finance
On planning to move abroad either to buy a property and perhaps live and
work there one needs to be aware of the many factors to be considered both
before and after leaving the UK. The organisation of personal finances is
particularly important and should not be forgotten or neglected.
foreign exchange
When purchasing a home abroad you will need to pay for the property in foreign currency. In most cases, payment will be due in stages – two stages for re-sale properties, and around four stages for new-build properties. Whichever kind of home you are buying, it is unlikely that you would purchase a property without knowing exactly how much the property costs. Unfortunately, if you do not manage your foreign exchange requirements carefully, you are exposing yourself to the risk that currency exchange fluctuations could change the cost of your property significantly.
The exchange rate commonly quoted in the High Street is the tourist
rate that is quite similar to the rate you would receive
when purchasing your travel money at a bureau de change. There is usually
a substantial difference between this and the commercial rate.
There are different options available to you depending on your situation
and foreign currency needs. The most common options are:
a spot deal – This is ideal if you need the currency
within a few days. An exchange rate is guaranteed from the market and payment
is required within two working days.
forward buying – This allows you to lock into an
exchange rate for up to 18 months in advance. A small deposit is required
within two working days to secure the rate for the specified date. This
is especially useful when the exchange rate is high, but your requirement
is in the future.
a limit order – This enables you to place an order
with us to achieve a desired or ‘upper’ level of exchange rate.
You can also set a ‘lower’ level or ‘stop’ to protect
yourself should the rate drastically fall. Limit orders work on a 24 hour
basis incorporating UK, New York and Tokyo trading zones.
Foreign exchanges companies such as Currencies Direct offer commercial rates on all regular payments, regardless of the amount. They will also provide you with the facility of a monthly transfer of income from your UK bank such as pension or salaries directly to your Spanish bank. Currencies Direct can also offer payments to most Spanish banks with no receiving charges and this can mean a saving of 0.6% on every transaction.
currency converter
For up-to-date curency conversion please click on the button.
banks
In this part of Spain most banks are open form 8.00-13.30 Mondays through Fridays and some on Saturday mornings. Most banks do not have English speaking staff.
The most helpful bank, found by us, with English speaking staff on the
Costa Azahar is the Banco Popular. The branch in Benicarlo is located on
Pope Pius XII close to the market place.The bank can provide Internet and
telephone banking as well as the normal facilities of current & saving
accounts and credit cards. They can also provide the Solred card which gives
discount of fuel purchases and can also be used on the autopiste toll booths.
Banco Popular also has an office in London through which a Spanish bank
accounts may be opened.
Banco Popular Espanol
19B Craven Rd, London,W2 3BP
Tel: 020 7402 7393
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