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Spain Currency Exchange
This section is relevant for those buyers from outside the euro-zone seeking to purchase property in Spain.
Should I use a specialist firm to convert my currency?
The slightest changes in the currency rates can affect the cost of your property in Spain. For a Spanish property priced at 200,000 euros, a difference in the exchange rate of just 1 cent could cost or save you almost 1,000 euros on the transaction. That 1,000 euros is surely better being in your pocket!
Banks and currency exchange specialists all buy and sell currency in bulk, and so are able to offer much better rates than the day-to-day tourist rates. While banks engage in other business, exchange companies specialise in one area and can often beat the bank quotes.
How do I actually transfer my money?
Once you have decided to use a foreign exchange company, you will need to sign and complete their standard compliance forms, and then simply tell them the amount you need to transfer and provide the details of the destination account in Spain. They will then tell you the rate that they could achieve, and if you are happy with that, they will ask you to transfer the funds to their own holding account. The funds will be transferred at the rate agreed and the euros will be on their way to Spain.
Can I guarantee an exchange rate?
There are various ways of determining and fixing a rate for future transfers. This is very useful if you feel that the currency market may dip, particularly if you are making staged payments to a developer to buy a property in Spain. We would advise you to discuss this with your currency consultant.
