Currency Exchange

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THE COST savings of using a specialist currency company are attractive but I have been put off as I understand there could be extra work involved. I also have concerns regarding the safety of my money – am I being over cautious?

Specialist currency providers are becoming popular choices for British ex-pats living in Spain or, indeed, those returning to the UK. Opening a trading facility is much easier and quicker than you may think but is necessary to comply with European KYC anti-money laundering legislation.

Our associates offers the option for customers to apply for registration on-line, via our website, which is a short and straight forward process. Alternatively, customers can simply complete a paper registration form. Additional documentation such as proof of identity and proof of address may be required in some cases.

For the small amount of effort to apply for an account, there are many potential benefits available. These include potential cost savings and the advantage of having a range of currency services that are not always offered by traditional financial institutions, such as high street banks. Trading is also straightforward and is normally conducted over the telephone.

Put simply, you can have access to great rates along with ‘real time’ information on the market which can help you to trade your currency at an advantageous time. Using a specialist currency company means you can arrange to have the rate monitored on your behalf, to help you make the most of market movements and potentially avoid trading when the market is not favourable for you.

Purchasing a Forward Contract, means that you can fix the prevailing rate of exchange to buy currency now, to be settled at a determined date in the future, thus avoiding any potential impact from subsequent market fluctuations. A deposit of 10% of the total amount is required for this service.

The question of security is completely understandable and one that any client needs to be comfortable with.

There are certain questions that will allow you to choose a currency provider with confidence and should be addressed if you have any doubts:

  • How long have you been in business?
  • How many staff do you have?
  • What is your turnover?
  • How many clients do you deal with each year?
  • Do you have any other divisions as part of the company?
  • Do you speculate with the funds?
  • How do you handle client funds?
  • Do you have audited accounts at Companies House?
  • Where are your offices?
  • Are you Financial Conduct Authority regulated?
  • How long have you been in business?
  • How many staff do you have? (Over 760 last year)
  • What is your turnover?
  • How many clients do you deal with each year? (We executed over 7 million client transactions in 2016)
  • Do you have any other divisions as part of the company? (Yes. Retail, Wholesale, Commercial including an award-winning on line trading platform)
  • Do you speculate with the funds?
  • How do you handle client funds? (All client funds are safeguarded in segregated client bank accounts.)
  • Do you have audited accounts at Companies House?
  • Where are your offices?
  • Are you regulated by the Financial Conduct Authority?

 

Sleeping Beauty!- Jennifer’s December Blog Post

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I was in despair when watching Sky News with a discussion about Sleeping Beauty and the comment made was that as Sleeping Beauty had not given the Prince permission to kiss her, therefore it was not politically correct. To my dismay they felt decisions would need to be made about the future of Sleeping Beauty!!!

Further to this conversation, I understand there is a book being produced on teaching and helping males and females how to flirt safely. Flirting is one of the most natural and basics part of our lives and it can be great fun. How can you regulate flirting and consoling someone? What a place to live. Get a life!

In the meantime, as suspected, the Brexit negotiations are getting harder and harder and especially now with the discussions regarding the Irish border. I personally cannot see this being dealt with quickly or ever. What a nightmare this is all becoming and I am convinced if the British public had known the truth and how expensive and drawn out, thereby creating uncertainty, they perhaps would not have voted as they did. I, along with others are looking in on Great Britain and have many fears and concerns for their future. For many reasons, I am glad I live in Spain.

I was very shocked when hearing of the increasing amounts, which are already over £ 1 billion and growing, relating to fraudulent insurance claims, which of course, increases premiums for everyone. However, the insurance company’s investigators are becoming extremely good at unearthing a fraud claim, and when they do, the fines and possible criminal record, will hopefully deter so many people from trying it on. One of the recent scams in the UK is to stop the car suddenly and with no warning, so the car behind hits them. Then of course, they claim for not only the damage to the vehicle but injuries to themselves. This particular scam is now not so easy to get away with.

At present, Spain does not encourage the compensation culture and makes it very difficult, as of course when you have an accident, the Guardia are involved and a claim form should be completed there and then. I, for one, would be very apprehensive in making a false claim in Spain, as it would mean the Guardia would be involved and that is a very daunting situation. At the same time, genuine accidents do happen and I am pleased to inform you that my company is unique in providing a dedicated Claims Department to help guide you through the process of claiming, with the added bonus that it is a normal rate telephone line.

There is good news for static home owners. My company has recently launched a policy, new to Spain, for this type of home. All the information and the claims service is in English. The insurance comes from a very well known, respected company that has specialised with this type of policy for many years and also covers France, Portugal and the UK.

I understand that there are administrators who select the insurance policy to be used on many sites and I am confident when I say that this policy will be better than one you may have, if you even have insurance. Our cover includes your contents, new for old for homes up to an age of 20 years, it is issued whether occupied or unoccupied, there is cover for theft or attempted theft, plus cover for damage from storms, flooding and falling trees. These are just a few of the excellent options available. Call myg my company for a quotation and information on what this policy covers. It is extremely comprehensive and competitive.

I have never been one to stand still any my progress continues as I have just opened two new offices as part of the Grupo Barcelo, in Cuidad Quesada and Playa Flamenca. They are both very comfortable offices. However the Playa Flamenca office, is particularly spectacular and I am extremely proud to be part of this successful Spanish company. You will find the Playa Flamenca office near the Saturday market and just off the Sunny’s roundabout. The Quesada office is on the High Street. Please go along and discover how we can help you with many aspects of living in Spain. We have architects, surveyors, solicitors, financial advisors and currency exchange, all selected by myself for being fully regulated which means you are protected. If you need help with any one of these services, please contact one of my offices.

