07 Aug 2013 9:08 AM:
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!
Thread:
Transfer of 10k Euros from Spain (La Caixa "Resident" Account) to UK
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