 Foreign exchange (forex) and buying or selling property in Spain
Intrduction to FOREX
Spanish property is priced in Euros and most British buyers have their funds in Pounds Sterling. This means they have to buy Euros before they can buy their Spanish property. Turning pounds into Euros can cost you more than it need to if you are not careful.
Assuming that you are starting off with Pounds Sterling (or any other non-Euro currency for that matter), then the timing of your Euro purchase and who you buy them from can have a significant impact on the overall price you pay in Pounds Sterling.
Experience shows that many people both overpay for the Euros they need to buy their property, and take unnecessary risks with exchange rates once they have taken on a Euro exposure (obligation to pay Euros in the future).
In the following sections I explain how purchasing Euros can have a big impact on the price in Pounds of your Spanish property, and how to manage that cost.
© Mark Stucklin (Spanish Property Insight)
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