By our guest blogger Peter Lavelle
Get the best exchange rate when buying your dream property in Malaga
Get the most euros when you buy Málaga property! Do you have your heart set on buying your dream property in Málaga in 2017? If so whether, you intend to buy a 2-bedroom furnished penthouse in La Cala de Mijas for €255,000, or 3-bedroom country villa with a swimming pool in Torrox for €360,000, you’ll want the best exchange rate.
After all, if the exchange rate is flying high when you transfer money to your Spanish bank account to buy your ideal property in Málaga, you’ll obtain more euros! With this in mind, here are 5 top tips to get you the highest possible total, when you exchange pounds to euros to buy a Málaga property in 2017.
5 Top tips to get the most euros when you buy Málaga property in 2017
1. Use a specialist currency broker to transfer your money to Spain, instead of your high street bank. This is because the banks know that people go to them as the first port of call, so they offer inferior exchange rates. Instead, a dedicated foreign exchange dealer can offer you an exchange rate up to 5% better than your bank. On a £200,000 transfer to Spain, that’s an extra €10,000!
2. Look at transferring your money to Spain, well before you intend to buy your property in Malaga. This is because this gives you the biggest possible window of time for a good exchange rate to become available. Instead, if you transfer your money at the last minute, you’ll have to accept whatever exchange rate is available at that time, which could mean you receive a lower euro total!
3. Accept a good exchange rate as soon as it becomes available, don’t wait to see how high it goes. This is because the exchange rates are extremely volatile, and liable to fall in the blink of an eye. Hence, if you wait to see how high the exchange rate goes, you could miss the peak, and lose out! With this in mind, it’s better to accept a good rate as soon as you see it, to get more euros.
4. Make sure that the currency broker you use is directly authorised by the UK’s Financial Conduct Authority. This will ensure that the currency dealer adheres to all legal and regulatory requirements to keep your money safe, such as keeping your money ringfenced in separate client accounts. This way, you can feel certain that your money will arrive safe, to buy your Málaga property.
5. Avoid foreign exchange brokers that charge fees or commission. In 2017, you can transfer hundreds of thousands of pounds to your Spanish bank account, without paying even a penny in fees or commission. Just ask the currency dealer you’re talking to if they charge any extras, and if they say ‘Yes’, go elsewhere. This way, all your money will go toward buying your dream Málaga property.
Contact Peter Lavelle to transfer money to Spain to buy a property in Málaga
With these 5 tips, you’ll be well on your way to get the highest possible euro total, when you transfer money to Spain to buy a property in Málaga. Keep them in mind!
By Peter Lavelle at foreign exchange broker Pure FX.