Whether you are starting out your own business or already running a successful one, you will find that you have to meet several challenges, including managing finances, controlling costs and building a strong relationship with your customers and suppliers.

For businesses that employ staff abroad or work with overseas suppliers and international customers, there is another important element to consider: currency exchange.  Transferring funds across borders in an efficient, secure, and cost-effective way is an essential part of an international business and should be a priority. For those working within the import and export industry, international money transfers and currency exchange is a daily part of their business and the more complicated it is, the more important it is to find a reliable and trusted currency exchange specialist to assist you with managing your overseas payments.

  1. Why should I choose a regulated and reliable partner?

Currency exchange specialists such as Universal Partners FX provide a platform for easy management of frequent international payments and offer access to competitive exchange rates. Such a broker, with years of experience and regulated by financial authorities, can provide a wide range of products and services, secure payments and peace of mind. UPFX have advanced software, an intuitive platform and can offer superb exchange rates across more than 140 currency pairs, facilitating international transactions in various countries.

Universal Partners FX is the ideal option for distribution and wholesale foreign exchange services, as it can provide valuable support to businesses which want to make regular payments while having access to expert knowledge and strategic financial planning. From monitoring the markets, to developing hedging strategies to protect your business, UPFX’s currency specialists will assist your business and help it grow while saving you time and money.

What exchange rates do you offer?

It is a fact that banks are more expensive and offer higher exchange rates than currency providers. But since there is a lot of competition among currency providers, you can also research and find the best as many might claim to be competitive and advertise that their transfers are free of commission but charge heavy markups on their exchange rates.

For example, when buying currency, you are offered a rate by your bank. This rate might be quite different from other banks or currency providers, and you need to explore various options and understand exactly how much margin is built into the rates. You also need to take into account the service and customer support, as sometimes the cheapest option might not be the best. A tailored approach, useful and friendly customer service and a well-developed strategy for your business should also be considered when making an overall decision.

Especially, if your business has time to plan ahead and can wait to transfer currency, then you might be able to save more money by holding out for a better rate. All of this can be discussed with your currency broker, and explore which option suits your different needs.

  1. How long will it take for my funds to arrive at the recipient’s account?

Transferring funds efficiently is part of a well-oiled operation, and businesses are focused on meeting strict deadlines, setting invoices on time, and paying contractors as agreed to ensure the smooth running of their business. If you have used your bank for currency transfers, you will know of the delays involved, as once your money leaves your bank is sent to an intermediary bank which forwards it on to the receiving bank, creating delays and incurring extra charges. When transferring currency, it is always best to be aware of potential delays or extra costs and plan ahead. A currency transfer business such as UPFX will walk you through the process of transferring funds and shed light on all aspects of your transfer, explaining how long it will take to process a particular transaction.

Trading internationally? Save money with Universal Partners FX

If you are making international money transfers, you will need a cost-effective and secure way to do so. Universal Partners FX is the right partner for your foreign exchange. With UPFX, you can open a multi-currency account, send and receive money worldwide with low and transparent fees. You can also manage your money and send international payments 24/7 through UPFX’s easy-to-use online platform powered by Currency Cloud.

If you are an exporter or plan to start your international business, get in touch now with Universal Partners FX to find out how much you can save in your international money transfers.

 

Sending money overseas has never been this easy. With banks striving to keep up-to-date as the financial markets change rapidly, currency brokers and money transfer companies dominate the industry. If you want to send money overseas, then look no further than expert currency transfer and foreign exchange broker Universal Partners FX.  UPFX has streamlined international payments and has made it so much easier for everyone to send money overseas. Currency brokers, for example, do not charge any fees when transferring your funds and they also provide a much better exchange rate than your bank.  So how does money transfer work?

How to start

First, you will need to open an account with an international money transfer firm and once you do so they will get in touch to discuss the transfer, walk you through the process, explain the exchange rates and any other necessary information you’ll need to approve before proceeding. You will then be able to book the transaction, providing details of the recipient’s account and pay the agreed amount, via an electronic transfer from your UK bank account.

When to expect the money to arrive?

