If you are an expat living in Spain you’ll likely be transferring money to or from the country to cover living costs, send funds to loved ones, purchase property or pay a foreign mortgage.
How you move your money, however, could have a major impact on the returns you see when you make a transfer.
Making serious savings is simple with the right support. Check out these three top tips from Currencies Direct and see how you could save yourself both time and money.
Save money on your currency transfers with these top tips
1. Secure a Competitive Exchange Rate
The exchange rate you secure for your currency transfer can have a massive impact on how much you receive. However, the currency market is in constant flux, with political or economic news sometimes inspiring dramatic shifts in exchange rates, making it tricky to pick the best time to move your money.
Working with a leading currency broker like Currencies Direct means you’ll gain access to regular market updates, keeping you abreast of the latest currency news, and be able to better judge when to make your transfers.
What’s more, the provider you use to move your money can be just as important as the timing of it. Many banks offer uncompetitive exchange rates, eating into your return. Use a provider who can give you access to great exchange rates.
2. Avoid Transfer Fees
If you are transferring your money through a bank, you may find they charge an additional transfer fee when moving your money abroad. While these fees can vary, banks typically charge between £10 and £40 per transfer.
This can quickly add up if you are regularly transferring money to and from Spain. For example, if you made two currency transfers a month and your bank charged you £30 per transfer you’d be loosing £720 a year on unnecessary fees.
When finding a currency provider look for one that doesn’t charge transfer fees.
3. Access Specialist Services
Every currency transfer is different, which is why Currencies Direct offers a wide range of services that can be tailored to suit your individual requirements.
Need to make a swift, secure transfer now? With a spot contract you can make immediate transfers at the current exchange rate. Transfers can be made over the phone with the support of your dedicated account manager or 24/7 online or by app.
Like the look of the current exchange rate? You can either buy currency in advance and hold it in your digital currency wallet until you need it or use a forward contract to fix the rate ahead of making a transfer.
Want to achieve a better rate? Use a rate alert or limit order to target an exchange rate. With a rate alert you’ll be instantly notified by text or email if the market moves to your set level, while with a limit order your transfer will be triggered automatically once your desired rate is reached.
Like the idea of making transfers on the go? Use your online account and app to check live exchange rates and make transfers anytime, anywhere.
About Currencies Direct
Currencies Direct have been helping individuals and businesses save time and money since 1996 with excellent exchange rates and no transfer fees.
With a team of over 550 currency experts and 20+ branches across Spain, Currencies Direct are never far away when you need them.
They’ll keep you up-to-date with the latest market movements so you can pick the right time to move your money. They also offer a range of specialist services that can be tailored to your individual requirements.
If you have a currency requirement coming up, get a quote now to find out how much you could save.
This a Spotlight Advertising Feature in collaboration with Currencies Direct.
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If you use an ATM to withdraw money using your English debit card banks can only charge your account a maximum charge of £5.