Plan to up sticks and begin a new life under the Madrid sun?
Found a great flat or villa in Madrid you are thinking to buy or rent ? First get the exchange rate right !
Then one of the eight or nine million things to get done before purchasing that beautiful flat is sending funds abroad. For the unprepared person however this can be a mine field. Imagine for instance that you amble into your bank one morning, and request an exchange rate on a transfer into euros. The manager mightn’t tell you, but the exchange rate or she provides could in all likelihood be the absolute pits. How then do you avoid this mine field, and find an exchange rate that doesn’t involve being fleeced for several thousand pounds? For this, I have compiled some hints and tips beneath.
1. Look out for the banks!
Like I mentioned, using a bank to change euros is the currencies equivalent of throwing yourself to the wolves. For instance, imagine that your funds are a cappuccino. Banks look to skim as much of the nice white foam as possible, leaving you with plain old coffee. Not the best option in other words!
2. Get a better rate!
Contact a currencies broker To take the pain out of changing currencies then, your 1st port of call should be a foreign exchange broker. For brokers, changing currencies is as natural as breathing, meaning you can anticipate a tip top exchange rate. Even better, exchange brokers hold a keen gaze on the foreign exchange markets, meaning you can receive specialist help about the time to transfer too.
3. Plan plan plan
Last of all, to make transferring funds to Spain smooth sailing the best bet is to plan. Think about sending the funds abroad as soon as possible, so you’re not landed with a dismal exchange rate at the last minute.
Good luck,
Peter Lavelle
This was a guest post from Peter Lavelle, an economics writer at foreign exchange specialists Pure FX. For more great tips on how to get good exchange rates, feel free to give them a visit. They’ll be glad to hear from you.