For UK residents, a very important consideration
when buying a property in Spain, is how to transfer
£’s into €’s and get the money into Spain.
OLG can help you do this and save you, potentially thousands of £’s
Overseas Living Group …
a breath of fresh air...
So what exactly can OLG do?
We can help you:
Get much better rates of exchange than any Bank
Organise a transfer with no commission fees in the UK
Organise receipt of funds with NO recipient fees from the Banks in Spain
Organise regular mortgage payments at Commercial rates
Help you open a Spanish bank account
Discuss forward buying – you buy when the rate is good and have the safety
of knowing exactly how much your property will cost regardless of
fluctuations in the exchange rate.
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.