Top 7 Currency Tips To Save Money When In Spain
Whether you are going away to Spain for a long holiday or a permanent stay, here are seven top currency tips that will help you keep a little bit of extra cash in your pocket.
1. Avoid buying foreign currency at the airport as you tend to get a poor deal
If you’re visiting Spain on a regular basis, it might be worth setting up a bank account – La CaixaBank for example. Then you can use a currency exchange specialist who can provide you with a much more efficient and better value way of spending in Spain.
2. Understand your options
When you transfer money, you can choose a “spot” contract (transferring money here and now) or a “forward” contract (where you can lock an exchange rate for up to one year). There are also other options are available, like Direct Debit-driven regular overseas payments, limit orders and more – so make sure you speak to your currency expert to find out what suits you best.
3. Only deal with an established firm who is FCA regulated and authorised
For the safety of your money, don’t deal with someone operating from a PO Box address or who isn’t authorised by the Financial Conduct Authority.
4. Set up your money transfers online and take the hassle out of arranging your currency
You can arrange your international money transfers from the comfort of your home in only a few clicks.
5. Ask about transfer charges, fees and commissions
Many banks charge £30 for every transfer you want to make. Foreign exchange companies like Currencies Direct offer free transfers and no nasty hidden charges.
6. Learn the basic jargon so you know exactly what you are purchasing
Here are some examples:
- Sell rate: what you get when you exchange pounds
- Buy rate: what you get when you exchange leftover foreign currency
- Interbank or bank to bank rate: the wholesale rate that banks exchange between themselves
7. Do your research
All currencies move quickly, so checking the price once a week is not going to help you make strong return. A currency exchange company like Currencies Direct has tools on their website to keep you up to date with the currency you want as well as providing tailored guidance over the phone.