If you buy a property in Spain, you must use Euros for the purchase. You cannot use any other currency. Therefore before going through with the purchase you will need to exchange your currency.
For large purchases such as buying a house in Spain, the exchange rate you get will likely affect what you are able to afford. In a volatile market, exchange rates are changing all the time. This could mean that you can afford your dream home one day and not the next. It is therefore imperative that you do your research before making any commitments financially. It could make thousands of Euros difference.
For most, their first thought seems to be to approach their bank. However, just because you may be a loyal customer does not necessarily mean you get better rates. In fact, banks have been known to take advantage of those individuals who go straight to them without doing their research.
The best starting point is to look for a company who specialises in foreign currency exchange. There are numerous advantages to using such companies. You could save as much as 5% compared to going directly to your bank. On a €200,000 property that’s a huge €10,000 saving!
Once you become a Spanish homeowner, depending on your personal circumstances, currency exchange may still be of importance.
If you plan to live in Spain or spend long periods of time there then you will likely need to move money from your existing bank account to your Spanish bank account. Whether this is your monthly salary, pension, or from a savings account, a good exchange rate could make a significant difference.
You may not be aware that there are different ways you can transfer your money. For example, you are able to set an exchange rate you are happy with and have your funds transferred automatically when this figure is reached. Again, it is important you do your research to ensure you get the best deal.
At Movehappy, our main goal is to ensure you have a stress free journey buying your property in Spain and as a Spanish property owner moving forward. That includes being here to help you get the best deal possible when exchanging your money and answering any questions you may have.
We will of course assist you with the process of paying for your property. In addition, our dedicated aftersales team is always here to help you in the future should you need it.
If you have any questions about currency exchange or anything else at all then please contact us. We are always here to help.