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Best Currency Exchange company

Purchasing Property Abroad? Save Thousands By Considering Your Currency Exchange

If you are buying a property abroad, the purchase price will usually be payable in a foreign currency, meaning that the money you will be using to fund the purchase will need to be converted into that currency when being transferred overseas. By treating this overseas payments in the same way as other single currency payments however you may be costing yourself hundreds if not thousands of pounds.

 

Make sure you don’t lose money on your currency exchange

The rate of the currency exchange can have a massive impact on foreign payments however it is often a forgotten aspect amidst all of the excitement of buying a property abroad.

When making payments overseas, such as the deposit for the property purchase or the balance of the purchase price due on completion, many people often just blindly entrust the transfer to their bank allowing them to convert their payment into the required currency without considering the exchange rate offered by the bank and the impact this could have on the overall costs of the property.

Making foreign transfers with poor exchange rates are one of the ways in which high street banks make enormous profits at the expense of their customers. The exchange rates offered by high street banks tend to be highly uncompetitive and may also be accompanied by huge commission charges just to transfer the money.

When you are transferring the amounts of money required to purchase a property, just a small difference in exchange rate can end up costing you significantly more than necessary, often thousands of pounds.

 

The best way to send money abroad/ receive money from abroad

It is highly advisable to make the transfer through a recommended currency specialist rather than making the transfer through the banks.

One of the reasons for this is that the exchange rates offered by foreign currency brokers are much more competitive than the rates of exchange offered by the banks, often by a considerable amount.

The services of a currency specialist is free and a can also save you further money when compared with the banks as, not only do they offer superior exchange rates, they don’t charge the excessive fees that the banks do just to transfer funds.

The reason that currency specialist companies are able do this is due to the volume of foreign transfers they make and the fact their sole aim as a business is to offer ‘bank beating’ exchange rates. Currency specialists can typically save around 3-5% of the transfer value when compared to the banks.

Foreign currency specialists can help in a number of additional ways too. For example they can arrange to set sterling budgets and rates for your transfer so you will know exactly how much will be transferred at a given time without leaving matters to the mercy of the fluctuations at the time of the transfer.

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Currency Specialists Vs High Street Banks

Example

You are buying a property in Spain for €200,000 but your funds are in GBP. So you will need to convert your GBP to pay the €200,000.

  High Street Bank Rate Currency Specialist Rate
Amount to be paid in € €200,000 @ €1.14/£1 €200,000 @ €1.17/£1
Total Cost in £ £175,438.60 £170,940.17

By using a bank instead of a currency specialist, your would have paid £4498.42* more for the property.

*Exchange rates are subject to change.

As shown by the example above, a small amount of research and planning can make a vast difference to the amounts actually paid for your overseas property.

Using a recommended foreign exchange specialist is not only cost effective but also very time efficient. You can set up an account and send a payment within minutes. It is simply a case of transferring funds to a this separate account where the money can be exchanged and the relevant currency forwarded on to the desired account.

It is however recommended to contact a currency specialist as soon as you know you will need to make or receive an overseas payment as a good currency specialist will also be able to advise you regarding the timing of the transfer to help you get the most from your money. A good currency specialist will also be happy just to give you some information about how they can help.

You should ensure you use a recommended currency specialist who is regulated by the Financial Conduct Authority. 

For details of a recommended and regulated currency specialist and to discuss how they can assist you, please get in touch with Worldwide Lawyers on 01244 470339 or email us at info@worldwidelawyers.co.uk.

 

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Buying Property in Galicia – Recommended English-speaking Lawyers in Galicia, Spain

With its historic towns and unspoilt beaches, the pretty Spanish region of Galicia is becoming increasingly popular with tourists looking to enjoy the unique culture that the North-west of Spain has to offer.

From its cities, such as Santiago de Compostela and Lugo, full of unique buildings and architecture, beach towns like Sanxenxo and La Coruna and fishing areas such as Ourense and Pontevedra; there is something for everyone in the area known as Green Spain. It is therefore easy to see why more and more people are deciding to buy property in Galicia.

If you are planning to buy a property in Galicia, then it is important to seek independent legal advice from a lawyer that can fluently speak English. But how do you find an English-speaking Lawyer in Galicia? Well, here at Worldwide Lawyers we can help!

For details of a recommended lawyer in Galicia, contact Worldwide Lawyers on 01244 470339 or at info@worldwidelawyers.co.uk. For Further information about buying property in Galicia or in other areas in Spain, download our Spanish Legal Buying Guide (on the right of this page). 

