Whether you’re enjoying the sunny skies of Spain on a permanent basis or have a holiday home in the nation, you’ve probably found that using a bank to manage your regular overseas payments can be quite costly and time consuming.
Using a bank to meet regular overseas expenses may seem like the simplest option on the surface, but given that banks typically add on a transfer fee of between £10-£40 to every transaction it can cost you hundreds of Pounds to pay your mortgage this way over the course of a year.
Furthermore, the exchange rates banks are able to secure for you are rarely the most competitive. Transferring your mortgage payments through a reputable currency broker, on the other hand, couldn’t be easier or more cost-effective. By setting up a Regular Overseas Payment plan with an FCA authorised currency broker you can ensure that your recurrent transactions are made securely and automatically, on a day of your choosing.
There won’t be any transfer fees to pay and your broker will be able to offer you expert guidance regarding safeguarding your funds from exchange rate movements and market trends. Your trade will also go through at a more competitive rate; saving you extra money on top of the hundreds a year you won’t have to pay out on transfer fees.
The last few years have been pretty testing economically and Eurozone nations like Spain have really been feeling the pinch, so while the difference of a few cents per Pound might not seem like much, achieving the best possible exchange rate can make a big difference.
Political, economic, social and even environmental events are all responsible for inspiring currency fluctuations, and pairings like the Euro/Pound (EUR/GBP) can move by as much as 10% within a few weeks – making them hard to keep track of.
But you don’t have to do all the hard work yourself. On top of securing you a more competitive exchange rate, your broker will analyse data releases and economic events, letting you know as soon as there are any favourable or negative shifts in the market.
Regular overseas payment plans are the ideal way for expats, would-be-expats, businesses and individuals to make regular payments of between £500 and £10,000 on a monthly or quarterly basis over a minimum period of 6 months.
As well as being a cost-effective and convenient option when it comes to meeting foreign mortgage or rental payments, regular overseas payment plans are perfect for managing wages, transferring a pension and paying tuition fees.
By taking a proactive approach to your regular foreign payments and using a well-established currency broker to handle them effectively you can stay in complete control of your outgoings and save a significant amount of money.
So, look into your options when it comes to making regular overseas payments and enjoy your time in Spain with a few more Euros in your pocket!
We have recently been using the services of TorFX, and cannot fault them. Great rates… and excellent customer service.
Our personal account manager is Natalie Collins, and you can contact her direct by phone at +44 (0)1736 335234 or by clicking the banner here