The process is simple and straightforward and should not take longer than two working days. Some transfers depending on the currency and exchange rates can be executed instantly within seconds. It is common that major currency pairs or strong currencies will be transferred faster than weaker ones.  

Transferring money overseas

One of the safest, most secure and fastest ways to transfer your money internationally is by using an international money transfer firm. UPFX has consistently executed trades by offering competitive rates to all clients with low fees. Online money transfers are the most popular method for transferring funds overseas.

Exchange Rate: What is it?

An exchange rate tells you how much one currency is worth in relation to another currency. The general rule is that the higher the exchange rate, the more money you will receive when you trade. The exchange rate is not something stable and changes all the time depending on market news, the political situation in that country’s currency and other events that could cause volatility in the foreign exchange market. The foreign exchange market or, simply, forex, is considered the most liquid financial market and is very volatile. Because trillions of dollars are being exchanged, it is easy to buy and sell currencies. In 2019, the daily volume of the forex market reached $6.6 trillion! So, this is why the market is big, competitive and why many people decide to trade as a hobby with the potential to make a profit. While it provides plenty of trading opportunities, the forex market is also risky, that is why registering with a leading money transfer firm such as UPFX will save you time, money and lots of stress. If your business for example has regular transfers or requires a more nuanced currency strategy and risk management, then UPFX will provide you with a plan and a solution to suit your specific requirements.

Trading internationally? Save money with Universal Partners FX

If you are making international money transfers, you will need a cost-effective and secure way to do so. Universal Partners FX is the right partner for your foreign exchange. With UPFX, you can open a multi-currency account, send and receive money worldwide with low and transparent fees. You can also manage your money and send international payments 24/7 through UPFX’s easy-to-use online platform powered by Currency Cloud.

If you are an exporter or plan to start your international business, get in touch now with Universal Partners FX to find out how much you can save in your international money transfers.

 

If you need to transfer money to your own overseas account or to other businesses and employees abroad, you can find an online specialist currency transfer firm such as Universal Partners FX who will offer competitive exchange rates and cost-effective transfers. In a volatile and fast-moving market, it is best to choose a reliable currency transfer company who can keep up and provide consistency and security.

How to determine your currency transfer firm is reliable and reputable?

First, it is good to check whether your currency transfer provider is authorised and regulated by a recognised authority or regulator. In the UK, the specific legal body and authority of overseeing the financial services sector is the Financial Conduct Authority (FCA). A currency transfer company, for example, is obligated to make sure that their client funds are secure at all times, and it does so by keeping them separately from the firm’s own funds.

The FCA regulates the conduct of around 51,000 businesses. They are the prudential supervisor for 49,000 firms and sets the standards for around 18,000 firms. Established on 1 April 2013, the FCA took over responsibility for conduct and prudential regulation from the Financial Services Authority.

The FCA’s responsibility is to protect consumers such as yourself, as well as safeguard the integrity of the UK financial system. As an independent public body funded by the firms they regulate, they are accountable to the Treasury and to Parliament.

Avoid using your Bank

Don’t rely on your bank. From high costs and fees and high margins on exchange rates, your bank is not the ideal partner when sending funds. Instead find a reputable money transfer provider, like UPFX who can offer tailored assistance, competitive exchange rates and secure and fast delivery of your funds.

Monitor the markets

If you are sending funds regularly then you need to check what is happening in the financial markets and how the currencies you are exchanging could be affected by economic news and events. As a business, you want to make sure that you are not losing money when transferring your funds overseas, especially if you send big amounts of money to pay partners or employees overseas. To make sure you know which time is the best to transfer your funds, check an economic calendar or ask your currency transfer specialist. UPFX has a dedicated team to help you with any enquiry and publishes expert market insight on its website. Currency volatility is usually common before or after major Central Bank announcements or the release of important economic data such as inflation data, PMIs and employment figures.

Manage your risk

Again, your currency specialist can explain to you about the various risk management tools available to you and which ones you can use for your specific needs. A forward contract, for example, gives you the opportunity to secure today’s rate for a future transfer, so you can control what exchange rate you will get and how much it will cost you to transfer your funds.

