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Currency Exchange

http://www.hotpropertiesinspain.com

00:48 05-Sep-2010

When purchasing a property abroad we advise that you open both a Sterling and a Euro account. As you will be buying your house in Euros you will need to transfer the money from Sterling into Euros at a given point. You will normally get a much better exchange rate from Sterling to Euros from a Spanish Bank than in the UK

In order to get the best rates directly from the bank if your money is inside the country in your sterling account, then you can simply fax a confirmation to the bank authorising the transfer into your own Euro account at the point when you decide the rate is in your favour. Rather than waiting several days for a transfer, as some UK banks have been known to do, the transfer is instantaneous, thus securing your favourable rate.

We recommend you choose a Bank whose staff all speak fluent English and who have a telephone and internet banking in English.

If you have the funds available and want to secure your conversion rate for a future payment, the following companies will provide this service and others, although the rate will not be as good as directly from a Spanish bank.

Foreign Exchange companies in alphabetical order:

Caxton FX

CMC Group Plc

Currencies 4 Less

Currencies Direct

Currency Solutions

FCUK Direct

Halewood International

IG Markets