Could money transfers help foreigners enjoy Mallorca?

Money transfers to Mallorca could help foreigners to enjoy everything on offer from the Spanish island.

The island has a lot to offer, including activities like golf courses and relaxation on glorious beaches, according to one Spanish property expert.

Ignacio Osle, sales and marketing director of Taylor Wimpey de Espana, explained that it isn't hard to see why the "charming Mediterranean island" has become so popular.

Indeed, the latest data from Spain's largest English language property portal Kyero.com revealed that Mallorca had the second highest average asking price in the country for the first quarter of the year.

Furthermore, the island accounted for 51.1 per cent of enquires on the portal.

Mr Osle added: "Mallorca seems be receiving a touch of the Monaco effect, attracting the rich and famous to our shores.

"The island is already noted for being fashionable, desirable and fantastic for boat owners and beach lovers alike."

But with asking prices on the island averaging €428,300 (£384,188) people considering retiring to Mallorca and buying a property or even just renting a house for a few months to enjoy a change of scenery will want to keep their costs as low as possible.

Using a foreign exchange broker when you make an international money transfer to Spain is one way of doing this since brokers have some of the most competitive euro exchange rates on the market.

This is particularly significant with sterling trending at a low against the euro. Today (May 3rd) the pound bought €1.11 at 16:15 BST, down from the month's high of €1.14.

Click here to see how much you can save with HiFX's Foreign Exchange services

Posted by Eleanor Ward