Property purchased in Spain must be paid for in Euros, so it pays to shop around for the best exchange rate, if required.
You can literally lose or save thousands of Euros depending on the currency provider you use. In most situations a specialist FSA regulated currency broker will be able to offer you a much better exchange rate than your bank. Please contact us for our list of recommended currency brokers. We recommend you only use brokers regulated by the FSA.
Potential advantages of using a FSA regulated currency broker include:
- More competitive exchange rates than those offered by banks
- Lower fees for currency transfers
- Additional services, such as: spot rates, regular transfers (where exchange rates can be fixed for up to 24 months), forward buying of exchange rates (useful for buyers with long or delayed completions), and the ability to set market watches to keep you informed or trade automatically when a specified exchange rate is met.