Do you intend to buy a superb Costa del Sol property in 2018? If so, you'll want to transfer your money from the UK to your Spanish bank account at a fantastic exchange rate, whether you've got your heart set on a beautiful 2-bedroom duplex penthouse in Marbella for 384,000€. or a fantastic apartment with a swimming pool and spectacular views in Calahonda for 389,000€.
Given this, how can you make sure you get an outstanding exchange rate, to lift your euro total, and make buying your dream Costa del Sol property more affordable for you? Well, here are 5 expert tips!
1. Transfer your money to your Spanish bank account sooner rather than later.
When you buy your gorgeous Costa del Sol property, you may get so excited, and leave transferring money to your Spanish bank account to the last minute. The thing is though, in this case, you'll have to accept whatever exchange rate is available then, even if it could be better. Instead, to get the top exchange rate, transfer your money well in advance of your Costa del Sol home purchase!
2. Don't get greedy with the foreign exchange rate you're after.
When we exchange currencies, it's tempting to wait and see how high the exchange rate goes, to try and get the biggest possible euro total. The thing is though, the foreign exchange market is volatile, and a rising exchange rate can quickly fall again. Given this, instead of seeing how high the foreign exchange rate goes, take an acceptable exchange rate as soon as it becomes available!
3. Lock in your exchange rate in advance, with a forward contract.
Do you want to lock in your exchange rate in advance, to ensure you get the euro total you need to buy your beautiful Costa del Sol property? If so, you can do so, with a forward contract! This way, you're protected against volatility in the foreign exchange rate further down the line. This gives you peace of mind that you'll receive the euro total you need to buy your Costa del Sol home!
4. Seek guidance from a friendly, professional currency dealer.
Is this your first time transferring abroad a significant sum of money? If so, seek guidance from a friendly, professional currency dealer. He or she will explain to you how the money transfer works in plain English, to put your mind at ease. In addition, he or she will keep you informed of the foreign exchange rate, so you'll know when it's a favourable time to transfer money to Spain!
5. Transfer your money with a currency specialist rather than a high street bank.
When we exchange currencies, it's tempting to go straight to our high street bank. After all, we use our high street bank for most other financial subjects! The thing is though, a currency specialist will provide you’re a far better exchange rate than your high street bank. This way, you'll significantly boost your euro total, to buy the Costa del Sol property you've been dreaming of!
With these 5 expert tips, you’ll get an outstanding exchange rate, to make buying your very own Costa de Sol property more affordable for you!
By Peter Lavelle at foreign exchange broker Pure FX https://www.purefx.co.uk
+44 (0) 1494 671800
Posted on March 7th, 2018