The delightful lifestyle of Mallorca draws a diverse population from across the globe. International citizens arrive on the island as retirees or second homeowners, and to settle down to enjoy the Mediterranean sun for years to come.
Some of these new residents are workers signed to employment contracts at home, and receiving their salaries in their home currency into their home bank accounts. In this scenario, a currency exchange specialist, like Premier FX, can transfer the funds in euros into their Spanish bank account. This personalized service is likely to save significant amounts with lower fees and better exchange rate than most banks.
This same arrangement is ideal when earning euros and needing to send the funds back home.
Similarly, foreign workers may find that they need to make payments to local merchants for their day-to-day living. This can run the range from apartment rents and utilities, to furniture purchases and professional services. Through the PFX Online trading platform, they can trade their home currency into euros at favourable rates, and make direct payments to those service providers.
Imagine this situation of having fixed recurring payments over an extended period of time, such as rent or school tuition. Currency rates can change drastically over that period, meaning you could pay different amounts each time. To protect from adverse currency movements, Premier FX offers a Forward Contract. This arrangement locks in a rate you are comfortable with for up to two years.
If you’re living in Mallorca, but receiving payment in another currency, there are strategies to help you keep as much of your hard-earned income as possible. Give Premier FX a call, and chat with a local Account Director to discuss your options.
More about Premier FX
Premier FX is a UK Limited Company with offices in London, Spain and Portugal. They are regulated by UK Revenue & Customs and authorised by the Financial Conduct Authority (FCA). Client funds are held in secure, segregated accounts at Barclays Bank in London and are fully protected by law.
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More about Premier FX
When it comes to buying a property on Mallorca or if you are regularly receiving or paying money in another currency then it is well worth while speaking to the currency exchange specialists on Mallorca. Call now! […] Premier FX Currency Exchange Mallorca
Are you planning to buy a property in Mallorca soon? With a little simple forethought and planning, you could save thousands! […] Buying a home on Mallorca – Currency Considerations
This article was written on the 10th of May, 2017.