UK-Based Private Client | Spectrum

Case Study:

UK-BASED Private client

Maximise returns from the sale of a Swiss holiday home by reducing unnecessary currency conversion fees.

Background

Our client, a UK-based private client, had recently sold her holiday home in Switzerland after 20 years of ownership.

The sale price was 850,000 CHF, which was held in her Swiss bank account.

The client needed to repatriate the funds into GBP, but her bank was offering a poor exchange rate with a 3% conversion fee.

Challenge

Transferring the funds using her Swiss bank would have resulted in just £750,000 after conversion fees - significantly below expectations.

With additional legal and agent fees associated with the property sale, the client was concerned that a substantial portion of her retirement pot would be lost before the funds even arrived in the UK.

Solution

After consulting with Spectrum, a tailored solution was implemented.

We provided the client with a multi-currency account in her own name. This allowed her solicitor to transfer the full CHF balance directly into the new account - avoiding the bank's conversion altogether.

Spectrum then carried out the currency conversion at a competitive spot rate, with no hidden charges.

Results

The client received £770,000 - £20,000 more than her bank would have offered, representing a 2.5% improvement.

With fast execution and full transparency, the exchange was completed in under 10 minutes - leaving the client with a boosted retirement fund and peace of mind.

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Spectrum FX Limited is a company registered in England and Wales (registered no. 11080130).

Site by Lashmire.

Stay up to date with market changes

All testimonials, reviews, opinions or case studies presented on our website may not be indicative of all customers.

Site by Lashmire.