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
considering buying a house in
Spain and don't feel entirely
confident about these issues please read on.
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.
What is the minimum amount of Currency that can be transferred or
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
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
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?
Fix your Exchange Rate for up to two
years to make it easier to plan the cost of your
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
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
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
www.imsfx.co.uk where you can
peruse the latest currency charts as well as sign up to
daily market updates.
Q. If I take out an Overseas Mortgage
and have to make payments from the
UK how can
I do this?
Exchange offer a service such as a
Plan to assist those clients that need to make regular overseas
payments. Such payments might include
overseas mortgage payments or
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
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
Q. How long will my funds take to
transfer to an overseas bank account?
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?
Or Click Here! to get one of the IMSFX team to phone you(saving you the price of the call).