There are a number of reasons you might be selling your property in Spain, whether you’re selling up and moving back to the UK, you’re selling your holiday home or you’ve inherited a Spanish property. No matter the reason, we can help you get more for your money on your international payments when you repatriate funds home from selling your Spanish property.
How to sell a house in Spain
Fortunately, the process of selling a house in Spain is very similar to the buying process. This means that you may even be able to use the same estate agent that you used and became familiar with when buying a property in Spain.
Regardless of whether you’re able to return to your prior estate agent for assistance, seeking the services of a local estate agent can be helpful as they understand the requirements of selling to both Spanish and international buyers. This allows you to set more accurate expectations over pricing and timing.
Unless you sell to British buyers, you’ll most likely receive payment in euros when you sell your property. As is the case for when you bought your property, you’ll need to be aware of the nature of the foreign exchange market and the additional cost of currency conversion. This requires you to set your expectations accordingly, as the GBP/EUR may fluctuate in the time from when you agree the price to when the final payment for the property is made, leaving you with less money when you repatriate it home to the UK in pounds.
Additional costs of selling a house in Spain
If selling a holiday home or inherited estate in Spain, you might find that there are a number of additional costs involved when bringing the money home to the UK. As a British citizen, you will be liable for Capital Gains Tax on any overseas property you ‘dispose of’. It’s worth checking your tax liabilities and obligations with a legal professional when you start the process.
When it comes to repatriating the money from your foreign property sale, some high street banks can offer poor exchange rates and charge costly transfer fees. This ultimately means you’ll be paying a considerable amount to exchange your money and bring it back to the UK, particularly if you are repatriating funds in multiple payments. Fortunately, with a Moneycorp account, you can enjoy great rates and low transfer fees on your payments, helping you to bring more of your money home with you.
How to transfer euros home from your Spanish property sale
The value you receive when repatriating money from selling your home abroad can differ greatly depending on how and when you make your overseas payments.
Enjoy great exchange rates and low transfer fees on all international transfers from your Moneycorp account. You can exchange euros to pounds from your online account, with 24/7 access to your funds and the ability to target a desired exchange rate before you make your payment.
With process of selling a property abroad taking months to complete, you might be worried about any currency movements before you receive the final payment. Fortunately, with Moneycorp you can lock in a current exchange rate for up to two years. This means you’ll receive the same rate, regardless of any market movements and won’t have to worry about a change in value by the time you receive the funds and are able to send your money back home.