The Challenge
After a long and successful career in foreign exchange, Alan Hicks didn’t expect to have to call on his expert knowledge in retirement when trying to purchase a property in Portugal.
Having to call around multiple providers to find an optimum rate for purchases abroad, Alan became frustrated that the technology and rates he knew were available at an institutional level weren’t being passed on to the consumer.
The Freemarket Solution
Alan was immediately drawn to the wholesale bank exchange rates offered by Freemarket, coupled with their extremely low commission.
“I’ve used various people for foreign exchange in the past, but I was instantly attracted to Freemarket by their competitive rates. Especially if you’re buying a property, that low percentage makes a hell of a difference.”
Accessing Freemarket from both his laptop and mobile web browser, Alan has been able to quickly and efficiently build up a portfolio of currency in preparation for future property purchases and maintenance expenses overseas. Whether at home, or on the go, Alan is able to keep an eye on his transactions and rates, with live alerts and notifications.
Alongside the simplicity of using Freemarket, Alan was impressed with the speed of transactions.
“Once my exchange takes place at noon, the Euros are often in my account by 1pm. I’d expect that in an inter-bank transaction, but individuals don’t normally see that kind of service.”
The results
Alan has been able to make significant savings using Freemarket. For example, on the purchase of a property in the Algarve, Portugal, worth approximately £700,000. Other providers would charge 1% commission, adding £7,000 to the total cost of purchase. With Freemarket, Alan paid just £1,400.
Freemarket has been Alan’s preferred foreign exchange partner since May 2016. On top of conducting one-off, large transactions to purchase his property, Alan has used Freemarket for smaller transactions to build up a portfolio of currency he can call upon while abroad – and intends to do so in the future to continue making the most of his retirement.
“To anyone else in my position, I would say that – in my experience of the market – Freemarket is the best foreign exchange provider currently available.”
