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
Natwest
MONEYCORP
Exchange rate
1.1463
1.1485
1.1724
Sterling cost
£17,447
£17,414
£17,059
Transfer fee
£35
£40
£15
Total
£17,482
£17,454
£17,074
Additional cost using a bank
£408
£380
-

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 costadelsol@moneycorp.com
Please mention Goldacre Estates when calling Moneycorp or contact them directly on +34 928535044, info@goldacre-estates.com

Currency Matters for Euro Property Buyers in Canary Islands

Transfer talk
Get more for your money with Moneycorp's forward contract currency deal, writes Stephen Tiley

WHEN transferring money to Spain and Canary Islands it’s important that you get as many Euros for your pounds as possible.
Transferring your currency overseas – whether you’re putting down a deposit on a home or making regular mortgage transfers – is often left to the last minute, which can cost you thousands due to currency fluctuations.
Timing your transaction is key and you should never underestimate the value of a good exchange rate.
Currency markets are constantly fluctuating, so making your transaction at the right time can make a big difference to the amount of money you end up with.
The amount of money lost or gained over the last five month for example is incredible.
For example, buying a Spanish home in Fuerteventura or Gran Canaria for 150,000 euros on January 28 would have meant transferring £129,310.
Leaving it just four weeks to March 1, would have meant bringing over £137,299, or a staggering £8000 more.
Two months later on May 17 and you would have saved £8,500 needing just £128,755.
Currency experts like Moneycorp can tailor its services to make sure you trade when exchange rates are in your favour and save you money.
A forward contract is just one of the services a currency broker can provide to clients making international money transfers.
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.
Since November there has been a huge fluctuation from 1.11 euros per pound in January to 1.14 euros in February and up to 1.17 today.
The lack of direction suggests a steady relationship between the pound and the euro but it would be fairer to describe the alliance as a marriage of inconvenience.
For the euro and the pound the underlying problems are the same ones that have dogged them since the end of last year; debt and politics.
The common thread throughout the election run up was the way investors had been following the opinion polls. The more level the two main parties, the more investors shrank from buying sterling.
The chancellor’s forthcoming budget on June 22 should finally provide the pound with some direction.
The woes of the euro stem almost entirely from the maladministration of previous Greek governments.
In a situation dating back to Greece's fudged membership of the euro (many warned against it), the Athens government of the day used financial derivatives to conceal the true scale of debt in order to meet criteria set for membership.
Fortunately for Greece the EU Commission has now put a rescue package in place, however some disharmony still prevails.
In particular many other EU countries are concerned that the unrest in Greece may escalate to their own doorsteps if similar measures are put in place.
With all this uncertainty, let Moneycorp take care of all your money transfers to and from Spain; however small or large.
Our experts make the process quick, easy and highly cost-effective.

For more information on how Moneycorp can help get you more currency than from your bank contact Stephen Tiley in the Costa del Sol office on +34 951 319 700 or email stephen.tiley@moneycorp.com and please quote Goldacre Estates

CREDIT CRUNCH FORCES FIRST TIME BUYERS ABROAD

- Three quarters (74%) of first time buyers (FTBs) are shelving plans to buy property in the UK due to the current financial climate
- Nearly half (44%) of FTBs plan to buy abroad instead
- Spain and France are the top choices, followed closely by the USA and Australia

Three quarters of FTBs are abandoning their plans to buy property in the UK due to market instability, with nearly half putting their hopes in property abroad.

Moneycorp’s First Time Buyers Report, which examines the FTB market every two years*, also reveals that a third have been refused a mortgage in the last six months. This statistic backs recent figures released by the Council of Mortgage Lenders, highlighting that the number of mortgage loans to FTBs fell to 17,800 in March, down almost 50% from August last year.

As lending criteria tightens and 100% and 95% mortgages disappear from the market, UK first timers are turning to foreign shores to live their investment dream - where more than four in five think their money will go further.

Spain** continues to be the number one choice for FTBs setting their sights overseas, with France in second place. The USA has pushed into a top-five position, with cash savvy Brits looking to take advantage of the weak Dollar. Australia is in fourth place in 2008 – despite not making an appearance in the top five back in 2006 – and Italy is down from third place in 2006 to fifth place this year.

And it seems this increased interest in overseas markets isn’t just fuelling the Buying Abroad Renting in Britain (BARBies) trend. More than half (55%) of those planning to make a purchase overseas will treat the property as a home as opposed to an investment – up from a third (36%) in June 2006.

“The fact that so many buyers are prepared to get their first taste of home ownership in a foreign land speaks volumes for the state of today’s domestic market conditions,” said Moneycorp spokesperson, Marc Morley-Freer.

“Our research also shows that two in five (41%) FTBs aren’t aware that favourable exchange rates can save them a lot of money when transferring funds abroad – for deposits or mortgage payments. Companies like Moneycorp make it easier – and of course cheaper – to buy overseas, as we’re able to provide better exchange rates than a bank. With more currency, first time buyers have a greater choice when it comes to purchasing their property overseas. “

Notes to editors

The research was conducted by OnePoll on behalf of Moneycorp. OnePoll surveyed 500+ first time buyers in May 2008
* The last Moneycorp First Time Buyers Report was issued in June 2006
** Table 1: Findings from Moneycorp’s First Time Buyers report in 2006 and 2008
2008 top 5 most popular countries with FTBs
2006 top 5 most popular countries with FTBs
34% Spain
27% France
22% USA
12% Italy
18% Australia
6% Cyprus
17% Italy
5% Bulgaria


About Moneycorp

Moneycorp is a trading name of TTT Moneycorp Limited, which has been dealing in foreign exchange since 1979 and last year traded over £10 billion in currencies. The Company has been accredited to ISO 9000 Quality Assurance since 1996, a unique achievement in the foreign exchange industry.

Moneycorp’s Commercial Foreign Exchange Division is the UK's leading foreign exchange specialist and provides tailored services to help companies and individuals save money on their overseas currency transfers.

Clients benefit from a Personal Dealer who they can contact directly and who will provide regular updates on exchange rate movements. They also benefit from extended office hours 6 days a week and 24-hour exchange monitoring. A range of services is available, including spot and forward contracts.

The Royal Bank of Scotland (RBS) is a significant shareholder in the Group.