Yo-yoing exchange rates didn’t worry John Matthews from Cardiff when he came to pay for his Spanish property in January this year – his decision to agree and fix an exchange rate prior to the completion date meant he knew excatly what the purchase was costing him in pounds, as well as the local euro price.
Article written by The Overseas Guides Company
When John found his apartment in Cabo Roig in the Costa Blanca, the funds he had to cover the price-tag of around €78,000 were still in a UK Sterling account. John, a married retiree with two children, decided to use currency specialist Smart Currency Exchange to convert his pounds to euros and send them to Spain. He also opted to fix an exchange rate with Smart Currency Exchange, so he knew the cost of the property in pounds wouldn’t change between agreeing a price and his completion day, when he would need to pay for the property.
“Aware that there was turbulence in the currency market I chose a forward contract to lock into the exchange rate,” said John. “I don’t know if gained or lost on the lock-in, but thought that the offer was fair value. I’m very impressed with Smart. I had confirmation of the transfer from my Spanish bank the same day. Also, a sum of £4,000 which I’d inadvertently overpaid was refunded on the same day – brilliant. I’d most certainly use Smart Currency Exchange again.”
John’s two-bedroom apartment is on a complex where it has acess to a rooftop solarium, a swimming pool and underground parking.
Added John: “I’d looked at various properties in Torrevieja and the surrounding districts but didn’t really fancy anything. I was attracted to Cabo Roig because of the strip there, and proximity to the beach – which had to be within walking distance, and three major golf courses, bringing potential for golfing rentals.”
Like John Matthews’s, pictured is a two-bedroom apartment on a development in the southern Costa Blanca. The property is a penthouse apartment in the Los Altos area, on the market through agent HomeEspaña for €75,000.
For more information on how Smart Currency Exchange could save you money when sending money between bank accounts in the UK and Spain, download their free report here or visit the Currency Zone.
To understand the full step-by-step process to buying a property in Spain, collect The Overseas Guides Company’s ‘Spain Property Buying Guide’
The views and comments herein are those of the author and do not necessarily reflect the views or opinions of Rightmove Overseas, Rightmove Group Ltd or Rightmove Plc