4 Tips to get the best exchange rate, when you buy a property in Mallorca

Buying a property in Mallorca

Do you intend to buy a property in Palma de Mallorca this year? If so, whether you’ve got your eye on a 263m flat with a fireplace and four bedrooms in Palma’s old town, or on a 220m modern apartment with four bedrooms and a heated swimming pool and sauna, you’ll want the best exchange rate. At CT Private Property Consulting we are constantly looking for the best way to help you in order to meet your needs and help you going through the process of finding the property you were looking for. With this in mind we look for solutions before there is a problem. And today we would like to help you get the best exchange rate when buying a property on Mallorca.

After all, the higher the exchange rate, the more euros you’ll receive in your Spanish bank account, when you transfer money to buy a Mallorca property!

ct-private-roperty-money-exchange-mallorca

With this in mind, how can you get the best exchange rate to buy a property in Mallorca this year? Well, here are 4 easy tips.

  1. Fix your exchange rate ahead of time, with a forward contractDo you know the exact euro amount you’ll need, to buy your property in Mallorca? If so, to ensure you receive this euro amount, you can fix your exchange rate ahead of time, with a forward contract.This way, you’re guaranteed to get the euro total you need, even if the exchange rate fluctuates later on. You can hence enjoy total peace of mind for your money transfer. To set up a forward contract, just tell your currency dealer that you’d like to. They’ll ensure you get the euro total you need for your property in Mallorca.

ct private property consulting best exchange rate mallorca

  1. 2. Transfer your money with a currency broker, instead of your bankThis is because a specialist currency broker will get you an exchange rate far better than your bank, so you receive a far higher euro total to buy your Mallorca property. A foreign exchange dealer can do this, because they take smaller margins than the banks, meaning they can pass the savings onto you.For instance, let’s say that you intend to transfer £600,000, to buy a property on the island. A dedicated currency broker could save you up to 4%, adding thousands to your euro total!3. Look at exchanging pounds to euros sooner rather than later

    This is because, if you leave transferring your money to Spain to the last minute, you’ll have no choice but to accept whatever exchange rate is available there and then. Instead, if you look at the exchange rate months in advance, you’re giving yourself the biggest possible window for the best exchange rate to arise.

    To watch the exchange rate, either call your currency dealer, or you can use Google. Just enter GBP EUR into the search engine, and Google will return the latest rate, so you can find the best time to buy euros.

    4. Accept a good exchange rate as soon as it becomes available, don’t get greedyWhen we exchange currencies, it’s tempting to wait and see how high the exchange rate goes, to try and get the most euros. The thing is though; the exchange rate is extremely volatile, meaning that it’s very tricky to buy euros at the “peak” of the market.

    Instead, to ensure you get your target euro total, to buy your property in Mallorca, exchange currencies when a good rate arises. This will minimise your risk when you transfer money to Spain, thereby helping you to buy your dream property in Mallorca!

Given these tips then, you’ll get the best exchange rate to buy your Mallorca property. Keep them in mind!

by Peter Lavelle at foreign exchange broker Pure FX http://www.purefx.co.uk

ct-parivate-property-mallorca-finca-bunyola

Featured property: finca for sale in Bunyola, Mallorca

If you’re looking for a property on invest in in Mallorca, we highly recommend you to take a look at this beautiful country house in Bunyola.

ct-privarte-property-finca-for-sale-bunyola

This country estate in Bunyola is an excellent investment opportunity. With a South-facing veranda in the garden next to which there is a house for parties and dining (equipped with a bathroom, a small storage room and a kitchen), the house has three bedrooms and three bathrooms.

ct-private-property-mallorca-for-sale-bunyola

The porch gives direct access to the kitchen which has a dining room with a small seating area and a fireplace, and a small hallway at the back leading onto two bedrooms and a bathroom.

finca-bunyola-mallorca-ct-private-property-consulting

In the first floor there’s a living room / library with fireplace and panoramic views of the village. The cozy master bedroom has an en suite bathroom and fitted wardrobes.

ct-private-property-finder-bunyola-mallorca-finca-for-sale

Want to know more about this beautiful house for sale in Mallorca? Just click here.

ct-private-property-finder-bunyola-mallorca

This is a unique website which will require a more modern browser to work! Please upgrade today!