Getting The Best Euro Exchange Rate

Published on 7/2/2007 in Buying Process

CoinsBuying a property abroad is often the realisation of a personal dream and probably represents one of the greatest expenses of your life. As part of the purchase process, you will inevitably need to transfer a sterling sum into another currency in order to pay for your property. This vital element of the purchase process - one that is often overlooked - can make a huge difference to the price, in sterling, that you will have to pay for your dream home.

Exchange rates change constantly and 10% fluctuations in a relatively short space of time are not uncommon. This could effectively increase, by 10% or more, the sterling amount that you will have to pay.

There are various organisations that can convert your sterling into whichever currency you need. Specialist currency dealers will normally offer you a better rate of exchange than your bank and provide a more personalised service. Foreign exchange companies like Moneycorp often offer a proactive service to their clients, using their expertise to monitor exchange rates on the clients' behalf in order to achieve the best possible rate of exchange.

If you ask your bank to send the money you should expect them to charge you for doing so. The local bank may also make a substantial charge for receiving the money. A reputable currency trader may well be able to reduce those overseas charges substantially by sending the money via a cheaper route.

Your currency can be delivered any time within two years at an exchange rate fixed at the time of purchase. This is called 'forward buying' and it will help you secure an exchange rate at an advantageous level even if you do not have all your sterling available to transfer at the time of purchase. Forward buying removes the risk of adverse currency movements that could lead to the sterling value of your overseas property increasing between the time of signing and the contract and the actual payment.


The savings you can make by using a foreign exchange specialist instead of your bank are considerable. For example, a couple wishing to purchase a property in Spain for 200,000 euros would have paid the sterling equivalent of £135,107 in December 2005. Three months later they would have paid £139,034 for the same property. By securing an exchange rate in advance, they would have made a saving of almost £4,000.


Eye on Spain approved companyMoneycorp can help you achieve the best exchange rates making your money go further. They can also offer a range of services that will help protect you against adverse currency fluctuations.

In addition, you can take advantage of the following benefits:

  • No commission charges or receiving bank fees.
  • Fast, efficient worldwide transfers.
  • A dedicated dealer to guide you throughout your currency transaction(s).
  • 24 hour market monitoring enabling you to benefit from currency fluctuations outside of normal banking hours.
  • Regular Payment Plan - smaller regular transfers.
  • Extended office opening hours 7:30am - 10:30pm Monday - Friday and 10:00am - 4:00pm Saturday.
  • A Moneycorp Privilege Card to purchase currency and travellers cheques commission free at any of our retail branches.
  • You will also receive a 1% improvement in the rate of exchange at our airport locations.
  • Peace of mind in dealing with a company that has been trading foreign currency since 1979, has been certified to ISO 9000 Quality Assurance since 1996 and last year transacted over £7 billion on behalf of its clients.


Moneycorp's Regular Payment Plan will be of great help to you if you have regular currency transfers to make. Such transfers might include overseas mortgage payments, pension payments or any other regular currency transaction.

The Regular Payment Plan offers you three simple payment options. Whichever you choose, you will always receive an excellent rate of exchange and enjoy the convenience of making payments by Direct Debit as opposed to arranging individual payments through your bank.

  • Fix the Sterling amount that you transfer each month. With this option the currency amount that you receive in your overseas bank will vary according to the rate of exchange at the time of each transfer.
  • Fix the currency amount that you receive. Know exactly how much currency you will receive in your overseas bank account, with the Sterling amount debited from your UK account varying according to the exchange rate at the time of each transfer.
  • Fix the exchange rate for all of your transfers. By fixing the exchange rate, you will know how much in Sterling you will pay and how much currency you will receive in your overseas bank account. This option is available for periods of between 6 and 24 months.How does it work?

The Regular Payment Plan is flexible to suit your needs. Your regular payments will be paid to Moneycorp by Direct Debit. Moneycorp will then arrange for all currency transfers to be made to an account specified by you. Moneycorp will not debit your account more than 5 working days before the value date of your currency payment. Please note that the minimum monthly transfer amount is £250.

How much will it cost?

The only charge for this service is a £4 transfer fee for each transfer made on your contract.

Bank receipt charges are eliminated. Moneycorp guarantee that their clients will not pay any bank receipt charges when sending funds abroad. This guarantee applies regardless of the amount being transferred or to which bank.


Spot Contracts

The purchase or sale of a currency for immediate delivery. Spot contracts can be very useful if you have an urgent requirement for currency, and are seeking competitive exchange rates with fast and efficient delivery.

