Moving Currencies

You will normally pay for your property in Euros, although some vendors prefer sterling.  Your bank may be the obvious choice; the rates they offer tend to be relatively expensive.  In recent years, specialist foreign exchange companies have become increasingly user friendly and offer more favourable rates.  You can even see a daily video update of what the currency market is doing to help you plan when to exchange your Pounds for Euros!

Due to the volatility of the currency market, exchange rates can vary from one day to the next. Currency providers offer a number of ways to move money and take advantage of these fluctuations.

Spot Transactions – Buy now, pay now. These are ideal for anyone who needs their currency straight away as the currency is purchased today at the current rate. However, if you have time to spare before your payments are due it may be wiser to consider a Forward Transaction.

Forward Transactions – Buy now, pay later. These allow you to secure a rate for up to 18 months in advance to protect yourself against any movements in the market. A small deposit holds the rate until the balance becomes due when the currency contract matures. This option not only protects against possible drops in the exchange rate but also gives you the security of the currency you need at a guaranteed cost, regardless of fluctuations in the market.

Limit Orders allow you to place an order in the market for a desired exchange rate. This has the advantage of protecting you against negative exchange movements whilst still allowing you to gain from a positive movement. Your request is entered into the system and an automatic currency purchase is triggered once the market hits your specified rate.

Using the options above clients can save thousands of pounds on their currency transfers – what better way to kick start your life abroad?

Regular Payments
Once you have become the owner of your dream property, it is highly likely that you will need to send regular monthly payments from home whether for mortgage payments, maintenance expenditure or transferring pensions or salary. Using a reputable foreign exchange company can make this process hassle free and they are likely to offer you better terms than your high street bank. By setting up regular monthly direct debit payments you can benefit from extremely competitive rates without the monthly worry.

Don’t be deterred by the variety of options.  TENERIFE PROPERTY SHOP can refer you to one of the dealers who will offer a tailored service to you, without blinding you with science.  Using these methods, normal buyers can save thousands on transfers.