March 16, 2006 at 11:12 am #51652
Can anyone reccomend any good money transfer companies? I’m about to buy a property in Alicante and will soon need to send large sums of GBPs to my Spanish bank account.
The direction of transfer initially will be one way (from the UK to Spain), however in the future I may need to transfer money from Spain to the UK if I receive sufficient income from renting the property. Therefore the ideal scenario would be for me to use a company that deals with a two way transfer of money.
On top of that, I would like to be able to control the transfer via an internet account, however I’m not sure that such companies provide this type of service – does anyone know?
March 16, 2006 at 5:00 pm #61349
Hi…I would use either Currencies Direct or Currency Solutions. These 2 are very good companies and normally give you a transfer free of charge and with a better rate of exchange than your high street bank. I would never recommend using any of the high street banks. I dont know of any way you can view this via the internet but I would suggest that you use the currency companies to send the money to Spain to buy the property and then open an internet account with your Spanish bank to send back any rental income. It might be that your account you have in Spain when you bought the property can be used via the internet. Cam Bank and Bankinter offer very good internet accounts in English and making a transfer back to England can be done in about 5 minutes. There are limits on what you can transfer in one day, for example with Cam it is 6000 Euros per day.
Take a look at their sites.
Hope this helps
March 16, 2006 at 6:51 pm #61350
I use HIFX. Good rates close to Interbank,they guarantee no charges for receiving money into any Bank account in Spain ( this can be costly). And the transfer is built into the rate, so free of charge.
March 16, 2006 at 7:33 pm #61352
I think the currency brokers being mentioned here all offer quite a similar service and good rates in comparison to high street banks. For what it’s worth, I recommend Escape Currency. You can contact them through the ‘help me find a currency broker’ option in the announcement post at top of the previous page.
March 17, 2006 at 12:27 pm #61363
I can recommend HIFX, after account setup everything went smooth as silk. Good exchange rates, low costs and quick exchnage. They do however keep contacting me regarding property insurance.
March 17, 2006 at 2:17 pm #61365
Are you referring to Halewoods International Futures
March 18, 2006 at 12:07 pm #61376
I have an account at both HIFX and Currencies Direct. I have used them both in the past, but of late I have found that a quick call to them and then one to my manager at HSBC has resulted in a keen rate. The only thing that you have to watch out for is that there can be some fairly hefty bank charges in Spain for RECEIVING when you transfer funds. Make sure you specify that all charges must be paid at your end – unless you are paying into a third party’s account 😉
Banco Halifax also have an arrangement whereby you can transfer money from a Halifax account in the UK, free of any charges, but then I would imagine the rate is not particularly competitive!
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