Hoping to purchase a second home in the Costa del Sol? Then before you make the purchase there’s the important matter of getting a good exchange rate on your funds. Exchange into euros at the wrong time and it can knock hundreds or even thousands off the final sum. So how do you locate the best rate?
The most important thing to remember is to avoid your local bank. In a lot of cases, people trust their bank on exchange rates because they use them for other financial services. In fact though, banks provide terrible exchange rates compared to those available elsewhere. This is, in brief, because banks aim to make as large a profit on the transfer as possible.
So what’s the alternative? In fact, foreign exchange brokers provide much better exchange rates than the banks. This is because, unlike banks, brokers are experts in foreign exchange, dealing on a constant basis with people transferring funds. For instance, Pure FX has saved clients literally thousands in the past, on large sums intended for purchases abroad.
In addition, brokers provide specialist guidance on transfers abroad. Let’s imagine, for instance, that you’re about to purchase a home in the Costa del Sol, but want sterling to strengthen against the euro first. To make this simple, brokers like Pure FX can watch the market, and let you know as soon as a good rate becomes available. It means you can rest assured of a good rate, because you’re taking advantage of expert guidance.
So in short, if you’re about to purchase a home in the Costa del Sol, be sure to transfer funds with a foreign exchange broker. You’re assured the best exchange rates available, in addition to great service. Of course, if you’d like to find out more, feel free to leave comment below, and I’ll respond as soon as possible.
Peter Lavelle at foreign exchange broker Pure FX
