exchange needs, which leaves them not only with less-favourable exchange rates from the outset, but with less flexibility in payment terms and forward buying of currency.

Recent surveys suggest that British overseas property buyers are losing large amounts of money through not sourcing the most cost-effective solutions to ancillary services when buying and moving abroad. Experts from this weekend’s Property Investor Show at London’s ExCeL Centre have stated that on foreign currency alone, the average buyer loses around €5,500 (£3,735).

 

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