British couple Duncan and Karen Veal saved money when they purchased their property in Puglia, thanks to the great exchange rates they received when they transferred euros to Italy.
The Veals, who work at a school in Devon in the UK, saved £000s by using Smart Currency Exchange to send payment for their property to their Italian bank account. Smart Currency Exchange typically offers exchange rates that are 2-4 per cent better than those offered by high street banks.
In the countryside on the edge of San Vito dei Normanni, the Veal’s Italian property comprises two two-bedroom villas, one of which will be their home, the other they intend in time to let to holidaymakers. “We paid around €100,000 for the whole property, but as the villas were just empty shells, we spent roughly the same again finishing them and adding a pool. The villas are now ready, so we hope to be able to move to Italy in the summer.”
For their first transfer, the Veals forward purchased euros, so they knew they had the euro price of their Italian property covered before completing on it in 2013. “On large transfers, such as the €100,000 we transferred to buy our Italian property, the better exchange rates from Smart really do make a difference” said Karen. “The savings were enough to cover our geometra fees, or the cost of a new bathroom. We’ve made a series of transfers to Italy since our first one in November 2012, as we’ve needed to send funds to pay for renovation costs and each time we’ve been very impressed with Smart.”
When sending further euros to Italy to pay for work done on the property, the euro had begun to weaken against the pound, so Karen kept in daily contact with Smart Currency Exchange, which enabled her to secure an exchange rate she was happy with.
Looking for a property in Puglia, similar to the one Duncan and Karen bought? Start by searching for properties there, by clicking here.
When you purchase a property in Italy, opening a no-obligation account with FCA-authorised Smart Currency Exchange will enable you to benefit from their competitive exchange rates and specialist currency knowledge. For more information, visit Gate-Away.com’s currency page.