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Buying a property in Spain? Consider the potentially devastating impact of the currency market on your purchase price

FACT: Depending on when you purchased a €300,000 home in the past six months it might have cost you anywhere between £205,000 and £220,000 due solely to foreign exchange rate fluctuations.

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Before securing a property in Spain, you'll no doubt be asking yourself many difficult questions. Which estate agent do I use? What lawyer? Or perhaps how do I finance my investment? All are naturally crucial questions but very few people consider the financial implications of simply transferring their sterling funds over to Spain whether it is to pay the deposit or to finance living expenses.

When thinking about your foreign exchange requirements there are three main considerations to be borne in mind: where to purchase your currency, how to purchase it and when to buy it.  

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WHERE TO BUY

Most people think of the actual foreign exchange transaction at the last moment and simply use their bank. This may mean accepting an unfavourable rate and waiting 7-10 days for the funds to arrive in Spain.

As a leading currency broker, Currencies4less is in the marketplace to offer you both a benchmark and an alternative to your bank. Currencies4less not only gives you access to commercial exchange rates but also guarantees that you can receive your funds in Spain within 72 hours free of Spanish intermediary charges, when you choose to use our Netpay service.

HOW TO BUY

There are two types of currency contracts you can buy: a "spot contract", should you have the funds available and wish to exchange them immediately, or a "forward contract", should you wish to agree a rate now for a future delivery of the funds.

Once you know which contract you need, there is a simple 3 stage process:

• You agree a rate at the beginning with your dealer and this rate is then locked in for you. This agreement can be confirmed verbally or by fax.
• You will then send us your funds, e.g. sterling, via a cheque or bank transfer.
• And finally, once we have received your funds we will send the currency you have bought, e.g. euros, to your beneficiary account.

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WHEN TO BUY

Brokers have seen many frustrated clients hoping for the market to go back to better levels. It's important to remember that the currency market is not driven by greed and hopes but by flows between two countries with fundamental differences. What a broker can do, unlike a bank, is to watch the market for you and when/if the rate reaches a level you are happy with he can call you.

The chances are that the market will not go back to the required level before you buy…. or maybe it will? Are you prepared to gamble on your dream house?

If you require expert advice on what to do regarding your currency purchase, click here to send us an enquiry form. A dealer will be in contact with you shortly.

"A terrific team of specialists that share high levels of knowledge and commitment" - Sunday Times, February 3 2002

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