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Article by: Bars in Spain S.L. contactus@barsinspain.com Published: 18/12/2007

Helpful Information for

Foreign Currency Transfers

for more information on purchase costs check out our price guide

When transferring money into Spain from abroad, the simplest and most cost effective way is to use an International Foreign Exchange Company.

Whether you are buying a business or a property in Spain, or simply transferring money to live or work here, we can help you to get the best possible transfer rates as simply as possible, by introducing you to one of our Global Foreign Exchange Partners.

Once you have decided how much you want to transfer we can help you to get the best transfer rates available and in turn help you maximise your available funds once you are in Spain.

As with everything we do at Bars in Spain SL, we will help guide you through each step of the way, making the whole process as easy and painless as possible. Each transaction is referred to as a ‘deal’, so please read on.

Booking a Deal

Once a deal is booked with the dealer, it is a binding contract on both parties; cleared funds must be made available to settle the deal within 3 working days. So please make sure your funds are readily available.

Please note monies from high interest savings accounts, investment accounts, loan accounts and equity release loans can take considerable time to arrive in you current account. Therefore you should only book your deal if cleared funds are available.

If you move overseas your bank may require written instruction for any payments to be made from your account. It may pay to check your bank’s requirements to ensure monies can be sent while you are overseas.

Your currency is released when your settlement has cleared in the Foreign Exchange Company’s account. Please allow 2 to 3 days for the currency to arrive at the final destination

You will be provided with confirmation of the booked deal.

Settlement of Deal

Methods of settlement/payment:

Online banking:

Please be aware your bank may have a limit on your daily transfer.

Bacs:

This can take 2/3 working days to clear.

Your bank may place/make a charge for this type of transfer.

Chaps:

Same day transfers.

Your bank will make charges for this service.

By Cheque:

Please allow 3 working days for postage and up to 5 working days for the cheque to clear. Due to the length of time taken to receive and clear a cheque, this is not an ideal method of payment .

Please note:

Our Foreign Exchange Partners do not accept credit cards or cash for settlement.

Some foreign banks may charge a fee when the money arrives at the destination.

 

External Article Link: http://www.property-partnership.com/overseas-property-guides/overseas-property-guide.cfm?id=106

Article Link: http://www.property-partnership.com/overseas-property-guides/overseas-property-guide.cfm?id=106

Please contact the author at contactus@barsinspain.com for more information.

 

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