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Posted February 6th, 2013 by Charles Purdy

A forward contract brought peace of mind when buying in Spain

Yo-yoing exchange rates did not worry John Matthews from Cardiff when he came to pay for his Spanish property in January – his decision to agree and fix an exchange rate prior to the completion date meant he knew excatly what the purchase was costing him in pounds, as well as the local euro price.

When John found his apartment in Cabo Roig on the Costa Blanca, the funds he had to cover the price-tag of around €78,000 were still in a UK Sterling account. John, a married retiree with two children, decided to use currency specialist Smart Currency Exchange to convert his pounds to euros and send them to Spain. He also opted to fix an exchange rate with Smart Currency Exchange, so he knew the cost of the property in pounds wouldn’t change between agreeing a price and his completion day, when he would need to pay for the property.

“Aware that there was turbulence in the currency market I chose a forward contract to lock into the exchange rate,” said John. “I don’t know if I’ve gained or lost on the lock-in, but thought that the offer was fair value. I’m very impressed with Smart. I had confirmation of the transfer from my Spanish bank the same day. Also, a sum of £4,000 which I’d inadvertently overpaid was refunded on the same day – brilliant. I’d most certainly use Smart Currency Exchange again.”

John’s two-bedroom apartment is on a complex where it has acess to a rooftop solarium, a swimming pool and underground parking.

Added John: “I’d looked at various properties in Torrevieja and the surrounding districts but didn’t really fancy anything. I was attracted to Cabo Roig because of the strip there, and proximity to the beach – which had to be within walking distance, and three major golf courses, bringing potential for golfing rentals.”

For more information on how Smart Currency Exchange could save you money when sending pounds to a euro account in Spain or other country, download their free report.

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