Trading internationally? Save money with Universal Partners FX

If you are intending to start an international business or you are already dealing with international money transfers, you will need a cost-effective way to manage your overseas currency transfers. Universal Partners FX is the right partner for your foreign exchange. With UPFX, you can open a multi-currency account, send and receive money worldwide with low and transparent fees. You can also manage your money and send international payments 24/7 through UPFX’s easy-to-use online platform powered by Currency Cloud.

If you are an exporter or plan to start your international business, get in touch now with Universal Partners FX to find out how much you can save in your international money transfers.

If you are a business that needs to pay your employees and suppliers abroad or convert income from overseas, you must have used the services of a bank or a currency specialist to do so. Using a currency specialist such as Universal Partners FX comes with certain benefits that your everyday banking institution cannot possibly deliver. From saving you money in unnecessary fees as well as securing a competitive exchange rate, UPFX’s dedicated team can relieve you of the burden of worrying about the exchange rate eating into your finances. A currency specialist will always provide a more thorough service than any bank can, and the overall winner is the client - getting better rates and more in depth insights.

If you want to make the right decisions and get the very best value when operating in the currency market, here are a few tips to consider.

Plan Ahead

Many businesses make the mistake of dealing with their foreign payments on a day-by-day basis. This opens you up to a huge amount of currency risk as the rate can fluctuate wildly from one to day to the next. At Universal Partners FX, we always help clients plan ahead by assessing their currency risk for the next 12 or even 24 months against the current rates. A strategy like this devised by an expert who will monitor the market can start saving thousands after just a few months.

Ignore Rates (at least initially)

This might sound illogical, but rates are not the most important thing when devising a strategy for your business to get the best value on foreign exchange. Choosing a provider based on their lower rates may yield dividends initially, but what happens when rates move? Like anything, price doesn't tell the whole story. Look out for the array of services that enable you to be flexible when the inevitable movements occur in the market. A spot contract can help you secure an excellent exchange rate at the moment you want to make an instant transfer, but you can budget effectively and protect your business from unexpected market volatility by fixing an exchange rate in advance with a forward contract. UPFX also offers stop loss and limit orders when you want to target a specific exchange rate. A limit order enables you to make a transfer at your desired and predetermined rate when the market reaches that level. A stop loss order is also perfect when you want to protect your funds against an unexpected currency drop by setting a predetermined worst-case rate. These are off-the-shelf products, but every business is different so we always tailor our strategies to suit the needs of each client individually.

Define Your Risk Appetite

As well as limiting risk, our services can also do much more than that. For businesses that have a higher risk appetite, our currency hedging solutions can enable businesses to profit from positive market fluctuations. Of course, this comes at a risk - but if you are in a saturated market where competitive advantage is everything, these strategies can not only protect your business, but also provide extra value that you can pass on to your customers. So before you embark on any strategy, it is important for you or your foreign payment provider to consider what risk level is appropriate for your business to cope with. 

 

If your business requires currency services to boost your bottom-line profits, UPFX’s dedicated customer support team or your personal account manager will explain everything you need to know about making foreign transfers effectively. You can also use our simple and user-friendly online platform to transfer your funds in a fast, secure and affordable way. Get in touch now with Universal Partners FX and find out how you can get the best possible value from the currency market.

You might have organised buying your home overseas a long time ago, but when it comes to Brexit there are a few things to consider before moving overseas. The requirements for living in France after Brexit have not been set in stone yet, with the latest updates referring to minimum resources. There is also some confusion regarding British expats’ French residency rights, healthcare and work in France after Brexit. In this article we hope to shed some light on some of these and to help guide you through the issues that most Brits are concerned with.

Minimum Resources Requirement

Many Brits are concerned about the number of resources they need to have to qualify for French residency after Brexit, especially for those who have limited income or are pensioners, which can be quite stressful.

The French government has recently published an Arrêté in the Journal Officiel, which clarifies what criteria officials need to consider when making their decisions. Such decisions will be based on individual cases, as the authorities will need to look at an individual’s specific situation, whether they own their home, paying mortgage or rent, or they have extra savings or rental income in the UK.

