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Transferring Money To And From Bulgaria

Sending payments to Bulgaria to fund a property purchase, or indeed transferring funds back to the UK following a sale, can cost you a fortune in hidden exchange rate

charges, unless carried out through a reputable currency specialist.

Currency transfers effected through a UK bank are not usually executed at the most competitive exchange rates. Banks, with their branch networks and expensive overheads, often apply exchange rates up to 4% worst than the wholesale market rate - meaning individual clients are losing out many millions of pounds each year.

Similarly, sending sterling abroad, to be converted in Bulgaria, leaves the transaction open to whatever exchange rate the local bank decides to apply - and the same problem often occurs, with no way of checking or negotiating an exchange rate yourself.

Thankfully, there are FSA-regulated currency transfer specialists in the UK who can provide a fast, secure service and better exchange rates than the banks tend to offer.

Currency Index, winner of a recent industry "Best Currency Company" award, can offer such a service to Brits buying in Bulgaria, or indeed returning funds from a sale. Payments can be made in Euros or Lev, although usually when buying a property it will work out cheaper to send Euros.

Example savings:
Buying €50,000 through a bank at a rate of 1.0961 = £45,616.28
Buying €50,000 through Currency Index at a rate of 1.1380 = £43,936.73
Saving = £1,679.55

Currency Index can also offer fixed and guaranteed exchange rates up to 2 years in advance, which means if you are sending a series of payments abroad, you can fix a rate so that your budget is not subject to fluctuating exchange rates during the transactions.

When making transfers to pay for an overseas property, it is also essential to have an expert on hand who is used to dealing with similar situations, and can advise on length of time taken for transfers, as well as providing all the relevant documentation to assist with the paperwork abroad. Established specialists like Currency Index will give you one point of contact throughout all your dealings, who will take the time to get to know you and your requirements, eliminating the need to spend hours on the phone going round in circles in bank call centres.

Because currency specialists buy and sell large volumes of currency every day, they can provide their service without commission charges, as a small margin is derived on the exchange rate.

Your Currency Index account manager will also be able to monitor exchange rates for you, and alert you to any opportunities to buy at preferential rates.

If you are sending payments to Bulgaria, make sure you contact Currency Index first - and ensure you don't lose out on your exchange rate.