Professional currency brokers have a wealth of experience on exchange rates and will dedicate their time to finding you the best deal on your currency exchange.
In this post, we are going to explain the benefits and importance of using a professional currency exchange company. Our clients have saved thousands using this service, and you can too!
How do brokers provide better deals on currency exchange than the banks?
Simply put, currency specialists work with much lower commissions than the banks. Trading and purchasing large sums of international currency allows for substantial savings, which are then passed on to our clients. Currency brokers save their clients fortunes by studying the currency market and dedicating their time to ensure they get their clients the best possible deal on their currency exchange. Banks will only offer you the currency exchange rate of that particular day, and will not explain that if you wait for the rate to change you could end up saving thousands.
I do not need the currency for another few months, but I have found a favourable currency rate - what should I do?
I’m buying a property in Spain, should I use a currency specialist?
Yes, purchasing a property is most likely one of the biggest transactions you will ever make in your lifetime. We always advise our clients to consider using a currency exchange broker, our clients have saved thousands! Currency rates can fluctuate as high as 10% in just a few days. On average, we help our clients save 4% of the total purchase price of their property!
For an example, if the currency rate between Pounds to Euros fluctuates just €0.05 from when you last looked at the currency market, you could stand to lose £7,065 pounds when buying a property for €195,000. This is why professional guidance and advice is so important.
Is it safe to use a currency broker?
Yes, our trusted currency partners are regulated by the Financial Conduct Authority (FCA) as an Electronic Money Institution. They have handled over 4.5 billion worth in currency and have helped over 325,000 clients.
I’m confused by the different products on offer, what is a spot contract?
A spot contact is the simplest product. This is for when you want to make an immediate currency transfer. When you agree on the currency exchange rate, you will send the funds and the currency will be on its way to your bank account straight away.
What is a forward contract?
A forward contract is used to fix a current currency rate for a future currency exchange. This contract last for up to a year and is a great option if you are not in a rush to exchange your currency. To secure this rate, you will need to put down a small deposit.
What is a limit order?
If you are not in a rush to exchange your currency and have a limit in mind, you can use a limit order. You can do this by telling your currency broker your target exchange rate and they will make the transfer as soon as that rate is hit.
Over to you...
So, now you know the benefits of using a currency expert we hope you understand how you can save thousands on your currency exchange. This is especially important when purchasing or selling property in Spain if you are from the UK, as the Great British Pound to Euro rate fluctuates often.
For more information on Currency and related services see – Currency Exchange in Spain and Conveyancing.
If you would like to discuss your currency exchange needs, speak to one of our team today. We will guide you through the process and offer expert advice. Get in touch by filing in the form provided or call (0034) 96 682 11 72.
