Spanish Property Insight › Forums › Spanish Property Forums › Property Questions & Answers › MONEY TRANSFER to UK
- This topic has 5 replies, 5 voices, and was last updated 5 years, 10 months ago by freddo.
July 25, 2017 at 5:36 pm #214389Richard@MondaParticipant
I will complete the sale of my apartment in August. My Lawyer has offered me the Transfer through their bankers @ 0.1% so my funds arrive in my UK account. I could also take a cheque to my Spanish bank (CajaMar) and undertake the Transfer through them or use one of the major Fx Companies to undertake the Transfer.
Any thoughts or recent experiences please so that I can hopefully choose the best option??
July 30, 2017 at 6:40 pm #214537James56Participant
My advice would be to check the rates as in my experience banks and third parties always have the worst rates. I’ve always found Fx companies to be consistently more competitive and on larger sums could mean hundreds of pounds more for your money.
July 31, 2017 at 6:12 pm #214551Mark StücklinKeymaster
I would agree with that advice. Always use a specialist currency broker for the best rates and lowest fees. A few years ago I tested a few of them asking for quotes to transfer €100k. If I remember rightly most of the quotes from specialist FX brokers were very similar, and were much better than the rate my bank offered. Also, transfer costs were lower.
If you want to talk to a specialist and have them help you I recommend Torfx:
July 31, 2017 at 11:07 pm #214563PazzaParticipant
I have found CurrencyFair.com to be a cost effective means of transferring money between currencies as you are exchanging with others like yourself so the savings are shared.
Whilst I hate to say anything good about BANCO Sabadell my account allows the transfer of Euro amounts under 50k to CurrencyFair without any transfer charges.
August 1, 2017 at 10:44 am #214565Mark StücklinKeymaster
Yes, CurrencyFair.com are very good too, but you have to be comfortable with doing all the trades yourself. I don’t think they offer advice and help with things like forward contracts. That said, nobody knows what’s going to happen tomorrow, though since Brexit, betting against the pound would have been a winning position.
August 5, 2017 at 11:55 am #214632freddoParticipant
If you use Transferwise : https://transferwise.com/u/a122
Transfer 100K Euros to Sterling
You would receive 89890.65 UK Pounds nett
Fee charge 497.51 Euros. Rate 0.90320
Saving of 3,012.14 euros as against bank transfer
- This reply was modified 5 years, 10 months ago by freddo. Reason: error
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