sending out money

Hi there again,

Up until now I have transfered money to Spain using my Spanish bank account in London and the same bank in Spain.Its easy and reliable but I am concerned about the rates offered.I may want to send out quite a large sum of money,any ideas as to the best deals around.

I do realise that the situation varies daily.

Thank you,

Gilly

Sign up with HIFX or similar, they offer better rates for large amounts

 Hi Gilly

We are always happy to recommend Moneycorp for foreign exchange.  They have been really good for the 3 years we've worked with them.

Request more info from them here.

Justin

Hi Gilly - I always use John Mohan at Sterling Exchange as I get good advice about when to time my transfers, so that I get the best rates.  There are no fees and I just send them the Sterling, using my UK internet account, and it then appears in my Spanish account a few days later.

Hi

We used Moneycorp for the big transactions when buying our house and they were very good, however the objective now is to get the very best rates on smaller sums to pay bills etc.

I would recomend the new live on line service from HiFX, it easy to register and you can see the rate changing on screen, you can also play about with different amounts to get a better rate, you can pay by credit or debit card and the service is free ( all costs in the rate)

5 mins ago it was as follows

1k e = 1.1006

2k e = 1.1192

5k e = 1.1286

6k e = 1.1329

Steve

Team GB, the rates do not look very competive. I'm not sure how that compares with the likes of MoneyCorp, but I would expect them to beat those. For small amounts I transfer sterling into my CitiBank UK Euro account. This transfers at very close to spot rate on the day. The 1Ke rate below is daylight robbery compared to yesterdays spot rates.

Hi Fultond

Are Moneycorp intrested in anything under 6ke, I thought not, I did look into a Cti bank euro account, seem to remember they charged a monthly fee, is this still the case?.

Steve

No. The Citibank card is free of charges. I was slightly sceptical until I started loading it up with cash, and saw the exchange rate I was getting, even for small amounts. This is how I plan to get all my currency now for expenses in Europe.

I opened a Citibank Euro account to go with my Sterling account, then founf they wanted £10 per month for the priviledge and I closed it straight away.

I used Xe.com if I need to get large amounts over and I am unable to visit and withdraw cah on my Nationwide debit card.

Barclays now offer a UK to Barclays Spain fee free transfer service at "allegedly" market rates. I don't know if other UK banks are doing the same.

Mar

Mark,

Do Barclays charge for direct debit's and for having an account. like a lot of the Spanish bank's do.

Thanks Pat

Well........  We have a spain Solutions account which is €20 per quarter, but we pay €10 as my Wife is staff. We don't pay for direct debits, we don't pay for cheques drawn (don't know about paying in as we have never done so, but our keyholders tell us they aren't charged for depositing Barclays cheques when for other banks it is €10) and we don'ympay for the debit card. Bank transfers you pay 1% or a minimum of €4.50 which is a biummer.

There is another account they have brought out which is free of all charges if you deposit €750pm into the account. It can't be pro rata unfortunately, but with the free transfers it may be worthwhile?

Mark

Hi all - I have a Bancaja account and I don't pay any charges at all, including the transfers through the company I mentioned earlier, Sterling Exchange.  I have a basic checking account with a debit card.

most bansk when transferring make a fuss out of the fact that there are no charges as opposed to currency exchanges however currency exchanges tend to have a fixed fee and overall still come out way on top especially for larger amounts

I have always used WORLDWIDE CURRENCIES , there is no minimum amount you can transfer and it can be done online and the rates have always been excellent commercial rates  and there is no charge for the service.