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Hi Folks,
Please can anyone recommend the most cost-effective way to transfer around 10-12,000 Euros from a Spanish bank (La Caixa) to the UK. I have a resident/NIE-validated account with IBAN/BIC codes. Transferring money directly from La Caixa into a UK bank would incur unfavorable rates and commission. La Caixa's rate for SEPA payments with full data identification is 0.40% of the transaction amount. I have a Barclays Euro Account too.
There seem to be two main options:
PAYPAL
Paypal say: "As a buyer, we will not charge you to use PayPal unless it involves currency conversion” so this should be:
La Caixa (incurring payment for SEPA) -> Paypal account in euros -> Barclays Euro Account in UK -> Currency Club (or similar) to transfer euros to GBP.
10,000 euros La Caixa – 40 euros (La Caixa SEPA payment comission) = 9,960 euros converted into GBP via Currency Club Buy Back service: £8,369.75
OR
TRANSFERWISE
10,000 euros - 40 euro commission = 9,960 converted by Transferwise = £8,486.
Are these calculations correct?
Another site recommends using an app such as Azimo, O2 Wallet or Barclay's Pingit or a P2P/Peer-to-Peer site like Currency Fair but I don’t know anything about these options.
Your advice and/or suggestions would be much appreciated!
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Tranferwise is the best one. I have used them to transfer money to Spain many times.
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I am about to repatriate my euros to ££. I am planning on using Currencies Direct who link into La Caixa & don't charge any fees to handle the transaction but still get a good FX rate..I could do without the stupid Governor of the Bank of England sending the £ higher with his utterances -jerk..
So far currencies Direct have been very professional & helpful....
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I've been using Currencyfair for about 2 years with no problems at all. You have to transfer your funds to your account with them, and you can only deal when the funds are in your acount. I normally transfer in sterling by faster payments, when I think the rate is about right, do a deal and transfer my euros out. Normally they arrive in Spain the next day. €3 commission (I think its £3 for sterling). I have occasionally left the funds over the weekend when the rate has moved too much).
I bought some last week at 1.1475, when the market rate was 1.145. The rates are displayed and you can just take one, or you can post the rate you want, and it goes onto the list and when somebody matches it, the deal is done. I posted the rate I wanted, and it was matched about an hour later.You can change the rate at anytime.
This message was last edited by kathyslad on 08/08/2013.
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Beatha,
Before you go any further, i'd like to point out to you that 0.40% of €10,000 = €400, NOT €40!
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google fxcompared and try it.
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Oops sorry bethea, my mistake, you were right, or is 40 euro! Anyway, 40 euro to move 10k is a pretty good rate. I doubt you'll get a better rate, I mean it's gotta cost you something.
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Yikes! Thanks for your confirmation, fazarelli - nearly had me stepping on a plane to bring the whole lot back in a bag...
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