CURRENCY ADVICE

Expert currency advice

By Rachel Canales from GC Partners Thinking of moving to the Algarve?

Did you know that around ● Although the language barrier is the biggest 60,000 Brits already live in concern most people have before they move, Portugal, mainly in and around English is widely spoken. However, locals The Algarve according to always appreciate it when you try to speak recent figures from iExpats. Portuguese. It is hardly surprising why so many find ● A vibrant, varied & diverse culture as more Portugal to be a very attractive place to make people from Europe and beyond have chosen their home. to make Portugal their home. ● It offers a wonderful climate, with over 300 Becoming a resident in Portugal days of sunshine per year. If you plan to become a resident by the end of ● A fantastic quality of life – if you are looking the transition period on the 31st of December for a more relaxed pace of life, Portugal tops 2020, GOV.UK offers some great guidance for the charts once again. UK nationals moving to or living in Portugal ● Its own unique variety of food and drink post Brexit, this includes: including many local seasonal ingredients, ● Registering as a resident in Portugal. fresh seafood, and varieties of wine. ● Ensuring you have proper healthcare in ● The relatively cheap cost of living compared place. to countries such as the UK, Germany, and ● Exchanging your UK driving licence for the US. a Portuguese one. Simply go to www.gov.GLO advert 118x130.5 SEPT MASTER.qxp_Layout 1 20/09/2019 16:38 Page 1

Transactions without the drama

We're a dedicated financial services provider specialising in moving money overseas utilising great foreign exchange rates. From a substantial one-off property sale to regular ongoing payments, you can rely on us to work quickly, reliably and securely.

T. +44 (0) 203 974 4738 / +351 289 093 137 E. portugal@gcpartners.co www.gcpartners.co Visit our offices in Lagos and Vilamoura

Global Currency Exchange Network Limited T/A GC Partners is authorised by the FinancialConductAuthorityunderthePaymentServicesRegulations2017,FRN504346. GlobalCustodialServicesLimitedT/AGCPartnersisauthorisedandregulatedbytheFCA and holds Part IV Permissions under the FSMA 2000. Registration number 595875. uk/guidance/living-in-portugal for more information.

Ready to move to Portugal?

Let’s face it, moving to Portugal and buying a property is not a typical everyday purchase so seek advice from locally based experts. You can speak to them to get a better understanding of the processes involved with your move. On your next visit to the Algarve, try visiting the experts in person, it makes it easier to talk face to face and alleviates any worries you might have. Contact a reliable, regulated currency specialist who can help you save thousands on the exchange rate and protect yourself against currency fluctuations. It is worth taking some time to consider your currency transfer needs to ensure your property does not end up costing you more than you think, or leaving you with less than you thought. Importantly, currency specialists understand markets, exchange rates and volatility. A good currency specialist will work with you to help you understand when to move your money, and they will provide a variety of options designed to suit your needs. Once you have found that special property, you need to move quickly. Estate agents will ask for a small reservation fee to take property off the market, lawyers may ask for a retainer, or you may want to engage the services of a surveyor. This is the reason why having a great currency provider in place is very important.

Why GC partners?

Established in the UK in 2003, with an office in Portugal for over 15 years, GC Partners have an experienced and friendly local team in the Algarve and worldwide. We move money overseas quickly, reliably, and securely using great foreign exchange rates. Speak to our specialists and you will see why we are rated 4.9 out of 5 on Trustpilot. Not only do we outperform the high street banks, but we will also guide you through the money transfer process. Opening an account with GC Partners to arrange your currency transfers is easy and only takes a few minutes. You can do this online at www.gcpartners.co/register or in person at one of our offices. Contact us on Portugal +351 282 768 136 or the UK +44 (0) 203 974 4738 or email portugal@gcpartners. co. Edificio do Cinema, Loja 1, Rua da Lusotur, Vilamoura, 8125-432, Portugal.

