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Overseas Investments

Residential investment portfolio in the USA

I helped Heather Lewis-Pryor buy a residential investment portfolio in the USA pre-Cosmos.

We kept in touch and in 2021, she decided to sell-up and needed to repatriate the net sale proceeds back to the UK?

The Cosmos registration process for a personal client consists of a 90-second online registration application form and if like H, you are on the electoral roll and have lived at the same address for over 3-years, chances are like her we can do our ID and address checks electronically and will not even need back up documents. Even when we do, it rarely gets more complicated than a colour copy of the photo page of your passport for ID and a less than 90-day old bank statement or utility bill to confirm you at the address you register under.

At Cosmos, with supporting documentation, our FCA licensed partners can accept the funds directly in from our clients closing real estate agent.

The clients USD funds were duly lodged in our FCA authorised partners clients safeguarding bank account and safely kept there whilst we monitored the currency markets until the clients target rate was available.

In fact, in this case, the clients target rate was exceeded.

It’s worth noting that our partners clients safeguarding collection accounts are non-interest bearing so we have no ulterior motive when we suggest the client might want to consider waiting for a positive market movement. 

import/export

Company Imports

Adige Radiators Limited is a 16-year-old London based company specialising in the wholesale of hardware, plumbing and heating equipment and supplies and sells on a retail basis via mail order and online.

The company imports from a variety of countries including China, Turkey and Poland using a diverse number of currencies including GBP; USD; EUR; PLZ and TRY to pay their suppliers.

In addition to the normal Cosmos services (highly competitive fully inclusive exchange rates; rate monitoring to alert clients to opportunities in the currency markets; local collection accounts).

Adige Radiators Limited also uses the Cosmos 24/7 trading platform so even out of hours, they can contract and purchase the currency they need at an agreed set spread from the interbank market; upload beneficiary bank account details; upload copy invoices for compliance and with prompt payment via free of charge online banking on their part.

Their trades are always available to settle on a same day transfer basis allowing them to negotiate the finest payment terms from their suppliers.

monitoring the money markets

Helping clients get the best rates

Roger Hottot with his wife Jennie and brother Edward set up Hottot Transport back in 1963. The company is still going strong and in family hands although both R and E are long retired.

Roger and Jennie and three children all emigrated to Australia and for many years until 2021 Roger & Jennie shared their retirement time between both countries.

Edward lives in Spain.

Roger has always been fit and active but in the last 2 years has needed surgery and has had a few health scares, so Roger & Jennie made up their mind to sell up completely in the UK and move lock, stock and barrel down under.

This involved liquidated savings, pensions and selling their UK residence so funds came in at different times and with the very high property prices in NSW where their children and grandchildren are based, it was imperative to maximise their return.

At the time they advised me of their decision, GBP to AUD exchange rates were around the 1.75 level. They made their calculations on an exchange rate of 1.80.

As funds became available, over a period of months, Cosmos carefully monitored the markets and managed to trade at an average rate of 1.8168 for these clients. On their budget (more than £1.25M) this gave them an extra AUD $21,000 over their target rate and a whopping $84,000 more than when we first started collecting their funds on account in preparation of the transfer of their funds.

the property Markets

Buying and selling overseas property

J P M Ltd is run by a husband-and-wife team of Accountants with their own long-established practise.

J P M Ltd is the corporate vehicle they use to buy and sell overseas property, to date in France and Spain.

Their last major requirement involved trading up from an apartment to a villa in Spain. To self-finance this, they sold a UK property, sold their Spanish apartment to then complete on their villa purchase so we were dealing with various completion dates and solicitors etc.

The UK sale went through smoothly enough, but Mark & Joanne had terrible problems with the would-be purchaser of their apartment.

Cosmos carefully monitored the currency markets and the clients then locked in a 1-month forward purchase in October 2021 when the Pound to Euro exchange rate was at its then highest level since February 2020, before the first lockdown in the UK with a 10% security deposit paid.

At Cosmos, all our forward contracts are also completely flexible, so the clients have the option of drawing down their forward contract at any time during the period of their contract and do not have to wait until the end date of the contract.  

