Currency Exchange

Save Money by using a currency exchange company
When paying for your Spanish property, you will have to convert your hard earned pounds into Euros. The price that each Euro costs you will vary constantly, often by the second, and thus timing to buy your Euros, and the rate of the exchange achieved is important.

The different rates of exchange available from banks and foreign currency exchange dealers, coupled with this timing, can make a major difference to the total cost of your property.

Sometimes you do not have any time to wait for an exchange rate movement in your favour, as deposits need to be paid on time, so the only way to save money is to get a favourable rate of exchange.

There are a number of rates of exchange that are available, from tourist rates up to a commercial rate, depending on where you buy your Euros. Reputable currency exchange providers will regularly provide a more favourable rate than a bank and are certainly worth making a comparison

Whenever you transfer money to Spain you will inevitably be charged a lifting or receiving fee by the Spanish receiving or clearing bank. This can be anything from 0.1% TO 0.5% of the amount you transfer over even if it is going from your own UK account to your Spanish account.

This is normally not included in a standard bank charge although most reputable foreign exchange dealers will ensure that it is not charged to you.

The time it takes to move money is in the hands of the banks both in the UK and Spain, and will normally take 2-3 days but may take upto 10 days in extreme situations.

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Majorca Estate Agency