Stephen and Jo’s Story

When Stephen and Jo Humphries found their perfect second home in Guadalmina on the Costa del Sol they realised they suddenly had to transfer a rather large sum of money to Spain.  They realised it was not a job for a high street bank. 

“Our property finder put us in touch with a lawyer, a surveyor and also a property manager so that was ideal but I needed to find a foreign exchange broker,” says Stephen, 61 who lives in Ascot, Berkshire, and works in finance. “I had a chat with another [well-known] FX broker but then thought of A Place in the Sun as I loved the TV programme and so approached the currency division.”

This first approach was extremely positive, he says. “Yes, they offered extremely competitive rates but it was also the service which set it apart. They explained clearly what the options were and I decided to give it a try. As cash buyers we had to transfer big amounts to Spain over the purchase period [in 2022].”

The couple were purchasing a five-bedroom villa with a private pool and cinema/ games room (at €1.8m) as a genuine second home where they would spend around half the year – Stephen is in the lucky position (post Brexit) of having an Irish passport, so the 90-day rule is not an issue. 

The couple decided to use Spot rates to send their money to Spain for the ‘extra flexibility’ of their regular transfers.  A ‘Spot’ contract is the simplest type of currency contract and involves agreeing a price that you are happy with, before you transfer your sterling to the A Place in the Sun Currency‘s client account. Immediately after the company transfers the Euros to the account of your choice.

The buying currency can be sent to any bank account, whether it is your own currency account, or directly to your solicitor, property agent, or other third party involved in your property purchase.

Robin Haynes, Director of A Place in the Sun Currency, adds: “If you’re not worried about your budget changing day by day, and want to just send money when it suits you (or when the rate is good) then buying tranches of currency with a spot contract does mean that you aren’t committing to buying a certain amount at a certain rate by a certain date in the future  – which you are with a Forward Contract).”

Two years later, Stephen remains delighted with this arrangement. “It’s so easy to arrange deals – and I have often needed to send money for renovation work or to pay bills. I’m offered a rate close to the wholesale market rate. 

“I always speak to Luke [Dyson] who is a brilliant to deal with, but I love the fact that if he’s not there, someone else is checking his emails and responds to be very quickly. The service is really simple and efficient.”