Here are 6 tips to get you the best exchange rate, when you relocate to Spain.
1. Compare the exchange rate from your bank with that from a foreign exchange broker.
This is because foreign exchange brokers provide exchange rates up to 4.0% better than the banks, which on a large transfer will give you hundreds if not thousands of euros more.
2. Research the exchange rate as soon as you know you’ll need your money in Spain.
This is because, the sooner you begin to research, the bigger the window you leave yourself to get a good exchange rate.
By contrast, if you leave exchanging currencies to the last minute, you’ll be stuck with whatever exchange rate is available, even if it’s bad.
3. Set reasonable expectations about the exchange rate you want.
After all, it’s no good wanting to exchange pounds for euros at 1.50, if that rate will never arrive.
Instead, speak to your currency dealer to get a sense of what exchange rate is reasonable to expect.
4. If a good exchange rate becomes available, take it.
This is because the foreign exchange market is highly volatile.
For example, if you see the exchange rate is climbing, and decide to see how high it goes, it could fall within a matter of minutes, meaning you lose out.
Instead then, it’s better to take a good exchange rate, the moment it becomes available.
5. Check the exchange rate with Google.
To find out if the exchange rate is good, you can check with Google.
Just enter “GBPEUR” into the search bar, and it will return the latest pound to euro exchange rate, as well as a graph telling you how it’s performed recently.
6. Lock in your exchange rate with a forward contract.
If you like the current exchange rate, but don’t yet need to transfer your money to Spain, you can lock in the exchange rate with a forward contract.
What this means is, when you later decide to transfer your money, you still get that good exchange rate, regardless of what’s happened on the foreign exchange market in the meantime.
Find out more about how to get the best exchange rate
To find out more about how to get the best exchange rate, visit us at foreign exchange broker Pure FX.
We’d be delighted to tell you how you can get the highest possible euro total.
Author: Peter Lavelle