As a reminder, repayment of the liability directly in the currency of the loan has enabled people to borrow in so-called foreign currencies. Anti -read Act of July 29, 2011.
This Act also deprived banks of the possibility of charging any additional costs in this respect. This also applies to the annexes to the loan agreement necessary to pay installments in the currency, the establishment of which is currently absolutely free.
Borrowers have thus gained the opportunity to buy cheaper currency outside the bank, which can contribute to achieving considerable savings …
Where to get the currency?
Therefore, currency purchases can be made wherever the exchange rate is more favorable than the one set by the bank in which we have the loan.
One possible solution is to buy francs or euros at another bank. In this case, however, no significant differences should be expected, as currency prices in individual institutions are similar.
Another option will be to visit one or more exchange offices, depending on the availability of the currency we are interested in – shortages of the most popular currencies that occur most often around the 1st and 10th of the month, i.e. the most commonly used date of loan installments payment.
The second major disadvantage of this solution is the time consumption. We will devote much less time to buying foreign exchange in online exchange offices. They have recently enjoyed great popularity, and this is probably due to the convenience associated with their use and very favorable exchange rates.
How much cheaper?
The exchange rates of the stationary bureau de change, Good Finance, Good Lender, and three online bureaux de change: and apparently do not differ much.
The difference in the amount of the exchange rate is only visible after multiplying it by the required number of foreign exchange units. Simulation of the cost of purchasing 400 currency units showed that the difference between the most expensive and the cheapest purchase is:
- USD 36.32 for the US dollar,
- 47.44 USD for the euro,
- USD 38.60 for the Swiss franc,
- USD 62.68 for one pound sterling.
How much money we can save
Apparently not much. In the case of the dollar, we will save the least, 36.32 USD, and the most – 62.68 USD – when you buy 400 pounds.
However, it is enough to multiply these amounts by 12 installments a year. We will then get USD 435.84 for the dollar and USD 752.16 for the pound, respectively. This clearly shows how much money we can save during the 20 or 30 years of the loan period.