The best way to transfer money to Spain (Seriously)!

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21 Mar 2007 00:00 by Gillespie Star rating in Costa Calida Area. 633 posts Send private message

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If you want to transfer money from the UK to your Spanish bank or builder the following is the cheapest, fastest and most trouble free way.

1) Go into your UK bank, building soc. with your Spanish bank account details.

2) Tell them you want to send eg, 5,000 pounds to your Spanish bank account.

3) They will say in euros? - you will say no pounds

4) Tell them you want to pay the ETT charges at the UK end - approx 18 -25 pounds

5) 2-3 days later the money arrives in your Spanish bank account at the actual highest possible rate of the day of transfer.

6) Your Spanish bank will not charge to receive as you paid the ETT fee at the UK end.

No point in useing money transfer companies as this brings in a 3rd party who can get it wrong.

With amounts of around 5k+ you get full commercial rate without any commission charges.

It´s been my preferred method for the last 5 years or so and never had a problem.  I don´t see the point of paying commision to banks for buying euros and no need to involve currency transfer companies who require all sorts of forms contracts and accounts to be opened taking several days as the exchange rate could drop during this time. 


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21 Mar 2007 18:39 by Smiley Star rating in San Pedro de Alcanta.... 2436 posts Send private message

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Hi mate sorry to take issue with what you say but a mate of mine transferred several hundred thousand from the UK at the end of last year and he did not get anything close to the rate he could have got from a broker. Now he has set up an account on my suggestion and he calls to compare and the broker always wins - quite significantly too.

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21 Mar 2007 19:07 by JPD Star rating in Hull, East Yorkshire.... 384 posts Send private message

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Hi Gillispie We have just sent funds to complete on a property it was only tens of thousands and they beat the bank by 3 cents per £ which is much better in your pocket than thiers



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21 Mar 2007 19:13 by alanwspencer Star rating in Hertfordshire/Duques.... 341 posts Send private message

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I have always transfered through a broker (MoneyCorp) and they have always got me a far better rate than a high street bank.

Alan


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22 Mar 2007 12:13 by Gillespie Star rating in Costa Calida Area. 633 posts Send private message

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Well folks, this is a strange one for you guys because the bank in the UK will transfer the funds at the actual rate of the day, because you are not buying currency (euros) off them.

Let´s say the actual rate of the day is €1.50 - if you were to contact HIFX Moneycorp or any other they are not going to give you €1.51 as that would be financial suicide.  So you don´t need to ask your bank for a rate as if the rate at that particular time of transfer is €1.50 to the pound then by transfering pounds to spain it will arrive at €1.50 to the pound.

The only way the UK bank will skim off the top is if you buy euro´s to send to Spain - not recomended!

I would consider using a currency company to lock a rate for future transfers if I suspected the rate would be dropping some time in the future.

So the only explanation I could find for your currency providers better rate than your bank offered is if you tried to buy euros off the bank.  But as I said there is no need for that - just transfer pounds and you get the actual commercial rate of the hour with no commission charges.

 


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25 Mar 2007 20:44 by hudsey Star rating in Hexham, Northumberla.... 121 posts Send private message

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Hi,

After reading all below, I've had a good look at the sites mentioned.  I think I will be using Moneycorp, very good prices.




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25 Mar 2007 21:10 by alanwspencer Star rating in Hertfordshire/Duques.... 341 posts Send private message

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Hi Gillespie,

When you transfer money through the high street bank, even in pounds,  is it not transfered nearer to the tourist rather than commercial rate?

Alan


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25 Mar 2007 23:31 by JeansSis Star rating. 2512 posts Send private message

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This message was last edited by JeansSis on 5/17/2007.



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26 Mar 2007 00:14 by FibbyUK Star rating in UK, Surrey & Playa F.... 2418 posts Send private message

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I am about to make a transfer to Spain, I am waiting for details of a money transfer agent that gives roughly 1.46€ to the pound, you transfer in pounds and no fee.......am waiting for the details, and will post them here when I get them............

kind regards,


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26 Mar 2007 20:10 by bobaol Star rating. 1933 posts Send private message

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It sounds like a good idea to transer money in pounds as said.  Unfortunately, the Spanish banks then put their interpretation on the exchange rate which is always a good deal lower and they make charges.

I have used Moneycorp several times, also used the bank (both Natwest and Halifax) and paid a sterling cheque into my account in Spain.  Always got the best deal from Moneycorp.  The sterling cheque was the worst possible way as they automatically reduced the amount by £10 (on a £2000 cheque), took six weeks to clear it and only gave me the tourist rate.

At least with Moneycorp you get the amount guaranteed with no Spanish bank charges, only downside was Halifax charged me £25.00 to transfer the money to Moneycorp in the first place.




