Transferring Funds to Tenerife for your Property Purchase
Once you have decided on the property that you want to buy you need to consider how to transfer funds to Tenerife in order to complete your purchase. It may seem simple and you thought that you would instruct your bank to transfer the money to your bank in Tenerife. If you did that it would probably cost you thousands of euros in commission, fees and poor exchange rates.
Tenerife Property Portal can refer you to a currency dealer who can explain to you in plain English how you can arrange to transfer funds to Tenerife. You will benefit from the expertise of one of the largest currency dealers in the UK and the currency dealer who the staff at Tenerife Property Portal put their trust in to transfer their personal funds when they moved to Tenerife. We would not recommend any company who we have not used in the past and continue to use on a regular basis.
Our clients benefit from –
Free transfers over £5,000
No Commission
Funds held in separate client account
No receiving fees from most Spanish banks
If you have arranged a mortgage in Tenerife you can also arrange to have regular monthly amounts transferred to your bank in Tenerife to pay your mortgage. If you have retired to Tenerife you can arrange to have your pension transferred each month.
Pay less, receive more. It's that simple
Pensions, mortgages, salaries – whatever your reason for making regular transfers Currencies Direct's Overseas Regular Transfer Plan can save you money.
Free transfers
Most banks typically charge between £10 and £40 on every monthly transfer. As a specialist foreign exchange provider we are able to offer free transfers.
The hidden cost is in the exchange rate!
On small amounts, a bank will normally use a tourist rate, this is quite similar to the rate you would receive when purchasing your travel money at a bureau de change. Currencies Direct are able to offer commercial rates on all regular transfers.
No commission
There is also no commission charge when making regular transfers abroad through Currencies Direct, regardless of the amount.
Low minimum amount
The minimum amounts are kept low at only £150 for monthly transfers and £400 for quarterly transfers.
Which option is right for you will depend on your timing, circumstances and foreign currency needs.
Spot deals
If you need to transfer money quickly, we can give you the best rate available right now – and guarantee it – with a 'spot deal'. This is the option that many clients use when they have to make an immediate payment, for example, a payment on an overseas property, car, boat, antiques or any other foreign purchase.
Forward contract
This is the buy now, pay later option of foreign exchange. It allows you to fix a rate for up to two years and protect yourself against any movement in the market.
To take advantage of a forward contract you simply need to pay a small deposit up front and then the rest on maturity of the contract. This means that you can keep the rest of your money in a high interest account until you need it.
This option is popular with clients who have payments due on set dates in the future, for example, completion of a property.
Time Option
This option is similar to a forward contract but allows you the flexibility to draw down some or all of your funds up to three months prior to the maturity date you have set.
If you have to make staged payments for your property or require more flexibility than a forward contract allows this could be ideal for you.
Limit order
If you've got time to hold out for a really good rate, we'll transfer your money as soon as the exchange rate reaches the level you want with a 'limit order'. You can also set a 'lower' level or 'stop' to protect yourself should the rate drastically fall.
This option is ideal for when you don't have to make an immediate payment and you have a specific budget available.
Contact us to be put in touch with your own dedicated personal currency broker.