Spain Foreign Exchange

Why should I use a currency specialist like Moneycorp when buying a property in Spain? B. McDonald, Scotland, May 2007 While high street banks are often the first port of call for foreign currency transactions, specialist currency dealers will normally offer clients far more competitive exchange rates than most banks, and can offer expert guidance on the currency markets, thus protecting you from any adverse currency movements. They have a range of services available, each of which can be tailored to your individual situation.

Will the foreign exchange transaction be safe and secure with Moneycorp? P. Chambers, Kent, May 2007 All clients' funds are held in separate client accounts with one of our bankers (HSBC, Barclays or NatWest). As the money goes into the client account at HSBC and not to Moneycorp directly, the transaction is as safe as using your high street bank. Once your funds are received into a designated Moneycorp client account, your foreign currency will be sent to the account that you have specified, on the agreed value date.

Moneycorp is a division of the TTT Moneycorp group, which has been established for over 25 years and last year traded over £5 billion in currencies. In addition, the company has top credit ratings from leading credit rating agencies and has an ISO 9000 quality accreditation. Moneycorp offers complete peace of mind that comes from dealing with a reputable and secure service provider.

How do I purchase foreign currency? R. Walkden, via email, May 2007 Once you have set up your Trading Facility with Moneycorp, you will be able to buy currency over the telephone. Setting up a Trading Facility is quick and straightforward. You can open a Trading Facility by calling Moneycorp on +44 (0)20 7589 3000 or by going online to www.moneycorp.com/personal/account. Once your Trading Facility is open you can book an exchange rate with your personal dealer. You will then need to transfer funds to our client account. The easiest and quickest way is by CHAPS or BACS. Bear in mind that any cheque you send Moneycorp will have to clear before funds can be sent. Once Moneycorp have received your cleared funds, we will transfer your currency to the account of your choice.

Can I hold out for a particular exchange rate? P. Walsh, via email, May 2007 Yes, you can instruct Moneycorp the moment the rates change to your desired level. Moneycorp can place an order to purchase foreign currency outside London trading hours, which will automatically trigger as soon as your desired rate is achieved. Just make sure you are being realistic about the rate you are looking for and be prepared to wait!

Should I wait for a better exchange rate? M. Guest, London, May 2007 Moneycorp, like all currency brokers, is not regulated to give advice but many will provide you with information about prevailing market trends and currency movements. However, remember that no one can predict the foreign exchange markets with absolute certainty. You will have to make your own decision about when to buy foreign currency, but market knowledge and experience imparted by your currency dealer will hopefully make that decision easier! Further information can be found at www.moneycorp.com where you can peruse the latest currency charts as well as sign up to receive daily or weekly market updates.

Can I fix a rate of exchange for future transactions? S. Patel, Middlesex, May 2007 You can fix an exchange rate for up to two years to make it easier to plan the cost of your currency payments. This is particularly useful if you are buying a new Spanish property "off plan". With Moneycorp, forward buying your currency is very straightforward. Simply book an exchange rate and send your dealer a deposit, usually 10% of the contract value. The 90% balance of your currency contract is payable when you wish to have funds transferred overseas.

Can I open an account online? M. Thacker, Shropshire, May 2007 Yes. Opening an account online is quick and straightforward, simply logon to www.moneycorp.com/personal/account to complete your details.

What will it cost me? M. Thacker, Shropshire, May 2007 In general the more money you wish to convert, the better the rate. Depending on your bank, there will be a cost to transfer funds of around £40 per transaction. Moneycorp charge only £15 per transaction, instantly saving you £25. What is more, Moneycorp do not charge any commission on your transaction. Some banks will also make a receiving charge when your currency is credited into your account. If you do incur such a charge, Moneycorp will be pleased to reimburse this fee for you.

How long will my funds take to transfer to an overseas bank account? S. Wilson, via email, June 2007 Moneycorp use Electronic Funds Transfer and can generally get the funds into the destination account a good deal quicker than a high street bank. Moneycorp have a same-day transfer service to most European countries and North America, and next day for all other destinations. Bear in mind that there is sometimes a short delay at the receiving bank before your account is credited, this can usually be overcome with a "proof of payment" document that Moneycorp can provide on request.

There seem to be several firms offering the same service. How will I know if I am dealing with a reputable company? R. Jelley, Essex, June 2007 Using a currency broker to transfer your money to Spain is safe and secure, as long as you use the right broker. Ensure that you do your checks on the company's longevity and financial security. For example, answering questions such as:

• >How long has the company been established?
• Does the company publish their financial accounts?
• Does the company have a good credit rating?
• Is the company regulated by Her Majesty's Customs and Excise and if so, what is their Money Laundering Regulation Number?
• Does the company have an ISO quality accreditation?

will help you ascertain whether the company is reputable.