Moving Currencies

You will normally pay for your property in Euros, although some vendors prefer sterling. Your bank may seem to be the obvious choice; but 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. 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.

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

Just send us an email to info@tenerifepropertyshop.com advising how much you wish to transfer, when you wish to do it and the purpose of the transfer and we will email you details of the currency company that we think would most suit your needs. You can then contact them directly, or we can get them to contact you if you prefer that and you can make your own arrangements without any interference from us.

If you are still looking to purchase a property and are not ready to make a transfer yet, but simply wish to get an idea of the sort of rates and service you can expect, then simply advise us of that and we will send you some general information with some examples of rates offered by different currency companies. This is a free service for visitors to our website.

The following is an explanation of the different currency services available.

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 very 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.