Commercial Finance Specialists

Consumers are now pursuing hassle free ways of managing foreign currency transactions for overseas mortgages.

Research conducted by currency specialist FairFX shows that more customers are turning to hassle free online money transfer services rather than traditional phone based brokers or banks for smaller payments abroad (typically less than £25,000). This makes foreign currency mortgages considerably easier to manage.

Since the launch of FairPay, an online money transfer service, FairFX have seen a significant increase in small transfers as consumers turn to the fully online service.

FairFX’s telephone transfer service is still in demand for larger foreign currency transfers (average £52,000) compared to the online FairPay service (average £1,500). Over 80% of small payments are for paying foreign currency mortgages or property servicing abroad.

Stephen Heath, CEO, said: "There is still a place for personal contact and service for larger sums of money. However, for smaller transfers it seems consumers are happier with online hassle-free services. They can see the actual amount that will land in the overseas account and can transfer anytime day or night without the need to speak to anyone."

FairFX recently launched a new range of currencies as part of its online transfer service. As well as Euros and Dollars, customers can now transfer to Australia, New Zealand, Canada and Switzerland, all of whom are catered for by B2B Mortgage.

Hence, there are smart and easy ways to pay for a foreign currency mortgage, but can we help you broker the deal? Contact B2B Mortgage today to see we can help you arrange a foreign currency mortgage for your overseas commercial property or holiday home.