Although exchanging your Pounds into Euros may be something that you think about way down the line when considering your foreign Property purchase, there are good reasons why it is something you should think about pretty much at the beginning and before you start viewing.

Once you have decided you definitely want to buy setting the budget is very important hence I always recommend that if you need finance then you get an early “in principle offer” from a lender and, with regards to Currency exchange, you decide who you will be using and how the services work etc so they are all lined up before you start viewing.

When it comes to negotiating firstly you want to have the confidence that you understand where you stand on all these issues and secondly it is much easier to press that little bit extra on price if “all your ducks are lined up” and you can act quickly, something most vendors are very keen on. Transferring money through your high street bank can be a slow, expensive, process – not what you need when you are trying to move quickly to secure your dream property in Mallorca with a deposit! The last thing you want is to wait around for your bank to transfer funds for your deposit from sterling or any other currency into euros.

It is also important to look at “forward buying” contacts with a currency Specialist.  These can allow you to fix the Rate of exchange some weeks or months in advance so you know exactly what you are going to get. This can be very important when you have agreed the price on any property but completion is some weeks or months away. Fixing the rate at that stage gives you peace of mind that there won’t be any nasty surprises, with exchange rate changes, that suddenly leave you scrambling about trying to find more Pounds Sterling for your purchase!

If you are interested in talking with one of the best Currency Specialists out there, both in terms of service and rates, just drop us a line and we would be delighted to pass you details.