Given the international nature of the Mallorca property market, a lot of our clients have a need for currency exchange.
While most people are naturally focused on finding the right property, it can be a costly mistake to overlook the exchange rate.
If you’re an international buyer, exchange rates can have a big impact on your overall purchase price.
Put it this way, getting a favourable exchange rate on your Mallorca property purchase could save you thousands – enough to pay for your first trip or some new furniture.
How to beat the banks
When it comes time to pay for your property, many buyers don’t realise they can bypass the big banks.
Using a specialist currency broker can save you a lot of time and money.
Currency specialists can offer fast, free transfers with more favourable rates than high street banks; saving you up to 4%.
So for example if you're buying a property for €500,000, you could save up to €20,000.
You can also save money on your ongoing transfers for things such as mortgage payments and living costs.
Can you imagine your bank being this helpful?
Another important consideration is that the banks don’t tend to offer you any service or support, whereas a currency specialist can help guide you on the timing of your payments.
Because exchange rates vary minute by minute, getting your timing right on your currency transfer can make a significant difference.
Currency specialists are watching the live exchange rates throughout the day and can notify you when the rate moves in your favour.
You also have the option of targeting a specific exchange rate through a market order or even locking-in a rate ahead of the completion date using a forward contract. As a forward contract will protect you from exchange rate volatility, it can be a good way of reducing the stress levels in the lead up to completion.
Want more information?
At Equus Mallorca Real Estate we partner with Key Currency, an award-winning currency specialist, to ensure our customers get a first-class service.
Key Currency are a regulated currency broker with offices throughout Spain and the UK. They offer bilingual support combined with an in-depth knowledge of the buying process in Spain, meaning that you are in excellent and safe hands.
To discuss your requirements or indeed for any further information please contact Vicky Vich on +34-689990096.