HOW TO SAVE THOUSANDS ON YOUR CURRENCY EXCHANGE

There are many factors to consider when buying a property abroad. This doesn’t necessarily make the process more difficult, it just requires slightly more research and organisation. Following the typical UK process of viewing a property, buying overseas is no different, and usually this is done via a viewing trip, or inspection trip as they’re also commonly known. A good agent will be able to take you to locations of interest and view a wide range of properties which meet your pre-defined criteria. They will also be able to introduce you to mortgage companies, solicitors, furniture suppliers, and many other important contacts you’re likely to need.

Another factor that many people don’t consider until the last minute, is the transfer of funds. Exchange rates are not something we can control, but by not being aware of the current rate for the country you are purchasing property in, you would be leaving yourself open to quite an expensive mistake. Ensuring that you not only get the best exchange rate, but also that it is transferred safely and securely, is one of the most important aspects to bear in mind when purchasing property abroad.  

Currency exchange specialists can provide you with everything you need ahead of your property purchase and even long after you’ve completed on your property. Here are some of the benefits of speaking to an exchange rate company over your average high street bank:

• Foreign markets explained

If you’re buying a property in a foreign country for the first time, it can take a while to get your head around the exchange rate and how to get the most for your money. With currency exchange specialists, you can often register with them for free and get instant advice on your chosen currency and information on the best way to transfer funds. These specialists have years of experience with many different and volatile markets so can advise you best on how to plan your monetary transfers, and provide guidance on when the right time is to exchange. They’re there to help you every step of the way and to help you with your case from beginning to end, so utilising them as much as possible will be wise in the long term.

• Flexible services to suit you

There are many services and options available to you, depending on your personal situation. Here are just a few examples of when you might need to use currency exchange services:

• You may have booked a viewing trip to Spain and need to exchange a small amount of cash to use whilst you’re in the country
• If you’re considering a move to Spain in the near future and would like to get an idea of exchange rates but are not quite ready to commit for a few months
• You are relocating and need to change all of your sterling accounts into euros and transfer them into a new overseas account

Exchange specialists have the ability to evaluate your needs and present you with a transfer option that meets your requirements, ensuring that you get a great deal regardless of whether you’re exchanging a small amount or a large sum. Not only this, but transfers are made quick and easy too. Payments can be made by direct debit in your local currency and directly into your overseas bank account so it’s ready and waiting for you on the other side, making the process seamless.

• Finding the best deal on the market

One of biggest advantages to using an exchange rate company is that they do the groundwork for you. By constantly scouring the market and keeping a close eye on upcoming trends, they can provide you with the very best deals that can save you hundreds, or even thousands of pounds. By using their industry expertise, they can often predict fluctuating rates and provide you with all the tools you need to transfer your funds at the best rate available. It’s always important to remember that these companies are often heavily regulated and have official authority from the FCA to ensure the safety of your money; this can bring you peace of mind when transferring cash for your future property.

• Alerts for the best rates

Unlike high street banks, currency specialists can set up alerts for you, so you instantly know when your chosen exchange rate has risen or fallen. High street banks simply don’t have the time to inform clients of fluctuating rates, which can result in missing out on a great deal when one comes along. By receiving direct alerts, you could act fast on favourable rates which would allow you to make a quick transfer.

• Price lock-ins

Unpredictable exchange rates can be one of the main hurdles of transferring funds. Timing it right so you get the best rate isn’t always easy and the thought of exchanging too late when you could have got a higher rate earlier can be quite frustrating. Many currency exchange specialists will be able to lock-in a rate that you are happy with so if by the time you come to exchange and prices aren’t as favourable, you will be able to exchange at the original rate you agreed. So you can exchange the cash at a rate you are comfortable with without fear of falling rates affecting your finances.

At Sequre International, we can recommend currency exchange services to ensure clients have access to the best rates on the market. We work closely with some of the best currency companies who are experts in their field and can provide free and impartial advice on how to transfer your funds ahead of your Spanish property purchase. To find out more, call our team on 0800 011 2639.