Currency Specialists info

[katie b]

Hi all you lucky people out there on the sunny Algarve, wonder if you can help. We are hoping to move to the Algarve early next year and are in the process of negotiating the purchase of a villa costing around £300,000. Can anyone advise on the best way of transfering monies from the UK to fund the deposit and the final instalment?
We have had quotes from Alliance and Leicester and Nationwide, but their costs and exchange rates in relation to commercial rates seem poor. Would we be better using a currency specialist such as HIFX? has anyone any experience of this or any other currency specialist and of receipt charges by Portuguese banks? Thanks in advance for your help. Katie

[fmm]

If you are buying from an English person is there any chance you could do the majority of the purchase in sterling rather than euros?

[Barry]

We used a foreign exchange company when we bought our villa, because the rates were much better than our bank offered. This was over 3 years ago. and we used Escape Currency, after checking out 3 or 4 other companies.

[Farol]

We used Moneycorp when we bought ours. Don't go to your normal bank they will not give as good a rate as a FX specialist. With Moneycorp you can buy futures and set rates at which you are happy to deal - that might help with having to make stage payments.

Most vendors/solicitors will want you to pay the portuguese receiving banks fees as well.

[BONDI]

I agree go to companies like moneycorp, you will get much better rate, and you can negotiate the rate, and fix the price in advance. helps you plan. Dont leave it to the last minute if you want a better rate. Rememeber to haggle for good rate.

[GeeBe]

www.globalcurrencyservice.com

Ask for Dave, he is an ex FX Banker, my Father worked with him for many years at Citibank and he has been a family friend for 40+ years.

Paul

[Barry]

Note that the headline exchange rate improved to 1.284 yesterday, better than it's been for many weeks. Fingers crossed that it may improve further.

[ceh]

I used moneycorp to buy the villa early in 2007 but now use Foreign Currency Direct, who are in Amersham for one-off payments for work on the villa. They provide an excellent service and are competitive. Ask for Colm Gilhooly.

[katie b]

Thankyou everybody for your help and advice regarding money exchange, we are now looking into it. Can I ask you all another question,.
Does anyone have any up to date information regarding car importation ?there seems to be some uncertainty as to whether the car has to be owned in the UK for 6 or 12 months prior to importation to Portugal without us having to pay import tax .Thanks again everyone. katie