Save on the Transfer of Funds to/from Tenerife |
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 Once you have
decided on the property that you want to buy you need to consider how to
transfer funds to Tenerife in order to
complete your purchase. It may seem simple and you thought that you would
instruct your bank to transfer the money to your bank in Tenerife.
If you did that it would probably cost you thousands of euros in commission,
fees and poor exchange rates.
The same principle applies when you have sold a property in Tenerife (or mainland Spain for that matter), and wish to remit the proceeds back to the UK (or other non-euro country). You can save a great deal of money by using an international currency broker.
The Tenerife
Property Guide is happy to recommend Moneycorp Ltd., one of the largest currency brokers
in the world (and part-owned by The Royal Bank of Scotland Group), who will
be happy to explain to you in plain English how you can arrange to transfer funds to/from
Tenerife.
Clients benefit from
–
Free transfers over £5,000
No Commission
No receiving fees
from most Spanish banks
If you have arranged
a mortgage in Tenerife you can also arrange to have regular monthly amounts
transferred to your bank in
Pay less, receive
more. It's that simple
Pensions, mortgages, salaries – whatever your reason for making regular
transfers Moneycorp’s Regular Transfer Plan can save you money.
Free transfers
Most banks typically charge between £10 and £40 on every monthly transfer. As a
specialist foreign exchange provider Moneycorp offers free transfers.
The hidden cost is
in the exchange rate!
On small amounts, a bank will normally use a tourist rate, this is quite
similar to the rate you would receive when purchasing your travel money at a
bureau de change. Moneycorp is able to offer commercial rates on all regular
transfers.
Spot deals
If you need to transfer money quickly, you can receive the best rate available right
now – and guarantee it – with a 'spot deal'. This is the option that many Moneycorp
clients use when they have to make an immediate payment, for example, a payment
on an overseas property, car, boat, antiques or any other foreign purchase.
Forward contract
This
is the buy now, pay later, option of foreign exchange. It allows you to fix a
rate for up to two years and protect yourself against any movement in the
market. To take advantage of
a forward contract you simply need to pay a small deposit up front and then the
rest on maturity of the contract. This means that you can keep the rest of your
money in a high interest account until you need it. This option is
popular with clients who have payments due on set dates in the future, for
example, completion of a property.
Time Option
This option is similar to a forward contract but allows you the flexibility to
draw down some or all of your funds up to three months prior to the maturity
date you have set. If you have to make
staged payments for your property or require more flexibility than a forward
contract allows this could be ideal for you.
Limit order
If
you've got time to hold out for a really good rate, Moneycorp will transfer your money as soon as
the exchange rate reaches the level you want with a 'limit order'. You can also
set a 'lower' level or 'stop' to protect yourself should the rate drastically
fall. This option is ideal
for when you don't have to make an immediate payment and you have a specific
budget available.
Contact us by email
(
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),
or via the internet should you wish us to call you back to discuss your requirements.
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