Forward contracts

Fixing an exchange rate for the purchase or sale of currency for delivery at a later date (up to two years). This type of contract allows you to fix a rate even if you do not have all your Sterling available to transfer at the time of purchase. Forward buying also removes the risk of adverse currency movements that could lead to the Sterling value of your overseas property increasing between the time of signing the contract and making the actual payment.

Stop loss orders

Setting a minimum level at which required currencies are bought or sold. Stop loss orders effectively protect you from adverse currency movements by guaranteeing a minimum exchange rate.

Limit orders

Setting a level of exchange rate at which, if achieved in the markets, you will buy or sell required currencies.
Running a Stop Loss Order in parallel with a Limit Order means that you will effectively set upper and lower currency trading thresholds, making your currency transactions more predictable with rates guaranteed within a given range.

As flexibility is crucial, your order levels will be monitored constantly and levels will be amended appropriately, with your approval. Our expertise and market knowledge, coupled with extremely flexible market orders will allow you to manage your foreign exchange needs 24 hours a day.


How do I purchase currency?

Once you have set up your trading facility with Moneycorp, you will be able to buy currency over the telephone.

How do I pay for my currency?

After booking an exchange rate with Moneycorp, you will need to transfer funds to their client account. The easiest and quickest way is by CHAPS or BACS. Bear in mind that any cheque will have to clear before funds can be sent. Once Moneycorp have received your cleared funds, they will transfer your currency to the account of your choice.

How can I find out current exchange rates?

The Interbank rate can readily be found on the Internet and on Ceefax. Moneycorp's website has live currency charts and you can also view historical exchange rates. Although a useful guide to current market levels, do bear in mind that unless you are trading millions of pounds on a regular basis, you will not receive the Interbank rate for your own transaction! For a live quote on the amount you are looking to exchange, it is best to call Moneycorp.


To request further information or to request a currency consultation from Moneycorp please click the following button:

Contact Moneycorp

NEW - Instant Online Currency Account

Unique in the industry, Moneycorp now enable you to open your own currency account online with their completely automated account opening facility.

The major benefits to you are:

  • Paper free - No need for any paper documentation and no signature required
  • Speed - You are just a few clicks away from opening your own Trading Facility and don't have to rely on the post of fax machine

To get started right away click the link below:

Open a Trading Account Online Today! >>

Moneycorp Privilege Card

Moneycorp privilege card 

Get yours now! >>

Written by: Moneycorp

About the author:

For more information about how Moneycorp can save you money when sending money abroad, please visit the dedicated Eye on Spain/ Moneycorp website.

Right arrow icon Send to friends   Right arrow icon Printer friendly version    Right arrow icon Submit your own article


Hannah Jessop said:
Tuesday, October 28, 2008 @ 10:52 AM

I was recommended a few brokers but World First were the company that gave me the best rates along with a friendly and hassle free service. World First's rates are consistantly unbeatable and I would recommend them to other people wanting to transfer funds to Spain.

Ted 2 said:
Thursday, January 17, 2008 @ 4:23 PM

My wife and I have recently sold one of our Spanish properties. After speaking with our agent who recommended a couple of currency companies we decided to use HIFX. They gave us a fabulous rate and cleared our personal cheque in 5 days. There were no charges and it was hassle free. We were also impressed as they couriered our cheque for free to their bank in Madrid. We worked out that they saved us 2600 euros in comparison with the other currency outlets and would recommend them to anyone buying or selling a property in Spain.

Edward Davey.

Jock & Elaine said:
Saturday, January 5, 2008 @ 12:07 PM

We have used Moneycorp on various occasions and will be doing so again in the future. They were professional, quick, informative and hassle free. Being a total novice they guided us through each transaction and the best bit was everything happened on exactly the date the said it would. Excellent peace of mind.
We would recommend them.

brandyone said:
Wednesday, July 4, 2007 @ 1:11 PM

good article with helpfull information

Only registered users can comment on this article. Please Sign In or Register now.

Comment Using Facebook:

Related articles in this category

"Ever Thought of Retiring to Spain?", She Asked

10 Year New Build Property Insurance - Seguro Decenal

2007 – The Outlook for Spanish Property….

4 Ways To Help Your Kids Enjoy Their Spanish Holiday

A Quick Guide to Spain's Autonomous Communities

A Room With A View

Agent Property Sharing Systems Cost You Money

Aparthotels - Touristic Apartment Legal Requirements

Bank Guarantees for Spanish Off Plan Developments

Being a Film Set Extra in Alicante

Bored In Spain? Not The Spanish

Breach of Contract - Off Plan Success Story

Building Defects in New Properties

Bullfighting in Spain - On its Last Legs?

