Don't use your bank!

Currency exchange Spain
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09 Oct 2006 12:00 AM by EOS Team Star rating in In Spain of course!. 4015 posts Send private message

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Using your bank to transfer your money to Spain isn't always a good idea.  You could save a lot of money by using a currency broker.

If you've got any questions or useful information to share on this subject then either post them here or start a new thread.


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09 Oct 2006 3:37 PM by leeabby Star rating in Old Kilpatrick, Glas.... 140 posts Send private message

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I got in touch with www.hifx.co.uk who seem to be good, no charges for receivng into a Spanish bank either.  Have a look at their 'home' page.

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09 Oct 2006 4:14 PM by davedoolan Star rating. 6 posts Send private message

Take sterling over with you and pay it into your spanish bank account you will get a better rate at least you do with solbank



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09 Oct 2006 7:59 PM by leeabby Star rating in Old Kilpatrick, Glas.... 140 posts Send private message

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If you're sending over the same payment for any period betweeen 6 months and 24 monthe HiFX will offer you a set amount per month, it is always almost at the BUSINESS rate not the tourist rate for euros and there are no bank charges.  It may only be suitable if you're paying a mortgage but you could adjust your payment to be slightly higher every month then you have spending money waiting on you when you go over!

 


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09 Oct 2006 8:20 PM by barbarah Star rating in Surrey and Alicante. 15 posts Send private message

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If you need to transfer a lot of money, such as for a deposit on a property (which could be a few thousand pounds), I don't think it would be wise to carry that in cash when travelling to Spain!

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09 Oct 2006 10:30 PM by lewjan62 Star rating in West Sussex / Casare.... 134 posts Send private message

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we transfer our money monthly from Halifax to Halifax Hispania via one simple phone call. No transfer fee as to/from same bank. Has been hassle free for 2 years.

Halifax Hispania though, do charge to transfer money to other Spanish bank accounts!!


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Jan   www.apartment-on-costadelsol.co.uk  



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10 Oct 2006 7:11 AM by middler Star rating. 11 posts Send private message

Lewjan62 - what rate do Halifax offer. Is it the business rate or the tourist rate ?

regards - ian




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10 Oct 2006 7:59 AM by goodison Star rating. 3 posts Send private message

we send our money through hifx on a monthly basis and use them also for large transfers,  there has never been a charge from them and give exceptional service and good rates, trust me i know, I work in forex and cant even get staff rate as good as there's. We use a bank called Bankinter and a guy called frank there speaks perfect english, there is a small charge for our account but is only 17 euros per year, well thats all that we have ever been charged.

 

 




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10 Oct 2006 10:29 AM by leeabby Star rating in Old Kilpatrick, Glas.... 140 posts Send private message

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You only get the tourist rate from Halifax to Halifax, for a large transaction such as deposit for house HiFX also do this and they negotiate rates, always nearer the business rate.No charges at all unless you want to split a payment ie one half money to your bank another topay something else. Have a look at their home page www.hifx.com

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10 Oct 2006 10:32 AM by leeabby Star rating in Old Kilpatrick, Glas.... 140 posts Send private message

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Sorry, that last posting should have read www.hifx.co.uk  NOT   .com

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10 Oct 2006 1:38 PM by sping Star rating in Stockport & Playa Go.... 148 posts Send private message

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Hi you all!

There are many companies out there that will exchange your money; the best way that we found (Personal choice)was to use a commercial foreign exchange broker. The company was Travelex (www.travelex.com) and they do foreign exchange for home buyers, their rates are good. If you surf the net of the FT, you will find lots of these companies, but don’t just accept what the companies offer you, try to barter a bit and push for the extra %. You’ll be surprised at the deals to be had. To get an up to date exchange rate, look on the BBC business web page (http://newsvote.bbc.co.uk/1/shared/fds/hi/business/market_data/overview/default.stm) or any financial web page. This will help you compare the rate you’re offered so that you can do the deal!

Happy hunting.

Sping…

 

 




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11 Oct 2006 9:37 AM by senora Star rating in essex. 4 posts Send private message

We recently sent a substantial amount over to Spain as a deposit on a new development, we used http://www.currenciesdirect.com/ and found them to be quick and professional with a decent rate. If you are sending over a large amount i wouldnt recommend www.travelex.co.uk because they only give you a tourist rate, although i find them brilliant for smaller amounts and pick up the currency when I'm at the airport, (much better rate when ordering over the internet then pick up currency at the airport), watch out for credit or debit card charge, I use switch and there is no charge, the charge is made by your bank ie Barclays not travelex.

 


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11 Oct 2006 5:12 PM by sping Star rating in Stockport & Playa Go.... 148 posts Send private message

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Hi Senora,

We got ½ to 1% below the days business rate from travelex, what do currencies direct offer?

Sping.




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11 Oct 2006 5:31 PM by leeabby Star rating in Old Kilpatrick, Glas.... 140 posts Send private message

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Sping, HiFX also offer approx half to one per cent approx below the business rate, but there are no charges for receiving this at your Spanish bank.

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19 Oct 2006 12:21 PM by lewjan62 Star rating in West Sussex / Casare.... 134 posts Send private message

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Ian (middler)

 

it's neither. It is international rate which they inform me changes every 10-15 mins so worth checking through the day if you are not happy with first rate given. An example for today I got 1.4649

 


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Jan   www.apartment-on-costadelsol.co.uk  



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19 Oct 2006 3:54 PM by leeabby Star rating in Old Kilpatrick, Glas.... 140 posts Send private message

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HiFX @ 3.46pm today was 1.48.  You can check their rate at any time of the day yourself on their homepage;

www.hifx.co.uk


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19 Oct 2006 4:10 PM by Smiley Star rating in San Pedro de Alcanta.... 2502 posts Send private message

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Most of the currency brokers are much of a muchness in terms of rate. I have used all of the majors over time but eventually settled on one where I developed a good personal relationship and found I received the best service. Some of them will try to beat a rate you have been offered elsewhere. Whichever one you use it is probably best to rely on the services of a broker registered with the UK Financial Services Authority as the local ones here are not regulated.

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20 Oct 2006 7:44 PM by r3dde Star rating. 20 posts Send private message

Just transferred a large amount to Spain with MONEYCORP.  They offered 1.478 and asked if it was okay.  I said I would have liked more and they offered 1.48  There was a £15.00 transfer fee.  Perhaps its worth haggling.



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22 Oct 2006 1:27 AM by gillrd Star rating in Putney. 33 posts Send private message

I like to deal with fxaworld.com - they give great rates from small amounts to large. I think it is cheaper than the others - it is great if you want to put smaller amounts aside on a monthly basis or if you want to use it for your deposit - log on and they will give you a live quote - they tell you the commission and give you an effective price..check it out...



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22 Oct 2006 12:01 PM by terri Star rating in Salisbury / Mijas. 27 posts Send private message

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If you use Currency Direct make sure you set up a direct debit with your bank , this way you don`t pay any bank charges to send the money from your bank.

 

Also for small amounts abroad use a Nationwide Flex Account , you get the commercial rate and no commision charges , we were getting 1.48 in September for cash and purchases


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Terri



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