Are you looking for the perfect property in Tenerife?
You may have recently retired and want to move to Tenerife or alternatively you may be looking for a holiday home in Tenerife that you can rent out whilst you are in the UK. Buying a property in Tenerife is relatively cheap in comparison with the rest of Europe and you are guaranteed sunshine pretty much all year round which makes this country an extremely popular investment for many Brit’s, However although Tenerife property is cheap you will still be transferring a considerable amount of money abroad to pay for your new home and it is vital that you think carefully about how you wish to transfer your money abroad to pay for your new property.
Most people will spend months searching for the ideal property in Tenerife, will aggressively haggle the price of the property down and then send money abroad using their bank without paying a great deal of attention to the exchange rates and whether the foreign exchange rate being offer is competitive!
Property for sale in Tenerife at the moment is great value for money, since the economic downturn it really is a buyers market at the moment. If you have the cash you can get a great deal on a Tenerife property. As well as getting a great deal on the price that you pay for your new property if you shop around to find a good foreign currency provider you can end up saving yourself another couple of thousand pounds on your currency exchange.
If you use your Bank to make an international payment to Tenerife to pay for a house you could end up losing thousands of pounds. Most of the major UK banks offer a blanket rate for the entire day, they charge hefty transfer fees and do not offer you the option to use risk aversion tools such as forward contracts. You can view how uncompetitive HSBC and other leading high street banks exchange rates are on our HSBC information page which an exchange rate comparison chart.
Using a foreign exchange broker instead of the bank will ensure that you receive a much better exchange rate. Most brokers will not charge you a transaction fee if you are making a large transfer and will waive any fees if you make regular mortgage payments to Tenerife.
At Compare Currency we have compiled a table of the UK’s leading foreign exchange specialists who are there to help guide you through your currency transaction. Our table allows you to compare each broker and the banks in a simple and easy way. We would recommend that you contact a couple of different brokers to find the one offering the most competitive exchange rate. Each broker has currency specialists on hand to discuss the best way to minimise your foreign exchange exposure to ensure that you get the best deal.
Please read our money transfer guide if you would like to learn more.
