FACT: Depending on when you purchased a €300,000 home in the
past six months it might have cost you anywhere between £205,000
and £220,000 due solely to foreign exchange rate fluctuations.
Unfortunately,
few people consider the financial implications of simply transferring
their sterling funds over to Spain.
When thinking about your foreign exchange requirements there
are three main considerations to be borne in mind: where to
purchase your currency, how to purchase it and when to buy it.
Most people think of the actual
foreign exchange transaction at the last moment and simply use
their bank.
This
may mean accepting an unfavorable rate and waiting 7-10 days
for the funds to arrive in Spain.
Currency
brokers offer you both a benchmark and an alternative to your
bank. |
You will then send the broker your funds, e.g. sterling, via
a cheque or bank transfer. 
