Benan

Hi all,

just signed up after reading quite a few posts over the past week regarding moving abroad. My oh's family live in Spain and her father isnt in the best of health so it looks like we are moving over there in the very near future. In a way works out well as we sold our house in Richmond a few months back so have money to buy somewhere or to rent while there. The main questions I have are about currency...I know I know, most boring topic on here, but something important to us as want the best rates possible. I see that this site is full of various reccommendations but want to know what the main difference is between all the companies.

thanks in advance for all your help, im sure that your advice will be better than non at all!!!

Ben.

snikpoh

The main differences are who takes comission and who doesn't. For larger amounts, most should not charge anything simply getting their 'cut' from the exchange rate. Some will also move the money quicker than others.

At the end-of-the-day, I think it's down to who you've used before and are happy with.

I tend to ask two/three companies to give me a spot price for a certain amount. Obviously if the market is volatile then I have to factor that into the equation when deciding whos offering the best deal at that moment.

As you've asked, I think I can name the ones I use. They are;

World First
Foreign Currency Direct

The third one escapes me so can't be much cop

Mitzyboy

Depends if you are transferring a lump sum or regular monthly amount

HIFX and ITT Moneycorp are a couple of the main transfer companies, but you will find a comparison of rates HERE

trentino

We use HIFX, Very good

Dxf

Hi

I tried the site - it didn't mention Nationwide - perhaps it does not "see" all rates - or perhaps only those that can give it a "rake off".

To answer the question, simply, try several where you will be living. It is no use getting the best rate if you have to spend loads of money to get it.

Many banks can transfer money to a local branch; Barclays, Lloyds, Halifax to name but a few.

So look at who you bank with now, how you will transfer money to the transferring bank, and how you will get your hands on the money.

Davexf

Mitzyboy

Very few sites show all rates ..... or maybe the rates they submitted were not competitive enough, who knows
If you do comparison sites on insurance for instance, Direct Line who are a major player, dont participate on many (if any) I believe

TheLostPhotographer

If you're asking for advice about exchange rates, my offer is simply don't worry about it to much. It's far less important in the grander scale of things. A very competitive market means that most major banks and building societies can match specialists commission wise.

The BIGGEST piece of advice I would offer anyone moving to Spain from the UK is NEVER, EVER trust an estate agent. Should go without saying really, but they're sharper here than anywhere else I've known.

I've just finished editing a video that I've been putting together for about 3 years just for the fun of it. Standard question repeated time and time again when property hunting in September each year; "What are the winters like here?". Srandard reply; "Just like now but a bit colder".

A bit colder? More like 30 degrees colder

One property I viewed in September 2005 was completely innaccessible for over 5 weeks in February and March 2006 due to snow!

Buying property is the biggest risk you're ever likley to take financially. Take your time. Rent for at least a full year at least before making any commitment. It will be 'dead' money well spent.

lic

If you are going to rent, why transfer large amount of money across, especially now when the rate is so poor.
Put your money in Nationwide, and withdraw your money in spain from an ATM. You will be able to withdraw about £300 per day at the Visa Corporate rate, free of any commission and fees. The rate is always better than what the bank/money houses charge.
When the rate increases then think about using finance houses.
Do do the above you need a Nationwide flex account.
if £300 per day is not enough, get you misses to open a separate account that way it £600 per day fee free.

TheLostPhotographer

Same here. Works for me also

I think Nationwide are pretty safe in the current climate. Sooner keep my money there than take a chance on a Spanish bank. Not perfect, and basically relying on Morgan Stanley, but safe as it gets and easy access from the hole in the wall.

bigglesworth

How close to the spot rate do Nationwide exchange then? Surely must be at least 3 or 4 per cent off?

TheLostPhotographer

Lost on me I'm afraid. The amounts I deal with wouldn't register a Centimo loss. Still far less a risk than buying property, although it would be difficult to lose if you bought wisely today.

Dxf

Hi

Sorry lostphotographer (I admire your diary - please keep it going); I have found a difference of £6 per hundred on getting money from the hole in the wall - so you only draw 10€? and therefore only six cents down?

Well think of it another way - for EVERY 100 glasses of red wine you drink, (one weeks drinking?) you COULD have another six free !!!

Davexf

TheLostPhotographer

Hmmmm...

That's good advice worth noting

Kat Oakley

with the exchange rate the way it is at the moment it would be much better to keep the bulk of your money in £Sterling and only take what you need each month as someone else suggested.

Alternatively you could invest the majority of the money in an offshore bond and receive an income from it and growth. Currencies Direct, who have no fees, no commission and better rates of exchange could also help you.

I have to study the euro / £ exchange rate hourly and it is very marginally on the creep upwards so the longer you can wait for transferring the bulk the better.

hope this helps and if there is any other advice you need just ask.

snikpoh

I'm not so sure than an off-shore bond is the answer. I did that some time ago, I draw 5% monthly as income but have seen the value of the bond drop by over 30%!!!!!!

Had I kept the money in the bank, would I have been better off - who knows!

Isn't hindsight a wonderful thing.