Foriegn Exchange in Spain
When emigrating, coming home or simply moving money around the world, making sure you secure a favourable exchange rate is one of the most important things you can do. An extra few minutes or so spent researching your options could save you thousands of pounds.
There are three simple ways in which you can save money:
1) Use a Currency broker. Currency brokers will generally provide superior exchange rates to the high street banks. The currency brokers have access to the interbank rate and do not have the high costs that the banks have. This means that they can usually offer better exchange rates.
2) Use a free Market Watch/Order Service: This allows you to tell your currency broker your target or budget exchange rate and they will ring you if that exchange rate level is reached. As the rate moves every few seconds, currency brokers can act as your eyes and ears on the market.
3) Consider fixing the exchange rate in advance using a Forward Contract. If you know you need to convert/move funds in the future but don't yet have the money you can reserve a rate in advance using a Forward Contract. During this period, you are exposed to exchange rate movements and therefore, a forward contract is ideal if, for example, you have agreed to buy a house and want to fix the rate now but will not be making payment for a couple of months.
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