Spain would be a great place to live! Nice beaches, warm climate, and a relaxed way of life, there are literally thousands of people who genuinely consider this on an annual basis. At the peak of the strong economy, prior to the financial meltdown, there were an estimated 100,000 Brits who purchased a property in Spain every year. This is a phenomenal amount of currency which is being exchanged into Euro’s on an annual basis, and you can imagine how much margin the banks were making if their customers were not shopping around to find the very best rates…
The volume of properties being bought in Spain has subsequently reduced, but that does not mean that there are some absolute bargains to be picked up, and in fact many professional property investors are picking up some absolute gems, at literally a fraction of the price that they would have paid 2 or 3 years ago.
If you are considering purchasing a property in Spain, or have ongoing business, where you are required to send money on a regular basis, or finally you are going on holiday to Spain, then you have come to the right place. Here at the moneyvine, we can provide you with the very best rates for a variety of different types of currency exchange.
Purchasing a property is a significant transaction, and even if you are taking out a mortgage overseas, then the transferral of the deposit and also the monthly payments are still likely to be significant sums of money. How are you going to manage your currency risk? This is a question that man individuals and also businesses do not know the answer to. However, choosing the right method of currency transfer can make a significant difference to your potential buying power, and you should definitely shop around, and compare foreign exchange.
If you are to exchange currency on the day of the proposed purchase of the property in Spain, it is unlikely that you will achieve the best rate available, so in the same way that you will shop around for a house, make sure that you shop around for the best deal on the currency. Currency exchange rates between the pounds and the Euro, are constantly fluctuating, and if you keep a close eye on the market for a few weeks prior to the proposed purchase, it is likely that you will get a better deal. Also, if you have an ongoing requirement for currency, to meet the mortgage repayments for example, you may be better off considering a forward contract or hedge, to ensure that you lock the rate in, so that you have a fixed cost.
We have included below a list of some of the best foreign exchange brokers, who provide currency exchange services, and fall into our recommended list. These brokers will typically provide the best rates for foreign exchange transactions in excess of £1,000 upwards. If you are looking to transfer small amounts, please click here to compare travel money, or alternatively here to compare money transfer.
| Provider | Margin | Margin Explained | FSA | HM Rev and Customs | Fee | Currencies | Trust Accounts | Transfer Options | Apply |
|---|---|---|---|---|---|---|---|---|---|
Rational FX | 0.5-1% | Spread from Interbank Rate | Yes | Yes | £0 on orders above £5k | All deliverable currencies |  | Spot Transfers, Forward Contracts, Limit Orders |  |
| RationalFX is one of the world’s leading and fastest growing independent foreign exchange and money transfer companies. Every year we help thousands of individuals and businesses to achieve significantly better foreign currency exchange rates and make significant cost savings. |
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International Foreign Exchange  | 0.5-1% | Distance from Interbank rate. | Yes | Yes | £10 per transfer | All deliverable Currencies | | Spot Transfers, Forward Contracts, Limit Orders | |
| IFX is one of the UK's leading specialist FX consultancies. London-based, we are a dynamic business with a global reach, serving a growing spread of corporate and private clients throughout the UK, Europe, the US and Australasia. International Foreign Exchange are committed to providing a focused, premium service that combines a depth of experience and expertise with world-class trading systems, flexible and highly personal account management capabilities, and stringent standards of governance and compliance. |
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Halo Financial | 0.6% | Spread from interbank rate | Yes | Yes | No fees on all orders above £5K | All deliverable currencies worldwide | | Spot Transfers, Forward Contracts, Regular Payments | |
| Halo Financial has based its business upon the value and expertise which it delivers through the delivery of foreign exchange currency services. Halo Financial actively manage the foreign currency exchanges and requirements of both individuals and international business. Halo Financial prides itself on the cost effective services which it provides, offering a more efficient and cost effective way to transfer foreign currency. |
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World First | 0.6% | Distance from interbank rate | Yes | Yes | £0 on all orders above £5k | All deliverable currencies worldwide |  | Spot Transfers, Forward Contracts and Currency Options | |
| When you work with us you get a dedicated dealer – someone who gets to know you and your business. They always answer your call within three rings, and we guarantee you’ll never go through to an automated service. We’re continually improving, innovating and building anything that adds value to our clients. Because on top of everything else, we want to be the best foreign exchange dealer in the world. |
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Moneycorp | 1% | 1% depending on volume | Yes | Yes | £0 | 76 Accounts | | Hedging, Forwards, Regular Payments, Options | |
| Moneycorp has been trading foreign currencies for over 30 years and has built an unparalleled reputation within the industry. We employ the most secure payment systems available and are authorised and regulated by the Financial Services Authority (FSA) for the conduct of designated investment business and the provision of payment services. |
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