Buy Property Safely In Spain...NOT!

Buying a Property in Spain - 10 Points to Consider

Buying a Property in Spain - The Private Contract

Buying A Property in Spain Just Got Safer - And Much More Affordable!

Cave Houses in Spain - ADSL Included!

Completing a new property purchase

Consumer Law - Abusive Clauses In Your Contract

Costa Brava Holiday Ideas

Currency Exchange from Sterling to Euros

Deadly Secrets And Those Books About Spain

Decreto 218 - What It Is And How It Affects Buying Property In Andalucia

Deposit Contract

Dispelling The Myths Of What Is And Isn’t A Snagging Defect And Some Amusing Responses From Builders

DIY snagging - Some pointers on how to ‘Do-It-Yourself’

Do Not Move to Spain if…..

Documento Informativo Abreviado. Brief Informative Document (DIA)

Don't Blame Spain

Don't Criticise the Junta's Actions, Only the Delay in Implementing Them

Eco-Friendly Holidays

Financial And Currency Overview - 2012

Furnishing your Off-Plan

Getting Planning Permission in Spain

Getting The Best Euro Exchange Rate

Help! I'm Busy But Poor!

How to Choose an Architect in Spain

How To Spot The Timeshare Fraudsters

In Times Of Recession Some Imagination Is Needed - Option To Buy

Is Anyone Still Moving To Spain?

Is Disney Coming to Spain? That'll be No.

Is it Dangerous to Buy Property in Spain?

Is Spanish Residential Construction Showing Signs of Recovery?

Is There More To Spanish Wines Than Just Rioja?

It Is Possible Not To Pay Enough For A Property - According To The Tax Man!

It's a Buyer's Market

It's A Good Time To Start Selling Property in Spain

Licence of First Occupation and Completion

Mallorca Property - The Cost Of Buying Explained

More on Consumer Rights When Buying a Property

Most Commonly Asked Questions on Completions and Snagging Inspections

Must Have Common Spanish Phrases To Spice Up Your Spanish

New Regulations Protecting Spanish Property Buyers

No Money? No Problem!

Off Plan Consumer Rights - Sample Purchase Contract

Paramount Theme Park In Murcia - What You Need To Know

Prices Soften As Mortgage Approvals Fall In Lanzarote

Private Purchase Contract - Resale Property

Problems Found by Residential Surveyors in Spain

Property Management - Who Needs It?

Publicity - Part Of The Contract

Real Problems Buying Property in Spain

Result Of Building Standards Survey

Snagging Horror Stories

Snagging Trends & Analysis

So, you want to sell your off plan?

Spain Top Choice for Second Home Abroad

Spain, a Gone Conclusion

Spanish Property Market Stalls On Exchange Rate Strength

Spanish Property Valuations - Confused?

Stimulating The Spanish Property Market – Please Take Note Mr. Zapatero

Taking Better Pictures of Your Property

Taking The Developer To Court - Jan's Story

The art of a successful Snag

The Beginner's Guide to Snagging

The Death Of The Spanish Estate Agent

The Do's And Don'ts Of Buying A Mobile Home In Spain

The Euro - Looking Back and Looking Forward

The Licensing Process For Off Plan Properties In Spain

The Mystery of Spanish Property Online

The Other Side of the Coin

The Right Groups’ – The Costs of Buying in Spain

The Rights Group’s Guide to Buying a Property in Spain

The Spanish Property Crash – Was This What Was Really Happening?

Time to Complete

Time to Complete? - Part 2

Top 10 Reasons To Buy In Spain

Top 3 Budget Restaurants In Central Madrid

Try Before You Buy

Try Before You Buy - A Change In The Property Market

What to do Before and After You Complete on Your New Property

What You Need To Do If Your Spanish Developer Goes Bust?

What's In Store For Spanish Property In 2011?

Where Are All The Property Bargains In Spain?

Who Is REALLY Looking After Your Interest In Spain?

Why Buy On A Golf Resort?

Why Buy Property On A Resort

Why Choose Interest Only For Your Spanish Mortgage

Why You Need a Website To Market Your Rental Property

Click here for a list of all the articles from our magazine 

Spain insurance services

This site uses cookies. By continuing to browse you are agreeing to our use of cookies. More information here. x