Candu Property

Getting a Mortgage in Tenerife

Contact us for full details on all the mortgage products that we offer via leading Spanish Banks on the island.

Making regular payments abroad to pay for your mortgage or community fees? The why not save yourself money see below

Making regular currency transfers?

On a regular Monthly or Quarterly basis you may need to make currency transfers. The main reasons for these payments could be

Mortgage payments either from abroad to the UK or from UK to abroad.
Rental income from let UK property or from overseas
Pension receipts and transfers
Maintenance costs
Ex Pat salary payments or repatriation of funds

THE USUAL METHOD OF TRANSFER

What would normally happen is that

Either these funds would be transferred in the currency from where they originate with the receiving bank converting the funds at their exchange rate for the day upon receipt.
Or the funds would be converted by the sending bank at their rate for the day and then sent. You have no consistency of exchange rate and cannot budget your payments in advance
Or a cheque will be sent and the receiving bank will charge for the collection or negotiation of the cheque and convert at the rate for the day. Currency cheques can take two months to clear and this is a major cash flow problem.
Whichever method is used, the 'rate for the day' is never going to be attractive

THE HALO FINANCIAL SOLUTION

Halo Financial offers a facility to book small monthly and quarterly payments on forward contracts at a fixed exchange rate up to 1 year in advance. This method means you:-

Can budget your cash flow
Don't miss out if the exchange rate is falling " Have no currency risk
Can book your payments once and forget about them for another year
Can have cleared funds into your account at an agreed date each month.

THE LOGISTICS

You need to provide Halo Financial with the following information:

The amount of currency or sterling to be sent each Month/Quarter
The date of the Month that the funds need to be received
The destination account for the payment

Halo Financial will:

Quote a single exchange rate to cover the whole transfer period.
Arrange either a Standing order mandate for the regular payment amount.
Send you a contract confirming the agreement and quoting the contract reference.
Set up a template for the monthly payment

Settlement

To book the transaction, you must pay the first and last month's payments in advance. This is most often best done through a BACS payment (online banking or Giro payment). Upon receipt, the first payment will be used to release the first month's transfer and the final payment will be held as deposit against the contract until the last payment is due and then this amount is used to finalise the contract.

Once your funds are received and identified as belonging to you through correct referencing, Halo Financial Ltd will make your payment to your designated account.

For further information click here http://www.halofinancial.com/private/regular_currency_transfers.php Or to request a 'live' quote click here http://www.halofinancial.com/live_quote/