Don't use your bank!

Hi,

I used to work for the Halifax in the UK, I would not use them for any money transfers as you do not get a good rate even with the 'free' transfer. The Halifax like you to think you get a good deal but you don't.

I transfered money through HIFX and saved 8k€ on what the Halifax was prepared to give.

Just be careful cos it will cost you with the Halifax.

We bank with the Halifax here in the UK & Banco Halifax Hispania, in Spain and we receive a very good exchange rate, we got 1.45 last month.

Also not being charged transfer charges or bank charges is also a bonus.

Just a though, if exchange places like HIFX etc. don't charge you and give a better exchange rate than Banks and their still making a profit What profit are the banks making?

When I transferred Caja Granada didn't charge anything for receiving it, the Halifax however did charge me.

Hi Linda, sorry to hear that you lost out on the exchange rate!

If you got a rate of 1.45 with the Halifax you could have got close to 1.48 with an exchange broker.

Sping.

Your right!

We normally transfer once a year unless it’s an emergency.

Sping...

Hi

Could anyone tell me if they have used HIFX and was it Nice and Easy?

Regards

Terry

We have used HIFX and Halo Financial and both have provided good service.

Halo in particular have maintained contact and advised when rates are moving up to 1.48 to 1.50 mark.

Colesfamilywales

Hi

We always use GCEN, (HSBC) great rate no fees excellent service would definitley recommend, they even track rate & it can be booked at the higer rate until you transfer

Marky

We have used HIFX a  number of times. Very good service, and they dont charge to transfer money. For a good exchange rate, you have to transfer a minimum of £5,000. You can fix the exchange rate for a future transaction, though there is a small percentage charge on this, depending how many months away you are from doing the deal. Its a good idea if you want peace of mind, knowing exactly what you are going to get, as the rate can fall as well as rise.

Hope this helps.

Westport

I was in Benidorm last week and one exchange were advertising 1.46 but the small print said it had to be in excess of £3000.00 the real rate being 1.21 !!

I then found one exchange with a very long queue - they were actually giving 1.46 on all exchanges.

Ideal if you need small amounts exchanging whilst on holiday.

Thanks guys

This would be for the transfer of funds to perchase my property so it would be a large sum!!

how long do HIFX take to transfer from UK to Spain?

Regards

Terry

I have found like lots of others that have replied that HIFX are the best for rates and no charges. Watch your bank in Spain still might charge for receiving money from the UK. HIFX have assured me if our bank in Spain charge for this transaction they will credit our account with the charge. I have just recently set-up a monthly transaction with HIFX to our bank in Spain with the rate fixed for the next 24 months.  

Most of the brokers are competitive on rate/charges etc - set up accounts with a few - there is no charge - then when you want to do the transaction choose the broker who gives you the best price on the day - particularly if it is a significant amount such as a deposit transfer. Client earlier in the year was going to use his bank in Jersey to transmit £300,000 saved roughly 21,000€ on the rate and 4000€ on landing charges. Currencies Direct and probably some of the others have a facility these days that means you can do a Direct Debit transfer to them or even on a debit card. So much easier than sending a cheque and having to wait 5 days for it to clear. Saves any delay over getting money to Spain if you need it done quickly.

Rgds