The French government will consider reasonable income anything that is in line with the French in-work benefit, the so-called Revenue de Solidarité Active (RSA) which is currently at €564.78 per month. For British couples for example, it will be fine if they both declare the aforementioned amount as their household income, without needing to receive €564.78 each. Regardless of how many people are residing in a specific household, the amount required will be the same as the minimum amount of the RSA for a single person without children. The same amount will also be the guideline figure for other applications such as those regarding the French benefit level for pensioners.

French Residency: Providing proof of your income

Not everyone has to provide proof of their financial situation when applying for residency. If you have lived in France for more than five years, you will only need to provide personal identity confirmation documents, proof of address documents and evidence of the date you arrived in France.

If you have been living in France for longer than 5 years or you are married to a French citizen, you will still need to apply for a residency card before 30th June 2021. If you lived less than 5 years in France, you would need to apply as either employed or self-employed, job-seeker, student, retired or as the family member of someone who meets the above criteria or the spouse, civil partner or live-in partner of a French person. If you are retired or financially inactive, then you will have to provide evidence of how you support yourself including recent tax declaration, any pension payments or recent bank statements. A French government website in both English and French provides more information about moving to or living in France.

Transferring Funds: Currency Exchange

If you are a British home buyer, a currency specialist such as Universal Partners FX can help you navigate the current market while taking into consideration your specific needs, goals and your budget. UPFX offers excellent exchange rates and has a record in providing tailored and dedicated customer care to thousands of customers worldwide.

When considering buying your dream home in France, Universal Partners FX can give you peace of mind when sending money overseas. If you want to schedule ahead and safeguard your funds, talk to one of their foreign exchange experts today.

 

If you are buying your dream home with a mortgage from a Spanish bank, you should be prepared as the process will take some time and banks will be extremely strict with having all documentation in place. Preparing early and having your mortgage in place, will make the process much easier and give you peace of mind.

Buying property

The bank in Spain will typically request that you submit specific documents with your application, although a dedicated person from the bank’s customer relations will help you throughout with your documents and make all the necessary arrangements.  It is usually expected that you will provide a copy of your passport, proof of address documentation such as a utility bill, an NIE certificate, if you are employed, they will need at least 2 of your last wage slips, your annual tax statement, and 2 annual tax returns, last 2 years annual accounts, an accountant’s or employer reference, credit report, last 3-6 months bank statements, mortgage or rental agreement relating to the main residence. Whatever they require, they will first assess it and then they might respond with potential questions. After this, they will offer you a provisional approval on the condition that your property is valued, and it corresponds to the amount you are asking. The valuation takes a week. The bank branch submits your application to their risk department for a final approval which will be provided in writing.

Building a house

A similar process is followed if you are building  a house, as the value of your land and projected costs for a house will be assessed and cross-checked by a professional surveyor who will visit the location and provide their valuation to the bank.  By this time, you will need to have had architectural plans approved by the building authority and have a general estimate of your overall costs, so you present the bank with a clear and realistic number. If you do not manage to do so, this will create delays and more paperwork, so it is good to have a clear communication with your bank from the start and understand what is needed. Whether you are signing your contract with the bank or an independent third party will evaluate your property, you will be required to cover the costs. This will also include any fees for lawyers, especially if you do not speak the language, as the bank will arrange for a lawyer to be present to translate any papers you need to sign.

Total costs

The total costs of buying a property with a mortgage could be around 3%, as you will have to pay an arrangement fee (1% of loan as standard), valuation fee (approx. €500.00) and mortgage stamp duty (around 1.1%).

The interest rates in Spanish banks are attractive and relatively low, with an average rate around 2.75%. It is important to consider that banks now might offer a loan that covers only 60% (non- residents) to 80% (residents) of the purchase price or of the appraised value of the property (the lowest value prevails).

When buying a finca or rural property the maximum mortgage will be 60%. The rest you will have to finance yourself with your own resources, whether that means you need to increase your mortgage in your home country or with personal savings.

Spanish banks also take into account your family situation, whether you rent your home or have your own property, number and age of children, type of work, income, etc.

When applying for a mortgage in Spain, banks will look at the relation between your income and debt to assess your situation and decide how much you are able to pay per month. For example, the bank will consider around DTI of 30-35% (up to 40%) and for non-residents, the accepted DTI will be 25-35%.

