On deciding to purchase an overseas property in the Caribbean, a private individual was referred to Hermex to change his currency for the property purchase. He was keen in securing a very competitive U.S. Dollar rate for his transaction. After a discussion with an account executive at Hermex he decided to register as a client in order to obtain the competitive rate he was after.
Example: Private client bought a 3 Bed Villa in the Caribbean.
His Purchase Price was USD$ 200,000
His bank quoted him – USD$ to GBP Rate: 1.62
Therefore using his bank it would have cost him GBP£ 123,456.79 to buy USD$ 200,000
Hermex rate – USD$ to GBP Rate: 1.64
So it actually cost GBP£ 121,951.21 to buy USD$ 200,000