 Foreign Currency - Practical Steps
Step 1
Send a foreign currency enquiry to Europa Mortgages or tick the box on our Spanish mortgage enquiry form and your contact details and requirements will be forwarded to our partners for contact within 24 hours.
Our partners will contact you and register you as a client in order to open a trading facility, enabling you to instruct a dealer to purchase or sell currency over the telephone. They will also send you regular market updates allowing you to keep up to speed on currency movements.
Step 2 - Discuss your foreign exchange requirements
Your dealer will provide you with up-to-date views on market trends, and suggest strategies to meet your objectives and optimise your potential savings. The strategy you agree with your dealer will depend on your time frame and your risk profile. This may, for example, involve trying to achieve a target exchange rate (Market Order) or simply transacting at the current market rate.
It is important that you understand that the currency markets can be volatile. If, for example, the market improves, you cannot amend the agreed contract.
Step 3 - Buy and transfer your currency
Having discussed your requirements the dealer will offer you an exchange rate. If you are happy with the rate offered, you should instruct your dealer to proceed with the transaction. If you have registered with more than one of Europa Mortgages partner currency brokers, then you may want to hold that rate and see if you can get a better deal elsewhere. With all our partner currency brokers, they are digitally record their phone calls to ensure that your verbal instruction has been accurately executed. Please note that your verbal instruction to buy currency is a legally binding contract between you and the currency broker. The Contract Note they send you is simply a confirmation of your transaction.
Buying and selling currency - your options
Whatever your situation, it is important to identify and minimise the risk that the market may move against you. Unlike your high street bank, your currency broker will give you access to a number of currency options to ensure you stay on budget and firmly in control.
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