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Old Sep 27th 2017, 6:36 pm   #16
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Default Re: Banking/ UK via Spain

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Thanks everyone. It sounds as though getting our pensions paid directly into a Spanish account. As I said earlier, my worry is how my wife will manage to get money out of the bank and transfer pension payments into a UK account should anything happen to me. I have always dealt with all financial matters. My son would need to come out to Spain and take care of officialdom and banking matters and then take my wife home to the UK. My wife just would cope in Spain on her own, but what's the alternative? Stay in the UK in the cold and wet suffering from arthritis as we get older and regretting not taking the chance to live in the sun in our old age. Not likely!!!! As with most things in like prepare for the worst and hope for the best!!

I could use my daughters address for correspondence but as you say most correspondence would hopefully be online.
I use NatWest for UK banking with account registered address in Spain. No problems. Even have my Spanish mobile registered with them for receipt of transaction verification code when using credit card.
All correspondence online except for replacement cards.
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Old Sep 29th 2017, 11:11 am   #17
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Default Re: Banking/ UK via Spain

Many thanks to all those that have replied to my question. They will be very helpful in sorting out my finances between UK and Spain.
Bryan
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Old Oct 1st 2017, 9:03 pm   #18
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Default Re: Banking/ UK via Spain

Hello, have you thought about using a currency exchange service to transfer your money? Banks tend to charge fees. I have used a company called First Rate FX in the past, they were excellent and I was charged no fees.
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Old Oct 1st 2017, 9:25 pm   #19
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Default Re: Banking/ UK via Spain

I use First Rate FX to transfer my money, unlike Transferwise, they charge no fees! Their exchange rates are also very good.
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Old Oct 1st 2017, 10:03 pm   #20
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Default Re: Banking/ UK via Spain

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Hello, have you thought about using a currency exchange service to transfer your money? Banks tend to charge fees. I have used a company called First Rate FX in the past, they were excellent and I was charged no fees.
Hi and a warm welcome to the Spanish forum on BE. Myself and Fred James are the moderators for the Spanish forums whilst BEVS moderates Europe. Moderators are there to ensure that the site runs smoothly within the rules of BE. This is so that members gain the information that they are looking for and find their experiences on the forums to be friendly and worthwhile.

Problems and complaints should always be addressed to a moderator who will look into the matter and deal with it efficiently and fairly. Our members who post in the Spain Forums are usually friendly and helpful with a wealth of knowledge about the issues of living in Spain. I hope that you enjoy your time participating in the forums.

Please let me know if you need any further help.

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Old Oct 1st 2017, 10:53 pm   #21
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I use First Rate FX to transfer my money, unlike Transferwise, they charge no fees! Their exchange rates are also very good.
I use OFX ... no fees neither and good rates (whatever is good at the mo)
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Old Oct 2nd 2017, 10:08 am   #22
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Default Re: Banking/ UK via Spain

If an FX company charges no fees then they must generate their income by compromising on the exchange rate offered. There are two major peer to peer exchange companies, transferwise and currency fair. Both of these companies match people who want to buy euros with other people who want to buy sterling, of any other combination of currencies. They both charge a small fee, around 3£ per transaction and therefore can offer a very good exchange rate.
The acid test though, is how much you end up with after the fees and exchange rate.
If you are happy with your FX company then that is fine. Having tried lots of different FX companies since living in Spain I personally recommend transferwise. Current rates for 1000 Sterling, 1128.25 euros, currency fair, 1126.58.
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Old Oct 2nd 2017, 10:24 am   #23
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Default Re: Banking/ UK via Spain

I have used Currencyfair for my transfers for some time and find the service excellent. Transferwise does have very slightly better rate, however charges are a percentage of transfer, currencyfair is fixed 3 euro per transfer no matter how much.
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Old Oct 2nd 2017, 10:33 am   #24
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Default Re: Banking/ UK via Spain

OFX quotes 1.1274 at the mo
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Old Oct 2nd 2017, 10:56 am   #25
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Default Re: Banking/ UK via Spain

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OFX quotes 1.1274 at the mo
Just looked at that and small print says that's market rate (interbank rate) not indicative of ofx customer rate?
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Old Oct 2nd 2017, 10:57 am   #26
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Default Re: Banking/ UK via Spain

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OFX quotes 1.1274 at the mo
So you would end up with 1,127.40 in your bank account whilst with transferwise you would end up with 1,128.25. I know it is not a great difference but why would you choose an fx company that gives you less money. As I said earlier the acid test is how much you end up with in your bank account. with both Transferwise and currency fair I can also have a same day transaction if I time it right. I do not know whether OFX offer this.
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Old Oct 2nd 2017, 11:05 am   #27
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Default Re: Banking/ UK via Spain

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So you would end up with 1,127.40 in your bank account whilst with transferwise you would end up with 1,128.25. I know it is not a great difference but why would you choose an fx company that gives you less money. As I said earlier the acid test is how much you end up with in your bank account. with both Transferwise and currency fair I can also have a same day transaction if I time it right. I do not know whether OFX offer this.
1.127,40 and no costs. Don't know about same day transaction. Never needed that so haven't tried it.
I use them because it is no fuss, never had a problem (so far ).
I think, once one joins a FX company, they are the best. TBH there is probably not much between them .
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Old Oct 2nd 2017, 11:08 am   #28
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Default Re: Banking/ UK via Spain

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I have used Currencyfair for my transfers for some time and find the service excellent. Transferwise does have very slightly better rate, however charges are a percentage of transfer, currencyfair is fixed 3 euro per transfer no matter how much.
I agree but it is very easy to check which company gives you more money at the time of your transfer. It would appear that transferwise is better value up to about 9,000 and anything larger currencyfair has the edge.
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Old Oct 2nd 2017, 11:29 am   #29
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Default Re: Banking/ UK via Spain

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I agree but it is very easy to check which company gives you more money at the time of your transfer. It would appear that transferwise is better value up to about 9,000 and anything larger currencyfair has the edge.
True Steve as I say margin is small and both beat all other current transfer companies let alone banks. Other thing I like currently being non resident is between trips I can drip feed into my account taking advantage of any upswings in rate and build up a pool to make one 3 euro transfer just before visiting. It works for me I have found currencyfair excellent very helpful when I needed to speak to them a couple of times in the early days of using them. No doubt you have same experience of TransferWise.
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Old Oct 2nd 2017, 10:25 pm   #30
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Default Re: Banking/ UK via Spain

Yes all well & good, but ?
What fee do Spanish banks charge for transferring money into one of these FX company's ?
I know that a family member has just paid an outrageous fee to LaCaxia on her recent house purchase here using an FX company (no fee from them) Fee for accepting the money & another for transferring it to the buyer.
So I am assuming that its the same for those wishing to move their Euro's into an FX as this is an oppertunity for Spanish banks to grab a piece of the action ?

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