Currency Exchange

To achieve the best possible exchange rate when buying and arranging mortgages in Spain, it is cost effective to use a specialist currency provider. For deposits for purchase. Also ongoing payments for a mortgage in Spain.

• Obtaining best rates can make a significant difference to the overall cost.
• Currency exchange is not just necessary for the initial purchase but is also an ongoing requirement.
• Funds will need to be moved to Spain on a regular basis to pay for your mortgage in Spain.
• Firstly to pay your Spanish Mortgage.
• Secondly to cover normal running costs of a property in Spain.

What are the various options available when changing up money to Euros

When buying, even with a mortgage in Spain, some funds will need changing up to euros. There are two key options when changing up money, to transfer funds from your personal current account to your Spanish Bank account.

• Either using the Banks exchange rates, or use a specialized currency exchange company
• Banks do provide a service where you can move lump sums
• In addition regular amounts of cash from your currency to Euros. To pay your Spanish mortgage. Also to cover utilities
• In general the Banks exchange rates are expensive, and no advice on market trends will be given
• Foreign exchange companies specialize in moving money
• Each Company forward buys currency
• In addition they provide access to specialists, who are constantly reviewing the market
• Therefore can offer daily spot rates, fixed rates for a set term, also advice on when to buy

Should you shop around

The difference between what one company can offer as an exchange rate, to another, can vary on a daily basis. Whilst it might not be practical to try and contact every currency exchange company in existence, it is always a good idea to shop around. Firstly use a specialized company rather than the Banks. Secondly to be registered with more than one FX Company, so you can gain more than one quote for your requirements.

• IMS in line with its company ethics, offer access to trusted FX companies
• We only recommend FSA and HMRC registered advisers. This means your funds are safe at all times. The funds are not held by the company itself but placed into client accounts within international
• We only recommend providers who will endeavor at all times to offer the most competitive rates
• Our designated partner will provide full information and guidance, and work with you to decide timings of buying currency
• In addition, help you understand whether in your circumstances, it is better to forward buy, or take spot rates

For further information and access to a foreign exchange provider contact us today.