Whether you require funds to buy your Spanish home, pay a deposit ,or pay on-going bills such as mortgage and utilities, the method used to transfer money to Spain as well as exchange rates effect how much arrives at the other end.

If you are wishing to transfer a lump sum to complete your purchase or provide a deposit, even very small movements in currency rates can increase the costs of transferring the amount due.  To help alleviate the affects of exchange rate volatility, the use of international funds transfer specialists as opposed to your high street bank to process the transfer, can offer benefits from a cost, speed and convenience perspective. 

These specialists or “currency brokers” are able to offer better rates, no commission and low transfer fees with the convenience of being able to arrange your transfer on line or by telephone rather than having to queue at the branch of your local bank. If you consider that a difference of just 1% on the rate exchange rate offered for example can produce an extra 500 Euros when transferring 50,000 Euros to Spain.

You will normally also be provided with an account manager or points of contact who can advise on transfer timings to also help save you money. Also, if you need to transfer funds in a hurry, help is on hand at the end of a phone or often “live” on line.

Once you have completed the purchase of your Spanish home, you will need to keep your Spanish bank account topped up to cover bills and mortgage payments. An automated payment system as described below can be most convenient and avoids you having to remember to initiate a monthly transfer for example. 

Regular Payments

You can set up regular overseas payments for which the equivalent amount is collected by direct debit from your bank account held in your country.  You can either choose to fix the amount collected from your bank, fix the Euro amount that you wish to arrive in Spain or fix the exchange rate on future payments for a specified period to protect yourself against falling rates.

At Easy Mortgages Spain we recommend International Transfer Specialists, Moneycorp, who will deal professionally and efficiently with your currency transfer needs.  Take a look at our Currency Exchange page for more information on Moneycorp.

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