David and Amanda bought a villa near Javea, Spain.
Did you find buying abroad a daunting prospect?
"Not really. Having spent a lot of time in Spain over the years, and having friends who have bought there, we were already aware of the issues, and used a good local lawyer."
Did you buy a re-sale villa or off plan?
"We bought off-plan."
Why did you choose TorFX for your currency transfer?
"We were going to use our bank, until our friends recommended TorFX. On larger transfers every cent on the exchange rate makes a big impact on our budget, and we were amazed that there can be such a difference. You just assume that your bank is giving you the best deal. Not so! We actually got an extra 1.5 cents on the exchange rate through TorFX, which saved us over £2,500."
Aside from the exchange rate, were there any other benefits to using TorFX?
"It was good to be able to talk to the dealers about what's been happening with the exchange rate. Adam (my personal dealer) really understands the market, and was able to advise us on our transaction. Plus they sent my Euros to my Spanish bank account free of charge, and they cleared on the same day."
Tell me about the currency dealing process. Was it straightforward?
"Yes. We purchased our villa off-plan, so there were a number of stage payments to make over 1 year. We bought enough Euros for our deposit as a "spot" deal, and booked a "forward contract" for the balance. This allowed us to lock in a really good exchange rate for next year, which seems like a sensible move while the Euro rate is so good. Because we had fixed our exchange rate in advance, we knew exactly what the property was going to cost us in sterling terms, so we were able to stick to our budget."
What would you say to other people thinking about buying abroad?
"Take the time to do your research. Use a local lawyer, preferably by personal recommendation. Do not underestimate the impact that currency conversion can have on your purchase price. It is important to get the best advice, and the best exchange rate. Don't speculate."
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