Currency Exchange for Your Spanish Property Purchase

Specialist currency providers typically offer better exchange rates than banks, making them more cost-effective for both your property deposit and ongoing Spanish mortgage payments. Using one to arrange your transfers can mean a meaningfully larger sum reaching Spain for the same amount sent from home.

• Getting a competitive rate can make a significant difference to your overall cost
• Currency exchange isn’t just a one-off need at purchase — you’ll need it on an ongoing basis too
• You’ll need to move funds to Spain regularly, both to pay your Spanish Mortgage and to cover normal running costs of a property in Spain

What Are Your Options for Changing Money to Euros?

When buying, even with a mortgage in Spain, you’ll need to change some funds to euros. You have two main options: use your bank’s exchange rate, or use a specialist currency exchange company to transfer funds to your Spanish bank account.

• Banks can move lump sums, and can also send regular payments to cover your mortgage and utilities
• Bank exchange rates are generally expensive, and banks won’t advise you on market trends
• Specialist foreign exchange companies focus on moving money efficiently
• These companies buy currency forward and give you access to specialists who monitor the market
• This means they can offer daily spot rates, fixed rates for a set term, and advice on timing your purchase

Should you Shop Around?

Exchange rates vary between providers, and can shift daily. While it’s not practical to contact every currency exchange company, it’s worth shopping around — using a specialist company rather than your bank, and registering with more than one provider so you can compare quotes.

• In line with our company ethics, IMS gives you access to trusted FX companies
• We only recommend FCA and HMRC-registered advisers, so your funds stay safe.
• Our partners hold funds within its own bank account, but keeps each client’s money in a separate, individually tracked wallet — not pooled together with other clients’ funds
• We only recommend providers who consistently aim to offer the most competitive rates
• Our designated partner gives you full information and guidance, helping you decide the right timing for your currency purchase
• They also help you understand whether forward buying or taking the spot rate suits your circumstances

For further information and access to a foreign exchange provider, contact us today.