If you would like more information or a quotation, please contact one of my offices or here on the website.

Once again, this year my company is one of the collection points for the Bay Radio Annual Christmas Children’s Party, who are this year, as well as providing presents and support for the Preventorio in Gandia, are helping the local children of families in need, including those using the Red Cross Food Banks in Javea.

We’re looking for new toys, gift sets, treats and new items of clothing for children aged 3-14 years old. Please could you wrap the gift, note the age it’s for and whether it’s for a boy or a girl.

You can drop them in to any of my office, as well as the Bay Radio office in Jávea or the other drop off points across the region.

4 Questions To Ask When Choosing a Financial Adviser

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November 2017

4 Questions To Ask When Choosing a Financial Adviser

by Steve Iball – Area Manager  deVere Spain

 

 

No doubt you’ve heard about the recent troubles and demise of a local expat financial services company. Amongst many aspects, it brings into question the work of everyone in the industry. But instead of saying “come to us, we’re the best”, I thought I would share 4 key questions you should be asking before retaining a financial adviser.

 

1 – Where Are You Regulated?

Now, there’s a difference between registered and regulated. Regulated companies in Spain regularly receive audits and inspections which must be passed. The regulating body in Spain is the DGS. If your advisor is only registered, the burden of liability here in Spain is significantly less and do not have to be inspected here in Spain.  They may also not be covered in dispute complaint by an Ombudsman as the advice was given outside the country where the IFA was regulated, Ie Regulated in UK advice given in Spain

 

2 – What Happens If You Are Suddenly Out of Action?

This is the proverbial “hit by a bus” scenario. Small firms and individual advisors simply won’t have the structure and organisation breadth for a colleague to pick up and carry on as if nothing happened. It’s your money at stake and no matter how sorry you may feel for the individual, you should expect no interruption to your service

 

3 – Who Checks Your Advice?

We all expect it to be correct however  it’s important that any advice you received has been looked over by someone up the chain and equally accountable. It prevents mistakes and focus by the checker on Complaince and “Best Advice” .

The compliance Manger will also check that the client is not doing to be disadvantages and the advice fits with their attitude to risk.

 

4 Experience counts

Profile the Adviser to how long they been working as an IFA , what experiances they have had and who they keep up to date with changes and tax and regulations , my opinion 10 years +is what you need to fully understand this business

 

All reputable IFAs will be only too delighted to be asked these questions and demonstrate that they have the Financial backup to offer you the best advice, do quarterly face-to-face reviews and put your needs and aims above all. By asking these 4 simple questions, you’ll be  sure of the correct financial adviser that you can have confidence in now, and in the future after all its your money!

 

My company regulated in Spain by DGS , we complete 100% compliance calls on new  and change of funds business, my recommendations are checked by Head Office Legal team and my Line Manager, we review all clients every 3 months and random checks are made to ensure that happens . Oh if anything happened to me a new Adviser who be appointed within 24 hours,however I working flat out for the next 6 years + .  My experience extends beyond  38 years. Our support to expats living in Costa Blanca is at no cost to double check your financial situation

Whiplash Insurance Claims

Please do not Compare Insurance with the UK

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Recently I listened to a programme on the compensation culture in the UK.  Once again, I am appalled by what is happening and I understand the Spanish, especially in areas like Benidorm, are becoming increasingly angry and hostile regarding claims being made by British tourists on their return home claiming they have suffered badly from food poisoning.  Last year the EU brought in a ruling that insurance premiums would need to be increased to be able to compensate for the vast increase in claims, particularly for whip lash.  In the UK 11% was added, whilst Spain increased the premiums by 8.9%.  Read more

Bespoke Life Insurance

Bespoke Life Insurance

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I, like many living in Spain, are looking forward to the Ex Pat situation being settled in both countries and when hopefully we will be able to sigh with relief and get on with our lives.  Many of us think there is a great possibility that a greater proportion of people will want to leave the UK and come and live in Spain.  To avoid the consequences of Brexit, the increasing terrorist threat and to get away from the very frightening press, who seem to take no responsibility for anything that they say nowadays.  Read more

Els Poblets Office

My Els Poblets Office

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I was fascinated this morning by what I saw on television.  The government are very concerned about the runaway costs regarding the National Health in the UK.  The expectations of this wonderful service are far too high for the amount of taxes that are paid by everybody.  The government are in discussion regarding the situation of the exploitation by health tourists.  Read more

Funeral Insurance

Funerals – Living in an Uncertain World

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I understand in the UK that the uptake on funeral plan purchases is quite staggering.  I find this quite refreshing as it means that the British are at long last able to discuss their demise in a clear and constructive way.  One wonders if this is down to the “baby boomers” coming of age at long last.  Read more

Fire Snow Storm Insurance Claims

Fires, Storms and Snow – What Next?

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Closer to home in Spain, some of the worst weather in my 20 odd years of living here is happening.  Sadly the houses are just not equipped to cope with such horrendous rain, cold and snow. In my company I personally offer a claims service for all my clients and I am confident that this is a great help to many.  I do not have to provide this extra service, however I realise how difficult claiming sometimes is, especially in Spain.  In Javea we have had a horrendous fire, then a large area of the east coast of Spain got hit by floods, then snow and now violent wind and rain.  It never seems to stop and has become very, very demanding for both my company and Liberty Seguros, because of the sheer volume of claims.  I have often spoken about the Consortium, which provides insurance for those events deemed to be catastrophic by the government and I do feel that I should reiterate the situation regarding this government department.  Read more