For any home buyer who is paying cash for a property, the Seller of that property is going to require proof of assets / funds that cover the purchase price. This can be a bank statement, savings account, investment or retirement account that shows on bank letterhead the total amount of funds available. This statement usually will suffice in proving the assets needed to purchase a particular property. The challenge for a U.K. buyer is that their funds show total amounts in Pounds or Sterling. A knowledgeable agent can help the seller overcome these challenges with the conversion from pounds to dollars that show the true value. In a normal housing market this worked just fine but what we are currently seeing with all the Bank Foreclosures is that the seller (banks) will only accept an offer in U.S. funds.
So, how does a U.K. home Buyer submit an offer to purchase and show proof of funds without a U.K. bank account? The answer is very easy. Moneycorp is a foreign currency exchange company based in the U.K. that can convert U.K. Pounds to Dollars and show statements if this transaction in any currency required. The process is very easy once an account is opened with Moneycorp and the transaction can be completed within 24 hours. Moneycorp can hold the funds for a Buyer or direct the funds to a U.S. bank or escrow account.
Time is of the essence when dealing with properties in our current market. Often a foreclosure property will sell in a matter of days so it is necessary to provide the information the seller is requiring very quickly. Using Moneycorp to show proof of funds gives a buyer a fast access to show funds in U.S. dollars as well as a more effective way to transfer funds at very competitive rates.