When deciding on a suitable solicitor in Galicia to assist you with your property purchase, it is important to check that your Spanish Lawyer is:

  • English-speaking. Unless you are fluent in Spanish or Galician then it is imperative that you choose a fluently English-speaking Lawyer in Galicia to ensure that you fully understand the advice that your Galician lawyer is giving you and that they fully understand any questions that you ask.
  • Independent. This means that they are in no way linked to an estate agent or seller of the property you are purchasing. Many estate agents will try to recommend a suitable lawyer or their own ‘in-house’ lawyer but we recommend that you should find your own to ensure that they are acting in your best interests only and that there are no conflicts of interest between you as the buyer and the seller.
  • Experienced. You will need to ensure that they are experienced in property law, particularly in the area of Galicia and that they have experience of assisting English-speaking clients.
  • Registered and Insured. Your Lawyer in Galicia needs to be registered with their local bar association and hold valid professional indemnity insurance. They should be able to provide you with their certificates for this.

Worldwide Lawyers can put you in touch with a recommended English-speaking lawyer in Galicia who meets all of the above criteria.

If you are looking for an English-speaking Lawyer in Galicia, contact Worldwide Lawyers on 01244 470339 or at info@worldwidelawyers.co.uk. Our experienced team will be able to discuss your requirements and put you in touch with a suitable law firm in Galicia, who can provide you with a no-obligation quote for their services.

Advice from reputable English-speaking spanish lawyer

Recommended English-Speaking Lawyers in Spain

Spain’s fantastic weather, relaxed way of life and proximity to the UK and other European countries has meant that Spain has always been a popular destination for foreigners.

Many foreigners therefore have assets in Spain such as a holiday property, permanent home, a business or other assets in Spain. There are therefore may reasons why you may need a lawyer in Spain – for example purchasing a property or business in Spain or dealing with the inheritance of a Spanish estate.

If you need to instruct a lawyer in Spain it can be hard to decide who to choose. Spanish lawyers have not alway has the best reputation for their reliability and efficiency. Without a suitable recommendation for a Spanish lawyer it is difficult to know where to start to make sure you find a reputable Spanish Lawyer who is right for you and your matter and who will provide good value.

Fortunately, Worldwide Lawyers can help! We have provided some guidance below to help point you in the right direction about who to choose when instructing a lawyer in Spain. You can of course also just contact us for details of a recommended Spanish lawyer too!

Worldwide Lawyers can put you in touch with a recommended English-speaking Spanish lawyer who will provide a non-obligation quote. Contact us on 01244 470 339 or email us at info@worldwidelawyers.co.uk.

When deciding on a suitable Spanish lawyer to instruct you will need to check that your lawyer is:

  • Registered: You should check that  your Spanish lawyer is registered with one of the colegio de abogados (Spanish bar associations). Bar associations in Spain are divided into different areas  you will need to find out which of the bar association your lawyer is registered with so you can check this. Ask for a lawyers registration number and check it out before you proceed to instruct them.
  • Insured: You should check that your lawyer in Spain has professional indemnity insurance  to cover the advice that they provide to you. You should also check that the insurance covers the value and type of transaction they are dealing with for you.
  • Experienced: You will also need to ensure that the lawyer in Spain has experience and expertise in the area of Spanish law for which you require advice. For example it may not be a great idea to have a property lawyer deal with your business deals and vice versa unless they have sufficient experience.
  • English-speaking: Your Spanish lawyer should be fluent in English (unless you are fluent in Spanish) so that you will be able to understand the advice being provided.
  • Recommended: Are you able to find anyone who has used the lawyer before and can recommend their services? Worldwide Lawyers obtain feedback from other people who have previously instructed Spanish lawyers to get their feedback and recommendations.
  • Independent: It is extremely important to make sure that your Spanish lawyer is not in any way connected to the estate agent or property developer (if dealing with a property transaction) or the other side. So steer clear from recommendations from estate agents, developers, sellers or the party on the other side of your transaction!

If you need advice in relation to Spanish law, whether in relation to a property purchase/sale, Spanish inheritance law, a family law or Spanish business transaction, Worldwide Lawyers can put you in touch with an independent recommended English-speaking Spanish lawyer who complies with all of the above.

