How to Transfer Pound’s into Euro’s and get the Money into Spain?
OLG can help you do this and save you,
potentially thousands of Pound’s
Some frequently asked questions about moving money abroad
Q. Why can I not use my own Bank?
A. Of course you can, and your bank will transfer the money for you. However, your transaction, whilst important to you, will be a very small transaction for them. You will get a very poor rate, often just the “tourist rate”.
The difference can be staggering. For example, we have seen tourist rates quoted at 1.42 when the commercial rate has been 1.49. That would be a difference of £3308 on a transfer of £100,000.
OLG can arrange commercial rates for you.
Q. Are there any other reasons for not using my Bank
A. Well, apart from the service you will get (can you even telephone and speak to your bank these days?) they will charge you commission for transferring the money.
The Spanish receiving Bank will also charge you for just receiving the money and these fees can often be extremely high.
With OLG you will receive a first class service with your own dedicated dealer and NO fee’s either in the UK or Spain.
Q. Why don’t I use a Foreign Exchange Company (FX). I have seen some advertised.
A. You should. But which one? You have to trust them with a large sum of your money. OLG will point you in the right direction and any FX Company that we recommend will comply with the UK regulatory standards and any funds you transfer to them will be held in a separate, clients account by a major UK Bank.
Q If I am buying off plan what should I do about transferring money.
A. buying off plan will involve making payments over a period of time, often up to 2 years. If the exchange rate moves the final price of your property will change. If rates move in your favour the property will become cheaper and if they move against you it will become more expensive.
Our dealers will advise you on how they see the market moving and you have the option of buying all your currency now and therefore fixing the rate and thus the final price of your property.
Contact OLG now for free, independent advice on moving money to Spain.