My foreign clients often ask me the safest and easiest way to send their funds to Madeira; I have worked in partnership with Fiona on the Smart Currency Exchange for a few years and I always feel that they offer a personal service to my clients better than dealing directly with a bank. Trading more than thirty different currencies, they usually have a great solution, even if the circumstances are quite complicated.
When you are shopping abroad, there are many things you need to think about and the exchange rate is an unstable factor over which you have no control. A change in the GBP-EUR rate of just 1%, which can occur over the course of a single day, will change the price of an acquisition of € 150,000 for more than £ 1,000.
From the moment the deposit is made (usually 10% of the purchase price) and the date of the final deed being signed, the exchange rate will continue to fluctuate, making the price of your property an indefinable value in a different currency. After speaking with Exchange Smart Currency, most of my clients are relieved to discover that it is not a chance they need to take, and that the option of a "forward contract" can eliminate that worry.
There are many different options for your transfer and talking to Smart before you visit Madeira to view a property is important when setting your budget. It is free to register for a trade and there is no obligation, but you will arrive fully informed and confident, with a strategy that will work for you.
After owning a home here in Portugal, you can use the Smart Currency Exchange to send your regular lower payments, your pension or salary, for example. Smart will guide you through the purchase process and communicate with me and your attorney to make sure your funds are where they should be on the right day.