Challenge
Two siblings, one based in UK and the other in EU, selling their holiday home in Mauritius
Two brothers, one a UK resident and the other a German resident, decided to sell their jointly owned holiday villa in Mauritius.
With Mauritian Rupee (MUR) being an ‘exotic currency’ with a much smaller trading volume than GBP & Euro they were concerned that the fee’s for converting to GBP & Euro would be high if they used their own bank directly for the transaction. With this concern in mind they approached MFX for help.
Solution
Moneycorp Network
A member of the MFX team gathered the appropriate information, sent the UK resident brother a link to open a Moneycorp account. The account was opened online within 15 minutes and after some additional due diligence was performed (i.e. proof of the property sale from their Mauritian law firm), the Mauritian Rupees were transferred to the account.
The dealer worked with the client to convert 50% to GBP & 50% to Euro at a competitive rate. The instruction was then taken to transfer each sum directly to each brother’s personal bank account in the UK & Germany respectively.
Result
- Negotiated improved exchange rates from MUR to GBP/EUR from the rate offered by their high street bank
- Significant FX savings
- Zero transfer fees
- Exceptional service levels provided confidence
- Smooth process involving an exotic currency