If you have decided to or thinking about purchasing a yacht, you may have to pay for it in a currency other than your own.
For example. Assume you are in the UK, and are buying a Yacht in Spain. As you currently reside in the UK, the funds you have are in British pounds. However the yacht you have decided to purchase is being sold in Spain in Euros.
Normally you would assume that your Bank (be it private or high street) will be able to provide you with the best possible exchange rate... Sadly this is a myth as anyone who has done an international payment using a bank will know! Using your bank will almost always end up costing you more!
RationalFX specialise in helping people achieve more competitive rates of exchange. Quite often the saving can be as much as 3% in comparison to the high street bank! Even on £100,000 that's a saving of £3,000! We are able to do this by purchasing at wholesale rates from the 'Inter-Bank' market and passing the price benefit on to our clients. And without the typical overheads of a Bank we can work on very tight margins!
RationalFX can also help you secure your exchange rate now for a future date allowing you to budget for your costs in Sterling or whatever your base currency is. It will also protect you against an adverse move in the currency market that could potentially throw your budget right out of the window and cost you several percent more!
For example... You decide to put a deposit down on a Yacht that you have fallen in love with, with a final payment due in four weeks time. Today the rate to purchase Euros is 1.24 so a 300,000 Euro Yacht will cost you £241,935.48.
However two weeks later the rate of exchange has fallen to 1.20 and now the Yacht is costing £250,000. An increase of £8064.52! RationalFX could have helped you avoid this uncertainty by locking in the exchange rate for your final payment at the time of paying your deposit and thus saved you a further £8064,52.