We can put you in touch with an Spanish lawyer who can assist with any of the the following areas of law:

If you need a lawyer in Spain or on any of its islands, please do not hesitate to contact us on 01244 470 339 or email us at info@worldwidelawyers.co.uk

We can put you in touch with a lawyer located in most areas of Spain including Alicante, Barcelona, Denia, Fuerteventura, Galicia, Ibiza, La Zenia, Lanzarote, Madrid, Malaga, Mallorca, Marbella, Murcia, Torreveija, Tenerife, Valencia, Villamartin… and many many more!

If you prefer to deal with a Spanish lawyer based in the UK we can put you in touch with UK based Spanish lawyer to assist you.

If you need a Spanish lawyer contact us today on 01244 470 339 or email info@worldwidelawyers.co.uk. Our friendly and experienced team will be able to discuss your requirements with you and, if required, put you in touch with a suitable law firm in Spain to provide you with a no-obligation quote for their services.

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Cala Gat at Ratjada, Mallorca - beautiful beach and coast

Buying Property in Mallorca

The fantastically beautiful sun drenched holiday island of Mallorca is one of the most sought after and wealthiest areas in the whole of Spain.

As well as being popular with many A list celebrities, Mallorca has something for everyone and so continues to be a very attractive and popular tourist destination. It is little wonder therefore many people looking to buy a property abroad as an investment or as a second home chose to buy property on the beautiful island of Mallorca.

Who can buy property in Mallorca?

Anyone can buy property in Mallorca. There are no restrictions and you can buy property in Mallorca whether you are from an EU country or not. Property investment from foreigners is actively encouraged in Mallorca. If you have more than €500,000 to invest in property, non-EU citizens can even obtain EU residency in return.

How to find a recommended lawyer in Mallorca?

It is strongly recommended that you obtain professional advice from an experienced property lawyer in Mallorca to assist you with buying property in Mallorca.

It is important that you instruct a lawyer in Mallorca who is independent (ie not connected with or recommended by the estate agent) to ensure that the advice you receive is objective and to avoid any potential for conflicts of interest.

Your lawyer in Mallorca will help you with the purchase contracts, property searches, they will look out for all your interests and ensure your property in Mallorca is registered at the Land Registry. They will also be able to advise you about the taxes associated with a property purchase in Mallorca.

The costs of a property lawyer in Mallorca will vary as lawyer’s fees usually depend on the type of property you are purchasing and its value.  Lawyers in Mallorca typically charge 1.0% of the property price (the minimum is fee for a lawyer to deal with a property purchase in Mallorca is however typically around €2500).

If you would like details of a reputable, recommended lawyer in Mallorca to assist you with property purchase in Mallorca, contact Worldwide Lawyers on 01244 470 339 or at info@worldwidelawyers.co.uk. We can put you in touch with an independent English-speaking lawyer in Mallorca who can assist you.

For more information about buying property in Mallorca or any other part of Spain or its islands, download our free legal guide to buying property in Spain.

 

European Union, Brexit, Property purchases in Spain, Property purchases in Portugal

What Brexit means for British property purchasers in Europe

Following the announcement of the UK’s decision to leave the European Union, there has been much uncertainty about what this means for Brits looking to buy property in Spain, Portugal, Italy, France or elsewhere in Europe.

The Portugal Prime Minister, António Costa, has however seemingly set the tone in an interview following today’s announcement. He said that it “is a sad day for Europe”, but confirmed his belief that the strong alliance between Portugal and the UK will “carry on.”

The Portuguese Prime Minister went on to say that 
“We have the oldest alliance in the world with the United Kingdom and it will carry on long after what will be the departure of the UK from the European Union”.

He also provided assurances that Portugal “will do everything to ensure all the rights of the British citizens who live, visit or invest in Portugal.”

This sentiment echoes Portugal’s commitment in recent times to encourage foreign investment in to Portugal with the introduction of the Golden Visa and the attractive Non Habitual Residents tax regime.

The Spanish Prime Minister, Mariano Rajoy, also spoke out today to confirm that with regard to UK citizens in Spain: “The rights to move freely, to work, pay taxes and get pensions, to invest, vote, or being elected in the local elections of the place where they live will not be affected at least during the next two years”.

Both the words of the Spanish and Portuguese Prime Ministers have provided some reassurance and an indication that European countries such as Spain, Italy, and Portugal will not wish to turn their back on the valuable economic benefit that property investors from the UK provide to these european countries with regard to both house purchases and tourism.

If you are looking to buy property in Spain or Portugal or anywhere else in Europe, please contact Worldwide Lawyers on 01244 470 339 or at info@worldwidelawyers.co.uk to discuss how we can assist you.

Property Purchase (WWL) (landscape)