More often than not, the average person on the street will turn to their bank at this point, and ask them to make a transfer to their bank account in Spain. However, doing so this way means you are exposed to poor exchange rates – and a long lead time. This is where exchange specialist Smart Currency Exchange comes in. Not only can they offer you exchange rates that will beat the bank by up to 4%, but they offer a number of services that will ensure you maximise your funds and minimise your risk.
One of the most useful tools offered by Smart Currency Exchange is known as a ‘forward contract’; this allows clients to lock in a rate now for use at a later date, by paying a small deposit. John Matthews, a buyer from Cardiff, used this service to successfully purchase his dream property in Spain.
He explains: “When I first started looking for property in Spain, I knew that fluctuating exchange rates could be detrimental to my budget if I didn’t adopt a sensible strategy right from the start. My very first step was to set up a no-obligation account with Smart Currency Exchange and straight away I discussed my concerns with my trader, Richard Brown.
“Richard instantly put my mind at ease by suggesting that I set up a forward contract. This is a service that allows you to lock in favourable exchange rates for the future so that when the time comes to transfer your money, you know exactly how many euros you will get to the pound. This was so useful for me – I didn’t have to worry about monitoring the currency markets and it meant that I could search for my property in an informed fashion as I knew exactly how much my budget was.
“Whilst over in Spain on a viewing trip I found my dream apartment. At the time all of my money was back home in my UK account. Fortunately for me when the time came to pay that deposit I didn’t have to worry about what the currency markets were doing because I had already set up a forward contract with Smart Currency Exchange. I made that transfer and confirmation came through that very same day. Smart Currency Exchange provided me with speed and peace of mind – two essential ingredients when buying property overseas. I would most certainly use them again and would recommend their services to anyone looking to do the same.”
Find out how much Smart Currency Exchange’s tools and expert services can save you.
Smart Currency Exchange Ltd is authorised by the Financial Conduct Authority under the Payment Services Regulations 2009 (FRN 504509) for the provision of payment services. Smart Currency Exchange Ltd is authorised and regulated by HM Revenue and Customs under the MLR no. 12198457. The information in this report is provided solely for international purposes and should not be regarded as a recommendation to buy or sell. All information in this report is obtained from sources believed to be reliable and we make no representation as to its completeness or accuracy.