Spanish Property Insight › Forums › Spanish Property Forums › Spanish Real Estate Chatter › Getting rid of my ££
- This topic has 14 replies, 12 voices, and was last updated 16 years, 9 months ago by Anonymous.
June 21, 2006 at 3:51 pm #51923
Just wondering if anyone knew the best place to be buying Euros? I’m moving out to Spain in a few months and am beginning to look for the best deal. But there seem to be so many deals I don’t know where’s best!
June 21, 2006 at 4:09 pm #62963
Depends on the quantity !
June 21, 2006 at 5:14 pm #62964
We investigated quite a few companies. Best we found was HIFX as we wanted to move a large amount to buy, or regular amounts for a mortgage in Euros from English Bank account.
So far haven’t moved as house is delayed out there.
(hope I am not infringing any rules giving a web address. This is my first post)
June 21, 2006 at 6:55 pm #62967
Mark the administrator put me onto a currency company who did a very good deal.
June 22, 2006 at 1:34 pm #62999MelosineParticipant
We used a currency broker. They don’t make charges BUT our bank in Spain charged us 3% each transaction !!!
Our lawyer said we shouldn’t have been charged but try asking a bank for reimbersment.
Then we found out we could give our Spanish Bank an English cheque and get it much cheaper.
Have to do it personally and wait 30 days for clearence though.
June 22, 2006 at 4:34 pm #63001
Thanks guys, appreciate the advice. I’ll look into them. Some other people have been mentioning Money Corp. Does anyone know anything about that? I think they’re running some offer where you can make free money transactions by typing in NOTT when you register…the word free is alwasy appealing!
June 22, 2006 at 5:07 pm #63004
As with earlier post I also can recommend Hifx, good rates, low charges & well run operation.
June 24, 2006 at 1:51 pm #63050
I had a really bad time with HIFX, we ended up using Money4Less who were really helpful. But our friends are talking about Money Corp too and they swear by them.
June 24, 2006 at 6:19 pm #63053
I would only ever use a currency broker for small amounts, are you aware that they are not regulated by the FSA or any other regulatory bodyin the UK, so if they were to go bust over night there is no protection for your funds. I am no expert and maybe I lean a little to the over cautious side of things especially when it comes to parting with my hard earned cash. I bank with solbank in spain who give the bank rate and charge a maximum of £20 in comission which I think is the safer bet.
I do have an account with currencies direct who have always been helpful and offered good rates but I would only use them for small amounts simply because of the reasons stated above.
Hope this helps
June 25, 2006 at 2:23 pm #63077katyBlocked
Wise decision Ronnie, a euro in the hand is worth two in receivership. Its happened before and no doubt will happen again.
June 26, 2006 at 5:08 pm #63106
Wow, people, I didn’t expect such a great response! Seeing as I’m upping sticks and moving out there for good, I kind of need someone reliable. It’s a matter of waving goodbye to the £ and saying to the…oh I don’t have the sign on my keyboard!
June 26, 2006 at 5:11 pm #63108
Well, I would recommend going to Money Corp but it sounds like you’re going there anyway. They really are the business. Our daughter went backpacking round Europe and got stranded in Milan…who would have guessed? Anyway Money Corp charged us nothing to make money transfers and our bank was going to charge us a fortune.
June 26, 2006 at 5:13 pm #63109
…oh I don’t have the sign on my keyboard!
€ Alt Gr + 4 😆
July 1, 2006 at 1:41 pm #63260
You arent totally correct in your assumption. Currency Brokers arent regulated by the FSA but they ARE regulated by HM Customs and Excise.
All monies have to be paid into a separate client account which is protected – even if the company goes bust this money cannot be touched by the company.
I would say HM customs and excise is a safer bet than the FSA, but I could be wrong.
July 1, 2006 at 8:17 pm #63269
As I have stated before I am no expert and only rely on my own personal experience. Having had dealings with HM Customs and Excise in the past I would not suggest anyone relies on their banner to reasure them. As far as I know currency brokers are only registered with customs and excise for money laundering purposes and that is where the association ends. I asked currencies direct a month ago how they protect my funds and they did not have the decency to reply.
As far as I am concerned a currency broker has the same liability as a “limited company” which means if they go broke you lose your money.
If I am wrong please enlighten me!
Most banks in Spain now offer you the same rate as the brokers do and in my opinion they are the safer bet.
- You must be logged in to reply to this topic.