Getting the most out of Your Money
After you have done all your research and have made the final decision to buy a property in Gran Canaria or Spain, (Both are in the Euro Zone) you will have to convert your hard earned pounds into euros so that you can pay for your new property.
This can require some planning ahead, especially if you have decided to buy a new build, because the payment system differs from that of buying a resale property. Buying a new build requires several staged payments during the construction of the property.
When buying a new build property, you will know the purchase price of your new home in euros. This will not change unless during the construction of the property you add extra features, for example a swimming pool, or air conditioning. However, you will not know the actual cost of your new property in Pounds until you have bought the euros. This can fluctuate with the changing global currency exchange rates, therefore timing is everything.
To fix the cost of your new property, the best solution would be to buy all the euros in one go. This way the cost cannot ever change. One option would be to use specialist currency brokers, who have teams of people with more time dedicated to purchasing euros at the best rates. They are also able to move your money abroad safely and often work closely with agents, brokers and lawyers.
Below you will find a table that updates every 20 minutes with live currency exchange rates, to help you decide when is the right moment to convert your pounds into euros. Also, allowing for any charges that you will have to pay for converting your pounds into euros, there is a currency converter which works using the currency exchange rate table information, to give you an idea of how many euros you will receive if you choose to convert your pounds into euros at any given moment. You can also use the currency converter to obtain valuable information in the other direction. For example, by changing the first box to euros, and then the second box to pounds, you will get a clear idea of the value of your chosen property, or any other purchase you are making, in pounds.