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How to pay in Pounds £, Dollars $, Yen ¥, Swiss Francs, Yuan for my € Spanish property?

How can I transfer my cash efficiently to Spain?

 

Many foreigners, including British, Canadian, American, Swiss, Israeli, Moroccan, Chinese, and Russian, have a different currency at home than the Euro.

 

In the long term, it is a perfect diversification strategy to have some assets, like real estate, in another country and in another currency than in your home country.

Most of your assets are in your home country, but:

• The economic cycle is different in Spain from your home country
• Inflation is different in Spain from your home country
• Monetary policies are different in Spain from those in your home country
• The euro is used by more than 300 million people in Europe

 

 

To help you check the long-term evolution of the main currencies against the Euro, we have created a table with the latest Sterling, Ruble, Swedish Krona, Norwegian Krone, Dollar, Yuan, and Shekel long-term evolution against the Euro.

Check what happened to Sterling after the 2016 Brexit vote. The British who bought properties in Spain before the Brexit vote were pleased with that diversification.

If you buy a property in Spain in the short term, you will have to cover some currency volatility and costs if you invest outside the EU zone. 

In 2024, about 15% of the properties bought by foreigners in Spain were purchased by the British.

After feeling the effect of the Brexit vote on June 23rd, 2016, the British were less active in the Spanish real estate market, and the pound lost 10% of its value vs. the Euro. Check any currency pair, for instance, get a chart on the Sterling evolution vs. the Euro here from Reuters. Of course, in 2020, activity was much lower due to COVID-19. But by the end of 2021, activity was back.

Foreigners buy their property in euros while having their home currency in their bank account.

 

 

What solutions are available for foreigners buying real estate in euros with a different home currency?

1. Ask their bank to exchange their home currency into euros and transfer the funds to Spain.
2. Benefit from lower exchange rates thanks to online platforms like Currencytransfer.com to convert their home currency into euros and to transfer the funds to Spain

Foreign exchange services

If you need to send money overseas, you could save significantly with our currency partner TorFX.

 

Save time and money on your currency transfers.

When moving overseas, you often need to transfer money abroad as part of the process, whether it’s to purchase a property, cover expenses, or repatriate income.

However, some banks and currency providers offer uncompetitive exchange rates and charge transfer fees. Exchange rates are always moving, so finding the right time to transfer your money can be tricky.

Fortunately, our partner TorFX offers excellent exchange rates with no transfer fees, specialist services, and tailored support to help you get the best deal on your transfers.

 

HowtobuyinSpain negotiated with them so that customers get a preferred rate for their property purchases.

 

What are the most significant advantages of the latter?

• No commission system, much lower final cost than with a bank taking a commission for converting your currency into Euro AND for wiring the funds to Spain
• No hidden fees: the exchange rate includes a small margin from the mid-bank rate
• Get the best price anytime on the market: Many well-known FCA-regulated currency providers compete for the flow.
• Segregated account: Your money is on a transit account bearing your name of an FCA-regulated currency entity; it is never on the platform’s balance sheet.
• Transfer the correct amount in the local currency.
• As corporations do, a dedicated relationship manager will help you manage your hedging most efficiently.
• You can instruct your Relationship Manager to wait for your precise exchange rate (to gain more or to lose less)
• If your account is open, you can lock a rate once your account is open and transfer the money afterwards.

 

 

With Torfx you’ll benefit from:

TorFX is fully authorised by the FCA and registered with regulators worldwide.

Expert guidance

Your own dedicated Account Manager can provide personalised support and help you time your transfer, simplifying the process and making your money go further.

Rate improver guarantee

TorFX promise to match or beat any valid quote from a bank or another currency provider, so you know you’re getting the best exchange rate.

No transfer fees

It’s free to open an account with TorFX and there are no transfer fees or hidden charges – just send the money and they’ll transfer it at the agreed rate.

A secure service

TorFX is fully authorised by the FCA and registered with regulators worldwide. It transacts around £10bn in currency transfers a year.

A platform accessible on your Mobile

 

Request a free quote from TorFX today and determine how much you could save on your currency transfers.

For all foreigners looking to buy with non-Euro currencies such as Sterling, American Dollar, Canadian Dollar, Shekel, Yuan, Ruble, Swedish Krona, Norwegian Krone, and other Asian currencies,… when you are buying a property in Euros, you will need to exchange your currency into Euros and transfer the money to buy your property. This usually involves huge bank costs: up to 5% and mostly close to 3%.

Please have a look at our partner based in London: TorFX! We have negotiated with them the best service and the best rates for our customers. They take a very low commission rate and transfer the funds without cost. You can create your account for free and lock your exchange rate into Euros even before wiring funds with your local currency. Look at their website and don’t forget to mention “HTBIS” in the field “Where did you hear about us?” to get the best rates we negotiated with them for the members of our network.

How does it work in practice?

1. Open your free account on TorFX and mention HTBIS code in the field “Where did you hear about us” to get the best rates.
2. Lock an exchange rate between your local currency and the Euro (or instruct a threshold exchange rate to be traded later)
3. Wire the funds in your local currency to your segregated account in a top-tier bank.
4. Receive the funds in Euro on your account in Spain, on the account of your lawyer,…

 

Let’s have a look at an example of trade with TorFX

Let’s say you’re a British person looking to purchase your second home in Spain for €200,000.

• • STEP 1: You book a deal on the CurrencyTransfer platform to buy €200,000 at an exchange rate of €/£ 0.8500, which will cost you £170,000.
  • STEP 2 Behind the scenes, your selected FCA payment provider buys €200,000 from one of its market counterparties to ensure they have funds available to honour your deal.
  • STEP 3 The next step is to pay your winning provider the £170,000. You pay this directly to their Segregated Client Account. These are all secure, separate client accounts with stable, tier-1 banks (such as Barclays or RBS). This ensures that your money is safe from any business liabilities the payment provider could be affected by.
  • STEP 4 With your payment of £170,000 now safe in the payment provider’s Segregated Client Account, the broker will wire the €200,000 to your Spanish lawyer, notary or even your Spanish account on your chosen date.
  • FINISH Once the payment has been delivered to the beneficiary, the transaction is complete

 

As of January 2025, here is the business update from TorFX

• • Clients: thousands
  • Currencies: > 30
  • Value of the currencies TorFX exchanges yearly: It transacts around £10bn a year in currency transfers.
  • *Average saving: £1,260
  • Proud to have saved our clients millions in hidden currency fees.

 

 

 

Other uses? Transfer cash (minimum €10.000) to relatives everywhere around the world.

 

Looking for a lawyer, an architect, or a property hunter in Spain? Ask us directly!

 

Stéphane

Senior analyst and strategist at HTBIS

Check the full HTBIS team here