MONEY TRANSFER to UK

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This topic contains 5 replies, has 5 voices, and was last updated by  freddo 2 weeks, 4 days ago.

  • Author
    Posts
  • #214389

    Richard@Monda
    Participant

    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??

  • #214537

    James56
    Participant

    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.

  • #214551

    Mark Stücklin
    Keymaster

    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:

    TorFX

  • #214563

    Pazza
    Participant

    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.

    • #214565

      Mark Stücklin
      Keymaster

      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.

  • #214632

    freddo
    Participant

    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 2 weeks, 4 days ago by  freddo. Reason: error

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