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26 Mar 2007 22:14 by alanwspencer Star rating in Hertfordshire/Duques.... 341 posts Send private message

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Thanks Janice/Fibby, I have only used Moneycorp for transfers to date. I have a big one due soon when I complete on my apartment. After reading Gillespie and now your goodselves it seems it may not necessarily be the best thing. I suppose it depends on the Spanish banks charges for converting to Euros. Hmmm! Be interested in what happens with your transfer Fibby

Alan


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26 Mar 2007 23:04 by JeansSis Star rating. 2512 posts Send private message

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This message was last edited by JeansSis on 5/17/2007.



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26 Mar 2007 23:11 by alanwspencer Star rating in Hertfordshire/Duques.... 341 posts Send private message

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Looks like big amounts, use a broker small amounts the bank is fine transfering pounds to Euros. Many thanks for your help Janice.

Alan


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26 Mar 2007 23:29 by JeansSis Star rating. 2512 posts Send private message

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This message was last edited by JeansSis on 5/17/2007.



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03 Apr 2007 13:31 by leslie Star rating. 4 posts Send private message

04 Apr 2007 12:57 by FibbyUK Star rating in UK, Surrey & Playa F.... 2418 posts Send private message

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Thought I would tell you all how we did it.

We set up a Euro a/c with HSBC in the UK.

We watched the rates daily and kept sterling in the HSBC current a/c.

When the rate wae favourable, we bought Euros using our current a/c and had them put in the Euro a/c

When we wanted to transfer to Spain, we went into HSBC, transferred from our Euro a/c into our Spanish Bankinter a/c.

We paid just the normal bank transfer charges, nothing else.

All in all, this worked well for us, we bought with hardly any commision and at the rate that suited us.

Kind regards,


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Check out my website:

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31 May 2007 08:45 by lilian Star rating. 8 posts Send private message

We opened a account with the Halifax in the UK and the Haifax Espania  the basic account is you need to hold 600Es minimum at all times and all transfers are free if you up graid your account  paying 18Es for a half year you get a load of extras and you donot need a minimum in the account in Spain.

Lilian / Peter





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31 May 2007 11:14 by morerosado Star rating in Guardamar del Segura.... 7685 posts Send private message

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Hi Lilian & Peter

For serious transfer of major funds for stage payments members should really not be using Halifax as rates are far too low but a currency bank, such as HIFX or Currencies Direct etc.

We also have a Halifax ES & a Halifax UK a/c. It's 25€ annually for the Halifax ES Extra a/c where there's no minimum required in order to escape maintenance charges, although 600€ needs to be deposited initially in order for the a/c to be opened. (The ordinary current a/c, which must be opened with 600€ & also maintained at 600€ generally, has a 18€ charge on it every six months should you go under this minimum.)

For anyone interested in looking at the Halifax ES  website it is SOBRE HALIFAX on

http://www.halifax.es/halifaxing/halifax/halifax.asp?sec=halifax  If you click on the HALIFAX CLUB it's a link to the page shown below. Just click on the same on that to learn about the advantages of taking this particular a/c rather than the basic one.

 

Kind regards, Rosemary

XTRA ACCOUNT

With the Halifax Xtra Account there’s great value for everyone!

The Halifax Xtra Account offers maximum advantages:

· Annual capitalisation of interest from 1,000 Euros interest will be applied to this account annually on the date of the anniversary of the opening date
· Minimum opening balance of €600 (1)
· Free Visa Electron card
· Cheque book
· Guaranteed bank cheques
· Direct debit facilities free of charge
· Free transfers from your Halifax or Bank of Scotland* account to your Banco Halifax Account
· Free Distance Banking service: telephone and online banking.
· Available to residents and non residents in Spain.

The Halifax Xtra Account is free from the usual maintenance fee and offers membership to the exclusive HALIFAX CLUB, set up in association with Zurich World Wide Services . Members have access to a broad range of services such as Utility Registration Service, emergency Plumbers, Electricians, Card Cancellations or Translation Services.

Because we understand contacting tradesmen and professionals can be difficult at times, especially in another country, the English speaking helpline offers you peace of mind for just a nominal annual fee **(ask for further details).


(1) The minimum opening balance of €600 must be deposited in order for the account to be opened. From €1,000 interest remunerated from the first cent of Euro.

* Available from certain accounts only. Subject to the terms & conditions of the account.

** Nominal annual fee: € 25 (charged to the account on account opening).

To find out more about comission rates applicable to this account, see Halifax Transparency.

 












This message was last edited by morerosado on 5/31/2007.

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03 Jun 2007 19:56 by twiggy Star rating in Melksham, Wilts/ For.... 90 posts Send private message

When i started making regular payments with HIFX i had to pay 2 months upfront so on month 12 they pay with the money they have taken from me and nothing comes out of my account. Can anyone tell me if MONEYCORP would do the same or if anyone knows of a company that does not require a deposit like this and will just take the required amount from my uk account every month.

Thanks

Sue



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04 Jun 2007 00:58 by conrad Star rating in Milton Keynes and Dr.... 304 posts Send private message

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Sue check out currencies direct I know they do monthly or quarterly transfers with a minimum of 150 a month or 400 per quarter do not know about a deposit

https://www.currenciesdirect.com/individuals/regularmoneytransfers.php





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