Golf - World Handicap System: An overview

The world Handicap System for Golfers was launched in Portugal on 20 August 2020. The system is designed to ensure that handicaps are calculated consistently all over the World. This enables all golfers to compete on a fair and equitable basis. The system has combined the previous six different ways used to measure handicaps and is now controlled by the R & A and USGA. The full rules are available at - https://portal. fpg.pt/wp-content/uploads/2020/06/WHSRules-of-Handicapping-Portugal-EN.pdf The slope rating of the courses indicates the degree of difficulty of a golf course relative to a scratch golfer. So, the rating indicates the number of strokes a scratch player is expected to take from a set of tees under normal playing conditions. It is also rated for the bogey golfer and it is the relationship between the two that indicates the slope rating. Slope ratings range from 55 to 155, the average being 113. The higher the rating, more strokes are allowed to be added to handicap index. The course slope ratings are shown on the notice board and by the first tee. (A bogey golfer represents the ability of a male 20 or lady 24 handicap golfers, on a course of average difficulty). A player’s handicap index, (only valid if you are a member of an affiliated club), is calculated to one decimal place. The course handicap is rounded to the nearest integer. The course handicap may exceed the new maximum of handicap 54, if playing a course with a slope rating of 114 or higher. Players are encouraged to return sufficient scores during 2020, either in competitions or through supplementary scores to reach the magic 20, from which the best 8 will determine the world handicap index which is indicative of current playing ability. Moving forward you can submit social and competitive scores to develop a really accurate handicap. When you have a really good round the score becomes part of the best eight out of the last twenty and you will likely see a reduction in your handicap. An “exceptional score” reduction

By Peter Ibbs

may be applied, depending on how good the score was relative to your current handicap index. The score is posted on the player’s record the following day or very soon thereafter. Scores can vary on good and bad days for the competitor so the system calculates the average of the best eight scores from the last twenty completed rounds. The handicap index will be responsive, with added adjustments for exceptionally good scores. The calculation retains a memory of past performance. This will prevent extreme upward movement and therefore better reflect demonstrated ability. The averaging system will ensure your handicap is always representative of your current ability. You can use your WHS handicap index on any course throughout the World. If you pre-register any scores can be returned to your home club for handicap purposes. This makes it important that you designate your home club as they will be responsible for maintaining your Index. Competition entry is based on your handicap index; this will be clarified in the terms of the competition. Event organisers have the responsibility to manage and administer events so that they are fair to all. If a player fails to submit a score card the club handicap committee will investigate and take appropriate action. They can apply penalty scores, reset the handicap index, consider disciplinary action or even withdraw a handicap index for an agreed period, (following any relevant disciplinary procedures). It will be mandatory to submit all singles competition scores but you have the option to submit recreational scores that are preregistered and conform to the Rules of Handicapping and Rules of Golf. These may be, medal, Stableford, par/bogey and max score, as a single golfer. Team and pairs formats are not currently acceptable. Each time a score is submitted your handicap index is recalculated and the system is updated at midnight each day. If you play a 9 hole round then all 9 holes must be played for the score to be included in your record. For an 18 holes round you must complete at least 10 holes for the score to be returned. Any holes not played will be allocated a net par or net par + 1, before the score is processed. A hole that is started but not completed will be recorded as net double bogey. The adjusted score is allocated to the player’s record. Scores may be adjusted depending on playing conditions on the day the round is played. Weather and abnormal conditions are considered through the ‘Playing Conditions Calculation’. (PCC) This is calculated from all scores, from all tees on that day. This checks whether the day differed from normal conditions to the extent that an adjustment may be needed to compensate. For example, this may determine that an average score for that particular day is better than a good score on a normal day. If the PCC determines that acceptable scores submitted are in line with expected scoring patterns then no adjustment is made. For new golfers a significant change is that they can gain a handicap index from a minimum of 9 holes, Rule 4.5 This score is then scaled up to an 18 holes equivalent. More acceptable is a minimum of three 18 hole rounds and then the Index is calculated on the best score of the three rounds. The maximum Index that can be allocated is 54. The Portuguese Golf Federation has contributed since the beginning of the project, to the development of the World Handicap System. It has the exclusive rights to use and administer the World Handicap System. All players are expected to act with integrity, play by the rules of golf, attempt to make their best score at each hole, refrain from using or circumventing the system to gain unfair advantage and submit acceptable scores as soon as possible after their round, and to provide evidence of their demonstrated ability.

E-mail: rest.pontoencontro@gmail.com Tel.: +351 281 32 37 30 Facebook: www.facebook.com/pontodeencontro.tavira Instagram: https://www.instagram.com/pontodeencontro.tavira Address: Praça Dr. António Padinha 39, 8800-637 Tavira (Bishop’s Square)