Do you have your heart set on buying a top Tenerife property this year? If so, whether you intend to buy a bright and furnished 2-bedroom villa in Las Rosas for 210,000€, or a fantastic 1-bedroom flat with a shared swimming pool and a terrace in Arona for 179,000€, you'll want to maximise your euro total.
This is because, when you transfer money to your Spanish bank account at a superior exchange rate, you cut your costs, to buy the Tenerife property your heart desires! Given this, find below 5 quick tips to keep in mind, to lift your euro total this year or next!
1. Don't exchange currencies at the "low of the day".
On a given day, the exchange rate fluctuates. Today for example, the pound to euro interbank exchange rate has moved close to 0.5 cents!
As a result, to maximise your euro total when you buy your Tenerife property, ensure you don't exchange currencies at the "low of the day". This is the point during the day when the exchange rate is at its lowest. To avoid this, just speak to your currency dealer!
2. Ensure your transfer your money with a currency broker that's "FCA authorised."
To make sure that your money is highly secure when you exchange currencies, use a foreign exchange specialist that's "directly authorised by the UK’s Financial Conduct Authority (FCA.)"
This means that the currency dealer will adhere to all UK regulations to transfer funds, and protect your money. As a result, you can rest easy that your money is in safe hands, to buy your top Tenerife property!
3. Avoid banks or currency brokers that charge fees or commission.
In 2018, you can transfer your money to Spain while paying 0% in fees or commission. This way, you save the highest possible amount, to lift your euro total in your Spanish bank account!
So, when you speak to a currency broker, ask them to confirm that they charge 0% fees and commission. If they say that they do charge fees and commission, then look elsewhere for a better alternative!
4. Get peace of mind for your transfer with an International Transfer Receipt (ITR).
When you transfer money abroad, you'll like to know that your money has arrived safely in your Spanish bank account as soon as possible. To get this peace of mind, ask your foreign exchange broker for an International Transfer Receipt (ITR).
With this, you'll receive quick, clear confirmation that your money transfer has been successful, so you can buy your top Tenerife property stress-free!
5. Protect yourself against foreign exchange volatility, with a forward contract.
To guarantee that you get the euro total you need to buy your dream Tenerife property, you can set up what's called a forward contract.
With this, you lock in today's exchange rate, so you know well in advance what euro total you'll receive in your Spanish bank account. This way, you're protected against volatility in the foreign exchange rate down the line, or the pound's ups and downs!
With these 5 easy tips, you can transfer your money to Spain quickly, securely and a top exchange rate, to buy property in Tenerife. Keep this guidance handy for when you exchange currencies!
28.08.2018
by Peter Lavelle at foreign exchange broker Pure FX https://www.purefx.co.uk
Peter Lavelle
Pure FX
https://www.purefx.co.uk
+44 (0) 1494 671800
peter.lavelle@purefx.co.uk