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Thursday 16 September 2010

Currency Exchange Brokers For Fuerteventura, Canary Islands & Spain

When buying or selling property in Fuerteventura, Canary Islands Spain, Currency Exchange is an important Part of the Process. Heres why from Moneycorp:

What is the difference between a high street bank and a foreign exchange broker?

When sending money to the Canary Islands most people use their high street bank. However, people are increasingly using foreign exchange specialists to make their international money transfers. So, what’s the difference?
Timing and guidance. Never underestimate the value of a good exchange rate.

Currency markets are constantly fluctuating and making your transaction at the right time can make a big difference to the amount of money you end up with.

For example, if you needed €20,000 in your Spanish bank account, transferring your pounds on the dates specified below would have cost you:

- 20 July 2010: £16985
- 20 Aug 2010: £16563

That’s a difference of £423 just one month!

A foreign exchange specialist will offer free information and guidance on the currency markets, helping you decide on the best time to buy. A forward contract is just one of the services a currency broker can provide. You book to buy or sell your currency in the future, at a rate you fix today. Forward contracts can help protect against adverse currency movements and can be used to lock into favourable exchange rates.

Staff at your high street bank have neither the expertise nor the breadth of market knowledge necessary to monitor the currency markets on your behalf. When sending money to Fuerteventura through your bank, you will have to accept the exchange rate on the day of transfer.

Plus, foreign exchange specialists offer more competitive exchange rates, as well as low transfer fees.

Below is another example of savings that you could have made by transferring pounds in bulk with Moneycorp rather than your high street bank.
Buying €20,000 with sterling:

Lloyds TSB
Exchange rate
Sterling cost
Transfer fee
Additional cost using a bank

Based on an exchange rate comparison on 19 May 2010 between Lloyds TSB, Natwest and Moneycorp.

Moneycorp charges a set transfer fee of £15 for a one-off transfer, irrespective of the amount. Transfer fees charged by the banks typically range from £20 to £40.
No matter the amount of your transfer or your needs savings can still be made in movement of money in any direction.

Using a currency specialist – The main benefits:
· Highly competitive exchange rates
· Easy account opening with no cost
· No commission charges
· Fast transfers, low fees
· Ability to fix exchange rates for a set time period, helping protect from adverse currency movements
· Expert guidance from your own dedicated Account Manager

Trust Moneycorp to take care of all your money transfers to and from Spain; however small or large. Their experts make the process quick, easy and highly cost-effective.

Contact Moneycorp in the Costa del Sol on +34 951 319 700 or, email
Please mention Goldacre Estates when calling Moneycorp or contact them directly on +34 928535044,

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