Currency Exchange
When you have decided upon a payment schedule for your dream home, you can start to consider transferring currency. This can either be done through your bank, or through a currency exchange company. You will usually find that your bank offers a lower rate than an exchange company.
We can put you in touch with the foreign exchange company that we use as based on personal experience, they offer better rates and a superior level of service.
In order to make the process as simple for you as possible, we will help with organising currency exchanges. In most cases the dealer will watch the market for you and keep you informed of any significant changes.
You can agree several types of deal depending on the time-scale of your build.
Spot Transaction
This is the quickest way of buying currency. Due to the immediate nature of this transaction, it is often used for the first payment on a new property, or the balance for a re-sale property. You can agree a rate of exchange over the telephone with your dealer and sign a confirmation. Once you have made the transfer from your sterling account, the currency can be in Spain within a couple of days.
Forward Contract
Allowing you to fix a rate up to a year in advance, a forward contract is usually used for the stage payments on a new property as it is being built. You can contact your dealer and agree a rate and the contract can be completed at a flexible time in the future. This is a useful deal to make when the currency market is predicted to change over the next year. In effect, you can agree a deal at today’s rate and complete the transaction in a year’s time.
Limit Order
In the case of a limit order, you are able to specify the rate at which you would like to transfer your currency. A dealer will monitor the rate for you and if the rate reaches your specified level, the transaction will be completed. If the rate does not reach the set limit in the specified time then the order can be cancelled without problem and a spot deal carried out at the current rate.
