If you need to convert sterling into euro to purchase your new property, the rate of exchange that you receive when you make that transfer will directly impact the price of your property – and if you don’t agree the exchange rate in advance, you are essentially purchasing the property without knowing the total cost in sterling. This part of the process is often left until the end of the journey, even though you can save or lose a significant amount of money here – depending on the rate you achieve when you make that transfer.
After all, currency rates fluctuate continuously. The amount you pay in sterling for, say €100,000 in the morning, will be different even that afternoon – so over the course of days, weeks and months this amount can change dramatically.
Usually when an interested buyer is purchasing their dream home in Spain, their currency exchange process will be based on the rate on the day they decided to buy the property they find. However, the very nature of exchange rates means that they could quite easily actually pay a vastly different sum by the time they come to actually make their purchase.
However, there are ways around this – namely by speaking to a currency specialist, such as Smart Currency Exchange, as soon as you know that you want to buy property in Spain. They will have a number of tools and resources that you can use to make the best of your purchase – such as a Forward Contract, which can be used to book an exchange rate now for a purchase later. Using this tool at the point that you agree to buy your new dream home in Spain means you can agree the price of your property in pounds at this point – and not worry about the price changing by the time you come to complete your purchase.
Further benefits from signing up with Smart Currency Exchange include their ability to offer you better transfer rates than your local bank (saving you up to £4,000 on every £100,000 that you transfer), and the allocation of a personal trader who will monitor the market for you and offer you guidance on the best process for your own personal circumstances.
Smart Currency Exchange is the UK’s only currency exchange specialist that focuses on the property market; this means they have the expertise necessary to help Spain Buying Guide readers transfer funds specifically for house purchase – and because of this, the entire process is efficient, easy and very cost effective.
Find out how much you can save and ways you can save it! Call the friendly team at Smart Currency on UK: 020 7898 0541 to click here to get a free quote.