If you are a British buyer, a currency specialist such as Universal Partners FX can help you navigate the current market while taking into consideration your specific needs, goals and your budget.

When considering buying your dream home in Spain, Universal Partners FX can give you peace of mind when sending money overseas. If you want to schedule ahead and safeguard your funds, talk to one of their foreign exchange experts today.

 

Buying your home in Spain is a dream come true, but there are many important things to consider when it comes to buying and transferring funds from the UK to Spain. Since buying a property involves taking into account the actual price of the home as well as any related costs such as paying taxes and fees, which can be as high as 8 and 15%, it is vital that you consider your finances, minimise your expenses and have a solid plan with a forex broker.

Costs to consider

It is important to work out your budget for buying your property, taking into account all of the related costs. One of the first things to consider is the property transfer tax which is around 10% of the purchase price and every region in Spain sets its own one. For example, in Andalucía, a property that costs up to €400,000 will have a property transfer tax of 8%, whereas over that and up to €700,000, you will have to pay 9% or 10% if the property costs over €700,001. But this is not all. When you buy a home or a plot of land, you have to register with the land registry, so you get your deeds. The fee for this can be €500.00 for a property of €100,000.

When you are signing your contracts and buying property this is conducted in the presence of a notary who will also charge a fee to verify the documents and the act taking place. Again, the notary fees depend on the price of a house, so for a €100,000 property, you will need to pay €800.00 for fees.

When you are buying, you will also need a solicitor to represent you and whose fees will be around 1% of the purchase price. Also, you will have to pay the commission of the estate agent, if there is one, and it is usually included in the property price.

How to Save Money

As always, getting some extra help from experts could relieve some stress and save you money. A very useful thing to do is contact an estate agent who knows the area you want to buy in well and who can give you more insight, help you understand market prices and explain the process of negotiating a price further. They might save you a lot of money by explaining the right price for a specific purchase and help you have the upper hand in the negotiations by providing valuable background on the purchase.

Additionally, someone who speaks the language and who can explain the process, such as a lawyer who can act on your behalf and elucidate complex legal issues, is a great asset. They will be able to point out things to watch and avoid such as illegal property building or planning which might cost you money to resolve later.

Paying with cash is always a great advantage as you can pay less and is something to consider if you are willing to do so.

A useful point to consider is paying for a survey of the property to make sure there aren’t any underlying problems and ensure that the structure of the house is solid, otherwise, if there are issues you can negotiate a lower price or save yourself the trouble and money.

Use a currency specialist

Transferring sterling to euro can cost you bank fees. To avoid unnecessary expenses, it is wise to use a currency transfer specialist such as UPFX that they can transfer funds for your purchase. Not only will they offer you competitive exchange rates, but they will make sure that your funds are protected from currency fluctuation.

When you are buying, it is good to consider buying offseason, negotiate the price and get a special deal and be open to change your requirements and find something that is much cheaper. You might be surprised at the opportunities you might find when taking a step back and looking at locations or properties you may have not considered before.

If you are a British buyer, and want to secure a strong investment opportunity, now is the time to get in touch with your currency broker. A currency specialist such as Universal Partners FX can help you navigate the current market while taking into consideration your specific needs, goals and your budget.

When considering buying your dream home in Spain, Universal Partners FX can give you peace of mind when sending money overseas. If you want to schedule ahead and safeguard your funds, talk to one of their foreign exchange experts today.

If you are considering buying a dream home abroad or simply investing in a desirable location where you can rent your property or relocate for good, then you must have looked at Spain as your top destination. Well, you were not wrong, as Spain continues to top the list for places to relocate or buy a property abroad.

According to iProperty Management’s research, Spain, which is already the top destination for Brits,  was the most searched for country, with 690,360 searches, 37,600 of which were from UK internet users. Following Spain, with less than 194,000 searches was Canada.

Spain is especially popular with Brits who made up 69% of expats in 2018. According to the data, those who want to invest in a property that will see demand from expatriates looking to relocate, should consider Spain. Among the top five, France and Portugal have also been a favourite location for Brits and the two countries saw 484,800 and 212,280 searches, respectively.

