Preparation for a smooth foreign property purchase should include speaking to a currency transfer firm before you head off on a viewing trip. Here’s how doing just that helped one British couple who recently bought in Spain…
Opening an account with Smart Currency Exchange before viewing Spanish property meant Gary Carr-Smith could make a quick phone call from Alicante airport and organise funds to secure his new home.
“It was all a bit last minute,” said Gary, who lives in North Somerset with wife Mandy. “During our stay in the Costa Blanca, we made an offer on a property we really liked but it wasn’t till we were waiting to board the flight home that I had a call confirming the offer had been accepted. I needed to pay a €3,000 deposit, so I immediately called Smart Currency Exchange in London to arrange a transfer. By the time we touched down at Bristol, the payment had been sent to Spain! Having my account set up in advance made life so much easier – they took care of everything and gave me a great exchange rate.”
That was in June 2015, and by the end of August, Gary and Mandy had completed on their quad property in Los Montesinos, near Torrevieja. Three to four weeks prior to completion, Gary had used Smart Currency Exchange to buy the required amount of euros to cover the purchase of his property.
“The agreed price was €82,000, but our Spanish lawyer recommended we’d need €92,000 to cover the remaining balance and all the associated buying costs,” continued Gary, who retired from the Fire Service in May 2015.
“As the exchange rate was pretty good in the weeks running up to completion, I chatted with my trader at Smart Currency Exchange, who was able to offer me a rate of over £1/€1.39. From the outset, using them to exchange and transfer money has been easy and the team there always helpful.”
Since buying his property, Gary has used Smart Currency Exchange to top up his Spanish bank account when he’s been able to get what he considers a good rate.
The Carr-Smiths’ new home is over three storeys and includes three bedrooms, two bathrooms, a solarium and lots of outdoor space. It comes with access to a communal pool and is a short walk from restaurants, bars and the Vistabella Golf Club. It’s convenient for airports at Alicante and Murcia, where the couple can fly direct to Bristol.
“You get lots for your money in this part of Spain,” added Gary. “I had initially wanted to buy in Portugal, but came out here for the first time in June to view properties and found what I wanted. We have two adult children, who each have a child, so they’ll also get to use the property.”
Gary and Mandy first spoke to Smart Currency Exchange on their stand at the A Place in the Sun Live! exhibition in Birmingham, which they shared with the Spain Buying Guide, then again during the same event in London. “We found the team approachable at the shows and decided there and then to use them for our currency transfers.”
More info
For more information on buying Spanish property successfully, download the Overseas Guides Company’s free Spain Buying Guide, or for other countries, download the Portugal Buying Guide, France Buying Guide, Italy Buying Guide, or USA Buying Guide – and start receiving free news updates by email.
If you are considering an overseas property purchase, whether for lifestyle or investment, opening a no-obligation account with FCA-authorised Smart Currency Exchange will enable you to benefit from their competitive exchange rates and specialist currency knowledge, ultimately saving you money and time. For more information, download Smart Currency Exchange’s free report or visit the Currency Zone.