Foreign Exchange for Individuals

CD: Why did you want to buy in Orlando, Florida?

Fiona: I was looking to buy a property purely for investment and I was advised that if I was looking in Florida the property had to be in Orlando and within 15 minutes of Disney to get the best return on my investment.

CD: Why did you decide to buy overseas?

Fiona: I was originally looking for an investment property in the UK but a family friend who works in the property industry suggested I look overseas due to the current climate in the UK property market. I researched various countries including Croatia and the USA and eventually settled on Florida due to it’s year round tourist industry which improve my rental opportunities.

CD: What type of property have you bought?

Fiona: I bought a one bedroom apartment in a re-developed hotel. The hotel was a former Hilton property which means that it has everything that a family could need, including manager’s cocktail parties with free food!

CD: How did you research buying your property?

Fiona: After I’d decided on Florida I went to a property exhibition at the GMEX in Manchester. At the exhibition I attended a seminar by property agents Florida Countryside. I used their knowledge and experience to help find my property in Orlando. They were able to advise as to what type of properties would get the best rental return and also in which areas I should be looking.

CD: Were there any problems during the purchase?

Fiona: The first development that I had my name down for was delayed and then cancelled because of a legal issue between the owner and the developer. It then took 12 months before we finally closed on a second development. I also had a problem with getting some of my payments to Florida because the bank decided to bounce back a payment for no apparent reason and another payment got lost. I say lost but what actually happened was that the recipient simply didn’t look hard enough for it!

CD: What advice would you offer to others considering buying overseas?

Fiona: Make sure that you choose a reputable real estate agent.

CD: Have you got any friends or family who have bought property overseas?

Fiona: The family friend who recommended that I look overseas for an investment had a villa built in Spain.

CD: If you are using your property as a holiday home how often do you intend to use it and will you rent it out when you are not using it?

Fiona: Disney is not my idea of a holiday; however, because of this property I am a member of a world wide association where I can swap my apartment for another anywhere in the world at a time of my choosing, although I’ve not tried this yet.

CD: Why did you choose to use Currencies Direct?

Fiona: They were recommended to me by Florida Countryside. But before I actually needed the money for the property I used Currencies Direct for my business as I often have to pay suppliers in the US.

CD: Did you approach your bank about arranging the currency transfer?

Fiona: No. Once my business had used Currencies Direct I realised that I was better off using them rather than my bank.

CD: What would you recommend about Currencies Direct’s service?

Fiona: The service I received was very efficient and I can do everything from my desk – there’s no need to physically see anyone. Currencies Direct also monitor the markets which meant that I got a better exchange rate, plus there were no commission charges or transfer fees. Also if anything does go wrong you have a personal dealer to help you through it.

CD: Please tell us about anything else that you think will be of interest that has not already been covered.

Fiona: Anyone worried abut Florida and Hurricanes … Disney were not daft when they build where they did….stick close to them! Disney is inland and the hurricanes loose a lot of their energy when they touch the land. Last year (before I bought) a hurricane did hit the Disney area, our resort did not have any structural damage although there were some trees and plants affected.