For anyone buying property in Tenerife there’ll come a time when you’ll need to transfer money from one country to another e.g. England into Tenerife and from one currency into another; i.e. pounds into euros. This transaction can be a significant part of the overall purchase process and can have a dramatic impact on the overall price of your property. Many people haggle the price of their intended apartment in Tenerife down to the last few pounds and then calmly go to their high street bank and ask for their money to be transferred without a thought given to the cost of foreign exchange. For example (depending on when you purchased) a €300,000 home in the last twelve months might have cost you anywhere between £198,020 and £213,143! A difference of over £14,000 or almost 20,000 Euros.
Many foreigners buying property in Tenerife or anywhere else abroad, make the mistake of converting the price into their own currency and fixing that price into their heads when in fact (in the case of Tenerife property) the price is in Euros and therefore the pound price changes minute by minute. By using a reputable foreign exchange specialist a price can be arrived at before making the transfer; high street banks tell you the exchange rate they’ve given you after the transfer. Good foreign exchange companies will also have an agreement with most receiving banks so that you pay no or very little commission on the funds arriving, another possible drain on your funds.
By consulting a reputable foreign exchange company you’ll normally have access to a Personal Account Manager who can guide you through this potentially difficult part of your purchase, and most importantly make valuable savings on the price of your dream home in Tenerife. What’s more you can even fix the exchange rate for future transfers, this is especially useful to buyers who contract to make stage payments on a yet to be built property.
We at Sun4Free.com keep an eye on this field and can give up to date information and recommendations if you wish.
