Need more funds? Contact us click here Email us click here Call us now on   +34 951 191 002 +44 207 183 2790
No proof of income, click here Over 60?, click here Re mortgage, click here

Useful Links


Buying foreign currency -


The forgotten step that can cost a small fortune

Buying Euros for a House in Spain is an attractive option. The lifestyle is fantastic and property prices are great. However, many people forget to consider the effect of currency fluctuations and costs and similarly don't buy their currency from the right suppliers. The combination of these two mistakes can be costly.

If you're considering buying a house in Spain and don't feel entirely confident about these issues please read on.


Q. Where should I go to sort out transferring my money to Spain?

You could use a high street bank or the Post Office, but it pays to get in touch with a currency broker or specialist foreign exchange dealer such as IMS Foreign Exchange to buy euros. Such companies will almost always offer much more competitive exchange rates than high street banks or the Post Office, as well as lower fees and quicker transfer times, as their overheads are much lower.               

 Q. What is the minimum amount of Currency that can be transferred or bought?

IMS Foreign Exchange has no minimum amount to buy euros. The minimum amount is usually £5,000 (or currency equivalent) through other foreign exchange dealers. The Regular Payment Plan offered by IMS Foreign Exchange also has no minimums whereas most other companies require £250 per month.

Q. What will it cost me?

In general the more money you wish to convert the better the rate. Depending upon your bank, there may be a cost to transfer funds often up to 1.5% of the value. IMS Foreign Exchange charge a lot less and what’s more, they do not charge any commission on your transaction when buying euros. It's a good idea to compare the total cost of a currency trade as some currency dealers do not charge a transfer fee but more than make up for this difference in the exchange rate that they quote.          

Q. How do I purchase currency?

Once you have set up your account with IMS Foreign Exchange you will be able to Buy Euros over the telephone.

Q. Can I hold out for a particular rate?

Yes, you can instruct your broker the moment the exchange rates change to your desired level to Buy currency and Lock the rate in. The broker can place an order to buy euros outside London trading hours, which will automatically trigger as soon as your desired rate is achieved. Just make sure you are being realistic about the rate you are looking for and be prepared to wait!

Q. What if the rate is good now, but I don't need to or can't make payment for 3 months?

You can Fix your Exchange Rate for up to two years to make it easier to plan the cost of your currency payments. This is particularly useful if you are buying a new property ‘off plan’. With IMS Foreign Exchange forward buying your currency is very straightforward. Simply book an exchange rate and send your dealer a deposit, usually 10% of the contract value. The 90% balance of your currency contract is payable when you wish to have funds transferred overseas.

Q. Will currency brokers or foreign exchange dealers offer advice about market conditions and rates?

Currency brokers are not regulated to give advice but many will provide you with information about prevailing market trends and currency movements. However, remember that no one can predict the markets with absolute certainty. You will have to make your own decision about when to buy euros, but market knowledge and experience imparted by your IMS Foreign Exchange Currency Dealer will hopefully make that decision easier! Further information can be found at specialist dealer websites such as where you can peruse the latest currency charts as well as sign up to receive daily market updates.

Q. If I take out an Overseas Mortgage and have to make payments from the UK how can I do this?

IMS Foreign Exchange offer a service such as a Regular Payment Plan to assist those clients that need to make regular overseas payments. Such payments might include overseas mortgage payments or transfers of UK pension payments or any other regular transfers. The Regular Payment Plan allows you to fix an exchange rate for Euros on regular overseas payments for a period of between 6 and 24 months, removing the worry caused by fluctuations in the exchange rate over that period of time.

Q. How do I pay for my currency?

After booking an Exchange Rate for Euros, you will need to transfer funds to the currency broker. The easiest and quickest way is by CHAPS or BACS. Bear in mind that any cheque you send will have to clear before funds can be sent. Once your cleared funds have been received, your currency will be transferred to the account of your choice.

Q. How can I find out current exchange rates?

The Inter-bank rate can readily be found on the Internet and on Ceefax or teletext. The IMS Foreign Exchange website has live currency charts. Although a useful guide to current market levels, do bear in mind that unless you are trading millions of pounds on a regular basis, you will not receive the Inter-bank rate for your own transaction! For a live quote on the amount you are looking to exchange, it is best to call your IMSFX dealer.

Q. How long will my funds take to transfer to an overseas bank account?

IMS Foreign Exchange use Electronic Funds Transfer and can generally get the Euros into the destination account a good deal quicker than a high street bank, usually within the same day to Spain. Bear in mind that there is sometimes a short delay at the receiving bank before your account is credited; this can usually be overcome with a ‘proof of payment’ document that your broker can provide on request.

Q. How do I contact IMSFX?


Want to save time and money when buying euros?


Open an account now

Or Click Here! to get one of the IMSFX team to phone you(saving you the price of the call).

Valid CSS!

Spanish Equity Release | Buy Euros | Euro to Pound Currency