The interest in these countries does not simply result from the fact they are beautiful and desirable locations for retirement or for vacation. They are members of the EU and thus residents living in each of them are allowed to move and work freely.

 Spain is cheaper than London!

If you are hoping to get onto the property ladder, Spain is a good option. There are plenty of reasons for that as the number of expats in the Costa del Sol could attest. But beautiful location, gorgeous buildings, sunny beaches and good food can simply explain why you would want to settle there.

If you are buying property, the choice of buying within a gated community such as those located in the towns of San Pedro de Alcantara and Estepona, can offer security and peace. According to the Olive Press, a three bedroom apartment in Estepona  will cost around £200K, whereas the same amount could only get you a studio apartment in London, for example.

Places such as Marbella and Banus are also appealing due to the fact that they are secure and provide a great lifestyle. But also other areas on the Costa del Sol such as Casares Costa. Estepona, for example is only 20 minutes west of Marbella and is relatively cheaper than other more sought-after locations while offering a more authentic flavour of Spain. Guadalmina Ata poses a more pricey location where one can purchase beautiful properties exceeding €2 million.

For many Brits, and due to Covid-19 and Brexit, Spain appears to be the ultimate destination where they can retire and feel secure, while remaining part of the EU. Indeed, the number of Brits buying property in Spain has risen a lot recently due to Brexit.

Just looking at the data showing where Brits are registered in Spain, is indicative of the places and the kind of appeal they have for different age groups. The British community is concentrated along the coast, in Alicante and Málaga, and more than a third of residents are over 65. Madrid and Barcelona are a favourite among the younger generations who want to work and enjoy a more busy lifestyle.

Currency Exchange

If you are buying a holiday home in Spain, it is important to consult a specialist foreign exchange company such as Universal Partners FX right from the start. UPFX can help you manage currency fluctuations by locking the rate, as the final price of your home could vary significantly from the time you made your offer.

When moving large amounts of cash, it is best to get in touch with UPFX’s currency specialists where they can offer you competitive exchange rates and the best value for your money. Find out what your money is worth by giving them a call or requesting a free quote.

Buying property in Cyprus has grown consistently over the recent years, with many Brits relocating in the Republic of Cyprus. While Covid-19 has hurt the market, interest in property continues as the market is slowly recovering. Paphos and Limassol, for example, are especially sought after as they offer amazing villas and luxury properties in beautiful locations, allowing Brits to enjoy the best of what the island has to offer. In such areas, foreigners constitute as much as 75 percent of the market. Last year, world famous Colombian pop singer Shakira and her famous partner Gerard Pique, who plays for Barcelona football club, bought an exclusive villa in the coastal village of Peyia in Paphos. Celebrities and Hollywood stars have for years chosen Cyprus for their vacations. Leonardo DiCaprio, Michael Douglas Catherine Zeta-Jones and John Malkovich, Elton John, Diana Ross and Rod Stewart are a few of the rich and famous who chose to spend their holidays on the sunny Mediterranean island.

Why Cyprus?

With Cyprus being warm all year round, having sandy beaches, and hospitable people, it is not surprising that it has become as popular as Spain’s Costa del Sol and Costa Blanca. The big difference however is that the island offers some beautiful but affordable properties.

Home prices on Cyprus are indeed much cheaper when compared to Marbella, Spain, or the Algarve in Portugal. Whereas a villa in Spain or Portugal would be about 400,000 or 450,000 euros ($475,000 to $535,000), a villa in Paphos would be half the price. Cyprus’s coastal property prices could “range from as much as $724 a square foot in Limassol district to as little as $423 a square foot in Paphos district.”

Before the pandemic, Russians and Chinese buyers were the top international buyers, with many relocating their families and acquiring European citizenship by investing in property. German, British and Scandinavian buyers, as well as buyers from Israel and the United Arab Emirates, Ukraine and South Africa have also preferred Cyprus, due to its location and its proximity to Europe.

