If you’ve decided to buy a Crete property, you will need to consider how you will transfer the funds from your home country to a bank in Crete.
If you plan to send a large amount of money to Crete you should ensure that you receive the commercial rate of exchange rather than the tourist rate. Shop around and compare your bank’s rate with that of at least one currency transfer service who specialises in sending money abroad.
Banks are often willing to negotiate on fees and exchange rates on a large money transfer. Always check charges and rates in advance and agree them with your bank as you may be able to negotiate a lower charge or a better exchange rate.
When you import funds into Crete to buy a property, you should transfer the money to a Greek bank who will issue the corresponding ‘exchange certificate’, popularly known as the ‘pink slip’.
You should present this certificate with your first tax return otherwise you may be liable for income tax on the imported funds.
When you have money transferred to a Crete bank, make sure that you give the name, account number, branch number and the International Bank Account Number (IBAN). If money is ‘lost’ while being transferred, it can take weeks to locate it.
Many people when buying abroad choose to use a specialist currency transfer service to transfer funds to pay for their property.
If you are making staged payments for a Crete property you are having built, a currency transfer service company can plan your payments so that you obtain the best exchange rates and pay minimum transfer fees.
We’ve compiled below a few of the specialist currency companies that you can check out.
“Global Currency Solutions are currently helping thousands of international clients buying and selling currency for their overseas property requirements. We make sure you get the very best currency exchange rates possible whilst ensuring you are aware of how to protect yourself against foreign exchange fluctuation.”
“Make sure you safeguard your foreign investment. If the currency you need to buy for an overseas property strengthens, you can end up paying thousands more for your dream home overseas.
Foreign Currency Direct can help protect you against these swings in the market. One option is to secure the rate with a Forward Contract. This means you know up front, exactly how much your new purchase will cost.”
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