As the clients are UK based and the Euro funds were going into the EU banking system (Spain) post-Brexit, our clients were able to avoid incurring extra costs by sending the funds out by the EU’s own SEPA payment system. Most brokers are only members of the global SWIFT payment system but in these post-Brexit days, the use of the SWIFT payment system could land a client with additional costs.

serious money saving

Working to tight deadlines

Malcolm Gammons runs a large UK based specialist car dealership and alerted me in April 2021 that he had found his next ‘baby’, a 1965 Jaguar E-type in the USA in good order but the car needed a repaint some remedial work , a price was agreed but M had until August to complete on the purchase.

Cosmos duly added Malcolm’s GBP to USD requirement to our ‘rate-watcher’ list and alerted him in June that the Pound had reached a 38-month high against the Dollar.

Whilst Malcolm liked the available exchange rate, he did not need the funds for another 2 months.

The Cosmos solution?

For Malcolm to enter a forward and not a spot contract. This meant Malcolm could lock in the excellent exchange rate that was available at the time but not tie up his personal cash-flow for 2- months as our forward contracts only need a 10% security deposit. Malcolm then kept 90% of his funds in the Building Society earning interest for the additional 2-month period.

In August, the repaint was complete and the car was ready to ship ‘across the pond’ to the UK.

Malcolm duly sent in the 90% balance by online banking to save in unnecessary bank transfer fees and in accordance with his instructions, we released the USD funds bought back in June on his behalf direct to the seller. Funds arrived on the same day of transfer and a week later, Malcolm took possession of his new ‘baby’.

If Malcolm had done the conventional thing and gone to the bank in August when the funds were required, the same amount of Dollars would have cost him an extra £4k due to the Pound’s 4-cent fall against the Dollar between June and August.

helping you to maximise your profits

Closely monitoring the money markets for you

P J Wiseman Ltd has been established in North Yorkshire for over 22 years and specialises in the sale of machinery, industrial equipment, ships and aircraft and the wholesale of machine tools.

They both import and export, mainly with the EU and the USA.

The company has GBP, EUR, and USD bank accounts based in the UK and in the past has used the banks and mainstream brokers to assist with their currency exchange transfers, both when paying suppliers and when receiving currency funds from clients.

By using Cosmos, By using Cosmos, Gemma Harling, Director of P J Wiseman Ltd benefits from the fact that Cosmos will monitor the markets and alert the company to opportunities; offer highly competitive fully inclusive exchange rates and helps the company win and keep clients by offering their own clients local collection accounts in the USA, Canada and the EU.

stress free time and money saving

Before using Cosmos, Tony had the monthly hassle and cost of...

Cosmos has had the pleasure of being Tony Yaskin’s currency broker for many years now.

Tony served in the US Air Force rising to the rank of Lt Col.

He is now happily retired and living in the Somerset countryside.

Before using Cosmos, Tony had the monthly hassle and cost of repatriating his US Air Force pension back to the UK. He tried various banks and online payment systems, but each was fraught with excess costs and time delays and because their systems are fully automated, Tony had no control over the timing of his monthly US Dollar to Pound transfers.

With Cosmos, after a quick and easy registration process, Tony obtained access to a US Dollar collection account in New York. This enabled him to simply transfer his monthly USD funds free of charge online to our clients USD collection account.

With Cosmos, all client funds, irrespective of amount or currency denomination are held in fully protected clients’ accounts in full accordance with FCA rules and regulations.

In addition, at Cosmos we monitor the currency markets for our clients to alert them to opportunities in the markets when the exchange rate is favourable so clients can maximise their return from each transaction.

Recently, due to an unforeseen family crisis, Tim, Tony’s potato farming son in New Zealand needed financial help.

Despite the extreme market volatility in recent times, with careful analysis Cosmos was able to secure the best pound to New Zealand Dollar exchange rate for over 7 months for Tony, maximising his financial assistance to Tim.

Discover how we can help you with any currency conversion and movement through our case studies

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