Things to consider when buying property in Cyprus

Although some foreigners have bought houses in the illegally occupied area of Cyprus, these have usually been controversial due to the complexities and restrictions on home purchases on that part of Cyprus. As a recent article in the New York Times noted, “While European Union citizens with residency in the southern part of Cyprus can purchase unlimited properties there, others are limited to one apartment, house or plot….In northern Cyprus, the limit is four properties” but “buyers wishing to purchase a home there must confirm in advance that it actually belongs to the seller and not to a Greek Cypriot, because they may be exposed to criminal liability due to the political situation in Cyprus.”

Buyers across Cyprus should also be careful when buying a property, ensuring that the house “is free of any charges, mortgages or other encumbrances with the provincial land registry.”

When you decide to purchase a property on the island, it is usually recommended that you get in touch with a lawyer who will typically charge about 2,000 euros to serve as your local lawyer, protecting your interests and explaining the complexities of the market. When you are purchasing property, stamp duties range from 3 percent to 8 percent, depending on the property’s sale price, with the seller paying 5 percent real estate commission.

If you are considering buying your dream home in Cyprus, you should contact a foreign exchange specialist to assist you with transferring your money abroad, explain currency exchange, and hedge your funds from unpredictable currency movements. Get in touch with Universal Partners FX so you can have peace of mind when sending a large amount of money overseas. If you want to schedule ahead and safeguard your funds, talk to one of their foreign exchange experts today.

Buying property  in Spain, France, Portugal, Italy and Greece is back in demand, with property site Rightmove reporting 1million searches in one day.

As travel restrictions ease, interest in buying property overseas has reignited with the number of Brits searching for a place in the sun rising. The top five property locations for Brits are Spain, France, Portugal, Italy and Greece, according to search data from Rightmove last month.  

Rightmove sees a surge in interest in European destinations

Rightmove’s Miles Shipside said: “Lockdown has allowed many people time to re-appraise their lives, which has prompted lots of home-hunters to get serious about buying elsewhere in Europe. In particular, countries such as Spain, France, and Portugal have cultures that are familiar to us, and their warmer climates and reasonably priced rural stock will appeal to those who have been recently denied foreign travel.”

He added: “Social distancing would be far more straightforward if you’re lucky enough to be able to afford your own overseas pad. If other holiday-makers feel the same, then they may wish to rent your property, helping it bring in an income when you are not there. It’s still early days as we’re not out of lockdown yet and most airlines are still shut, but this is an indication that this has been a life-changing period for many who are re-appraising both how and where they want to live.”

According to Rightmove, enquiries to estate agents overseas reached the highest level since last June, with the number of new users on “Rightmove Overseas” being 41 per cent higher than the same month last year. Rachel Beaton, an overseas property expert at Rightmove, said that with the easing of the travel restrictions the demand for overseas homes rose to “record-breaking levels.”

Particularly, searches for property in Spain increased by a quarter compared to last June, with many estate agents reporting a surge in online browsing and enquiries for overseas homes in the month of June.

Estate agents at Savills told financial website This is Money that “its most viewed home online in Spain over the last month was a remote five-bedroom £572,475 home in Andalucía, complete with sweeping views of the surrounding countryside, 10 hectares of land, a large swimming pool and an olive tree lined driveway.”

Spanish digital platform allows Brits to apply for a mortgage online

With interest in Spanish property rising, Spanish retail bank, CaixaBank, is providing its online platform HolaBank for Western European citizens considering buying a property to apply for a mortgage. The new digital platform comes after the release of digital mortgage application MortgageNow, another service which allows potential international buyers of Spanish property to apply for a mortgage from their country. Clients eligible to use the MortgageNow are European residents with an interest in purchasing a property in Spain.

 

In 2019, the Spanish Land Registry reported more than 62,000 property purchase agreements, particularly focussing on the Mediterranean coast, a number that represents 12.5% of the national total.

If you are considering buying your dream home, you should contact a foreign exchange specialist to assist you with transferring your money abroad, explain currency exchange, and hedge your funds from unpredictable currency movements. Get in touch with Universal Partners FX so you can have peace of mind when sending a large amount of money overseas. If you want to schedule ahead and safeguard your funds, talk to one of their foreign exchange experts today.