Currency for property abroad

Nmt1979

Hi, apologies if im in the wrong place .... 1st timer here! Ok so ive been saving cash at home as i intend buying a renovation property in spain. Im now around 6 mths from purchase and wondering how best to pay!! Im sure customs would want a word if i took that amount of cash through the airport so am i better off putting it in a uk bank to pay by bank transfer? Should i open a spanish non residents account and put it in there and then pay by bank transfer? What would your advice be re currency exchange? Ive really no clue where to start but i know the next 6 mths are going to fly past so any advice is greatly appreciated. 😁 Thanks. X

eDicky

Nmt1979 wrote: »

Ok so ive been saving cash at home

Do you mean as in 'cash under the mattress', or in a bank account? There are no limits on carrying cash between countries within the EU, but you may well be required to account for its source at some point and it's probably not acceptable as payment for a property purchase in Spain. Exchanging cash pounds to euros will involve a margin of loss in the exchange rate of ~2% even with the best choice bureaux.

There's an MSE article on sending cash abroad, for larger amounts you need to compare relative costs in terms of fees and exchange rates by using broker services or sending direct bank to bank.

skid112

Hi, as an owner in Spain already you will find it easier to pay utility bills, such as water, electric and rubbish collection, from a Spanish bank account. Also local IBI (council tax) are easier with a local account, be aware though there isn't any free banking available to most, some, under 25's and retirees who get their pension paid into the account do qualify. To open one you will need an NIE, your Spanish lawyer will be able to help you obtain one of these.
Do not use your English bank to exchange Sterling, use Transferwise or a specialist broker who will get you better exchange rates.

J_B

skid112 wrote: »

Do not use your English bank to exchange Sterling, use Transferwise or a specialist broker who will get you better exchange rates.

We use https://www.currencyfair.com/