Whether you’re buying a holiday home or permanent residence abroad, don’t waste money – or time – when you come to make those unavoidable currency transfers. Here’s how one recent property-buyer achieved success…
Article written by The Overseas Guides Company
Not everyone who retires to Spain puts their feet up and sits in the sun all day – just ask Donal James who last summer bought a self-catering business in southern Spain, with the help of Smart Currency Exchange.
Donal runs La Finca Blanca, a farmhouse converted into four holiday apartments and a private residence, located in the countryside near Álora, 40 minutes inland of Málaga. The whole property cost €650,000, which Donal paid for after using Smart Currency Exchange to transfer euros to Spain from funds in the UK.
“Last year, I retired from the aircraft business, sold my house in London and came to Spain to run the business,” said Donal, who has three adult children. “I found Smart through the estate agent who sold me the finca and began using them in July 2015.”
Donal’s first transfer was a spot transfer but he then used forward contracts to purchase euros to cover the bulk of the purchase price. Since completion, he has made further spot transfers. Forward buying euros during the purchase process protected Donal from exchange rate fluctuations and meant the Sterling price of his property wouldn’t change before completion day, regardless of what the £/€ rate did.
“To date I’ve transferred around £572,000 worth of euros through Smart,” added Irish-born Donal, who grew up in Zimbabwe where he worked as an aircraft engineer before moving to the UK in 1987. “I opted to use Smart over a bank as they give better rates and more control. Having a team that works with you if there are any issues is very helpful. And what really stood out was the friendliness of the staff, their attention to detail and the help they offered when required.”
Donal should have his hands full running La Finca Blanca. Each of the four self-contained apartments has a double room, air con, fully equipped kitchen, Wi-fi/internet, private patio or terrace and independent access. Communal facilities there include a naturally heated salt-water swimming pool, hard tennis court, fitness centre, mountain bikes and gardens with shady terraces. In total, the property has more than 4,000 square metres of land.
For more information on buying overseas property successfully, download the Overseas Guides Company’s free Spain Buying Guide, France Buying Guide, Italy Buying Guide, Portugal Buying Guide or USA Buying Guide – and start receiving free news updates by email.
If you are considering an overseas property purchase in 2016 or beyond, 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