Sending money overseas
On a property purchase, the exchange rate you get matters as much as the price you negotiate. How to move money without losing thousands.
If you are buying in euros and holding another currency, the rate you transfer at will move the total cost of your purchase by more than most people's negotiating gains. On a €750,000 property, a two-cent move in GBP/EUR is roughly £10,000.
Why not just use your bank?
High-street banks typically apply a margin to the interbank rate and add a transfer fee on top. A specialist currency broker will usually beat both, and — more usefully — will talk to you about timing and structure rather than simply executing.
Tools worth knowing about
- Spot contract — you buy currency at today's rate for immediate transfer. Simple, and right for the balance on completion.
- Forward contract — you fix a rate now for a transfer up to twelve months ahead, usually for a small deposit. This is the one that matters when your deed date is months away.
- Market order — you set a target rate and the broker executes automatically if the market reaches it.
- Regular transfers — for ongoing running costs, condominium fees or a mortgage in euros once you own.
We work with a currency partner used to Portuguese property timelines, and can make an introduction whenever you are ready.
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Next step
Every purchase is different. Ask us about yours.
Guides can only take you so far. A short conversation with someone who does this every week usually takes you further.