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Posted August 6th, 2014 by Charles Purdy

Ready to raise a glass to lower currency transfer costs?

For Barry and Natalie Kimber, sundowners at their new holiday home taste that little bit sweeter knowing they saved money on the exchange rate when they paid for the property.

When the Macclesfield couple bought their one-bedroom apartment in Lanzarote, they used currency specialist Smart Currency Exchange to exchange Sterling to euros and transfer around €62,500 to Lanzarote. Smart Currency Exchange’s exchange rates are consistently 2-4 per cent better than those offered by high street banks.

“We first used Smart to send our deposit of €10,000 to our lawyer in Lanzarote, then again when we completed in June,” said Barry. “It’s easy. I simply call up my account manager, tell him how many euros I need to send and he gives me a price in Sterling to buy them, so I then transfer the required Sterling into Smart’s account on-line. The euros have been reaching the beneficiary’s account in Lanzarote in less than two days.”

The Kimbers agreed a purchase price of €85,000 with the vendor, but with fees and taxes, the total cost of the apartment in Puerto del Carmen was around €98,000. The property, which is the couple’s holiday home for personal use only, was refurbished around five months before they bought it, and came fully furnished.

“Even after buying we’re still using Smart,” added Barry. “We have two lots of monthly payments to make to Lanzarote – a mortgage repayment and the community fees. I’m looking at fixing a £/€ rate with Smart for a year, so I can budget what my monthly outgoings will be in Sterling.”

 
Finding their Lanzarote home was relatively simple for Barry and Natalie. After contacting various agents in advance and visiting A Place in the Sun Live in March 2014, where they met and signed up with Smart Currency Exchange, they flew out to Lanzarote in April to begin their search. They already knew the island and Puerto del Carmen from numerous holidays.

“I told Natalie we should treat it as a business trip and not a holiday!” said Barry. “We saw around 10 places and knew our place was the one, so put down a €1,000 reservation fee – before flying home, we also opened a bank account, got our NIE number and found a local lawyer. Our apartment is perfect for us – on a complex with a communal pool and 200 metres from the beach. We’ve bought as part of our pension as much as for lifestyle reasons, so I hope to see some appreciation over time.”

If, like Barry and Natalie, you are considering an overseas property purchase or move abroad, opening a no-obligation account with FCA-authorised Smart Currency Exchange will enable you to benefit from their competitive exchange rates and specialist currency knowledge, ultimately saving you money and time. For more information, download Smart Currency Exchange’s free guide to buying property abroad

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