Spanish finances Spanish finances

Spanish finances

Spanish Bank account

At some point you will need to open a bank account here in Spain. There are many different banks all with various charges for different transactions, depending on each of our clients circumstance’s we can advise you on which bank may best serve your requirements.

Currency Transfers

Currency Transfers

Don’t leave your currency until last! We advise speaking to a specialist currency company before you even start looking at property online. After all, how can you set a budget unless you know the sort of exchange rate you’ll get?

It’s vital to think carefully about who you choose to transfer your money.

There are three main reasons for that. Firstly, you are transferring a lot more money than when you pop over for a holiday. You want the best rate possible, but you also need to eliminate any risk from the transfer process.

Secondly, when you are trying to put down a deposit on a property, or you’re in the notary’s office about to complete, you need a currency specialist that best understands property transactions. That probably won’t be your high street bank. If they’re at the end of a phone, not hiding behind an app or website, that’s even better.

Thirdly, you need a company that can protect you from currency volatility. The process of buying a home in Spain takes at least a few weeks. That’s perfect for planning the patio furniture and inviting guests to the housewarming, but also means that the value of the pound can change significantly. Unless you secure your exchange rate when you sign the contract, you won’t know what it will cost when you pay the balance on completion.

Our recommended partner is the solution to all of those potential problems.

Smart Currency Exchange

Over the years, we have come to trust Smart to give the best possible service for property buyers (and sellers) in Spain. We would not choose a currency partner who didn’t – after all, your property purchase depends on it. Here is why we think you should use Smart.

01. Great service.

Our clients speak very highly of Smart, as do the thousand-plus reviewers on the website Trustpilot. [Link to reviews – ] who have given them a rating of 9.8 out of 10 for currency exchange and money transfers.

02. Fair rates

Smart’s staff are not paid on commission, so your loss isn’t their gain, as it is for some companies. They rely more on repeat business and word of mouth recommendations.

03. Property specialists.

Smart has helped thousands of people to buy a home in Spain. They understand the ins and outs, the processes and risks of sending a large amount of money to another country. They are regulated by the FCA (the UK’s Financial Conduct Authority), licensed as a money transmitter by the HMRC and a member of AFEP (the Association of Foreign Exchange and Payment Companies).

You can download Smart’s guide: The Property Buyer's Guide to Currency

04. Protection from currency risk

As mentioned, buying property takes several weeks, at least. Smart can lock in an exchange rate for up to a year ahead so you have total peace of mind that the price you agreed is the price you’ll pay. If you are making stage payments, they can ensure that each payment will be at the same rate, whatever happens to the pound. And all of that at the same great rates, with no fees for transactions over £3,000.

05. Smart are family run.

Smart was set up by Charles Purdy in 2004 and it is still employee-run. Charles is the first into the London office every day and leads a team of dedicated currency specialists who care passionately about removing any obstacle to your dream of owning a property in Spain. Smart also have offices in the Costa del Sol and Costa Blanca. 

Vincent Real Estate has a long-standing relationship with the Smart team. Read Charles’s currency note here [LINK:]

06. What now?

We would urge you to register with Smart as soon as possible in the property buying process. The best time is before you even start looking for property, because if you don’t know the rate you will get, it’s hard to set your budget.

Click here to register for your no obligation account with Smart.

Click here to get an exchange rate quote from Smart:

Smart Currency Exchange

Smart Currency Exchange Limited
26-28 Hammersmith Grove,
London, W6 7BA

Freephone: 0808 163 0102
Outside the UK: (+44) 20 7898 0541



  • Conveyancing services
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  • Financial advice & mortgages

M&S Interealty is a consultancy firm that deals with conveyancing management, advice and all the necessary formalities for the safe purchase and sale of properties in Spain.

For more information email:

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Address Av Federico Garcia Lorca 37, BENIJOFAR 03178 (Alicante)

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Address Calle Niagara Ed. Miraflores III, Local 6,7 Playa Flamenca 03189 Orihuela Costa