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We cannot express how important currency exchange can be when purchasing a property in Spain. Here’s why.
The purchase of a Spanish property will always take place in Euros and not British Pounds or any other currency. Therefore you will have to exchange your currency in order to make any payments including deposits.
Currency exchange rates have the potential to dictate what you are able to afford and can change from one day to the next. This could mean you are able to afford your dream home one day and not the next. It is therefore of great importance that you do your research before making any financial commitments. This forward thinking could save you thousands of Euros!
In our experience, most of our clients first instinct is to go directly to their bank to exchange large amounts of money to a different currency, believing that as a loyal customer they will get a good rate. However, this is not usually the case and it is not uncommon for banks to take advantage of such individuals.
We would recommend that a good starting point is to look at using a company which specialises in foreign currency exchange .There are numerous advantages to this and you could save as much as 5% compared to using your bank.
Specialist currency exchange companies will offer a number of different services and different ways you can exchange your money. For example, did you know you can fix an exchange rate giving you time to find and secure your dream home with peace of mind?
We work alongside specialist currency exchange companies and will assist you with your property journey from beginning to end including currency exchange. To speak to us about currency exchange or anything else at all, please do not hesitate to contact us.
Not only is currency exchange something you need to be aware of for the initial purchase of your property, but it may be something you need to do regularly moving forward as a Spanish homeowner.
In particular, if you are planning to live in Spain chances are you will need to exchange your currency on a regular basis and move it your Spanish bank account. This could be your salary, a pension or something else, but the rate you receive could make a big difference.
There are different ways you can choose to transfer your money to ensure you receive the best rates possible. As we mentioned above, you can fix rates and you can even set your funds to automatically transfer when the exchange rate hits a certain figure. Using a specialist currency exchange company will give you all the options you need as well as the specialist advice to go with it. You will have the option of controlling your currency exchanges via an app on your mobile phone, on your computer or over the phone. It really is that simple.
Managing your money and currency exchange does not need to be a stressful experience providing you do your homework. We will be with you every step of the way throughout your journey to becoming Spanish property owners and beyond. We are here to help you with any questions you may have about currency exchange or anything else and will ensure you get the best deal possible.
Not only will we assist you with exchanging your funds for the purchase of your new property, but our dedicated aftersales team will always be more than happy to assist you in any way moving forward.
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