Currency Exchange for a purchase in Spain
Achieving the best possible exchange rate for the funds you must put toward the purchase yourself can make a significant difference to the overall cost. Currency exchange is not just necessary for the initial purchase but is also an ongoing requirement as funds will need to be moved to Spain on a regular basis to pay your Spanish Mortgage and cover the normal running costs of a property in Spain.
What are the various options available when changing up money to Euros
The two key options when changing up money are to transfer funds from your current account in country of residency to your Spanish Bank account and use the Banks exchange rates or use a specialized currency exchange company.
Using a Bank to move currency
All Banks will provide a service where you can move lump sums or regular amounts of cash from your currency to Euros. In general the Banks exchange rates are expensive and no advice as to the market trends will be given.
Using an exchange company to move currency
Foreign exchange companies specialize in moving money. Each Company forward buys currency, has specialists who are constantly reviewing the market and can offer daily spot rates, fixed rates for a set term and advice on when to buy.
Should you shop around
The difference between what one company can offer as an exchange rate to another can vary on a daily basis. Whilst it might not be practical to try and contact every currency exchange company in existence it is always a good idea firstly, to use a specialized company rather than the Banks, and secondly to be registered with more than one FX Company so you can gain more than one quote for your requirements.
IMS in line with company ethics can offer access to trusted FX companies who will endeavour at all times to offer the most competitive rates, provide full information and guidance and work with you to decide timings of buying currency and whether in your circumstances it is better to forward buy or take spot rates.
Is my money safe
In the past there have been stories of people who used FX companies and have lost their money.
A provider should be FSA and HMRC registered which means your funds are safe at all times. The funds are not held by the company itself but placed into client accounts within Banks.
For further information and access to a foreign exchange provider contact us today.