Go Back   British Expats / Living & Moving Abroad / Europe / Spain

Closed Thread
 
Thread Tools
Old Nov 22nd 2011, 12:22 pm   #1
Ex Expat
 
Joined: Oct 2006
Location: West Midlands, ex Granada province
Posts: 2,132
scampicat has a reputation beyond reputescampicat has a reputation beyond reputescampicat has a reputation beyond reputescampicat has a reputation beyond reputescampicat has a reputation beyond reputescampicat has a reputation beyond reputescampicat has a reputation beyond reputescampicat has a reputation beyond reputescampicat has a reputation beyond reputescampicat has a reputation beyond reputescampicat has a reputation beyond repute
Default Transferring money FROM Spain TO UK.

Assuming our house sale completes (ETA now January ), what is the cheapest way of transferring the money across to the UK? I've never done it this way round.

Can we use someone like Currencies Direct?
scampicat is offline  
Sponsored Links
Old Nov 22nd 2011, 2:31 pm   #2
Account Closed
 
Joined: Jan 2010
Posts: 1,590
anonimouse has a reputation beyond reputeanonimouse has a reputation beyond reputeanonimouse has a reputation beyond reputeanonimouse has a reputation beyond reputeanonimouse has a reputation beyond reputeanonimouse has a reputation beyond reputeanonimouse has a reputation beyond reputeanonimouse has a reputation beyond reputeanonimouse has a reputation beyond reputeanonimouse has a reputation beyond reputeanonimouse has a reputation beyond repute
Default Re: Transferring money FROM Spain TO UK.

Quote:
Originally Posted by scampicat View Post
Assuming our house sale completes (ETA now January ), what is the cheapest way of transferring the money across to the UK? I've never done it this way round.

Can we use someone like Currencies Direct?

Yes you can but get some other quotes too if you can.
anonimouse is offline  
Old Nov 22nd 2011, 2:41 pm   #3
Ex Expat
 
Joined: Oct 2006
Location: West Midlands, ex Granada province
Posts: 2,132
scampicat has a reputation beyond reputescampicat has a reputation beyond reputescampicat has a reputation beyond reputescampicat has a reputation beyond reputescampicat has a reputation beyond reputescampicat has a reputation beyond reputescampicat has a reputation beyond reputescampicat has a reputation beyond reputescampicat has a reputation beyond reputescampicat has a reputation beyond reputescampicat has a reputation beyond repute
Default Re: Transferring money FROM Spain TO UK.

Quote:
Originally Posted by anonimouse View Post
Yes you can but get some other quotes too if you can.
Yes we will, but is using a broker like Currencies Direct cheaper than the bank doing it? I know you almost certainly get a better interest rate.
scampicat is offline  
Old Nov 22nd 2011, 9:50 pm   #4
Senior Moment
 
Mitzyboy's Avatar
 
Joined: Jan 2006
Location: On the edge
Posts: 19,923
Mitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond repute
Default Re: Transferring money FROM Spain TO UK.

Quote:
Originally Posted by scampicat View Post
Yes we will, but is using a broker like Currencies Direct cheaper than the bank doing it? I know you almost certainly get a better interest rate.
In general I have always found the currency companies to give better rates than the banks. It might not be too much difference, but with the amount you are probably talking about it may make a difference.

If the rate of exchange is not good when you come to do it, then why not open a € account with a UK bank so you can send the money over and then choose when to exchange it
Mitzyboy is offline  
Old Nov 22nd 2011, 10:01 pm   #5
BE Forum Addict
 
megmet's Avatar
 
Joined: Sep 2010
Location: Near Alora....but not too near. :)
Posts: 1,606
megmet has a reputation beyond reputemegmet has a reputation beyond reputemegmet has a reputation beyond reputemegmet has a reputation beyond reputemegmet has a reputation beyond reputemegmet has a reputation beyond reputemegmet has a reputation beyond reputemegmet has a reputation beyond reputemegmet has a reputation beyond reputemegmet has a reputation beyond reputemegmet has a reputation beyond repute
Default Re: Transferring money FROM Spain TO UK.

Quote:
Originally Posted by scampicat View Post
Assuming our house sale completes (ETA now January ), what is the cheapest way of transferring the money across to the UK? I've never done it this way round.

Can we use someone like Currencies Direct?
I would do as Mitzy suggested.

With Currencies Direct you can set a forward rate, if the rate falls below that set they don't transfer your money until it reaches your set level.

However you choose to do it please don't even consider a Bankers Draft, it would cost you a small fortune....as we once found out ourselves the hard way.
__________________
Be who you are and say what you feel because those who mind don't matter and those who matter don't mind.
megmet is offline  
Old Nov 23rd 2011, 8:20 am   #6
Ex Expat
 
Joined: Oct 2006
Location: West Midlands, ex Granada province
Posts: 2,132
scampicat has a reputation beyond reputescampicat has a reputation beyond reputescampicat has a reputation beyond reputescampicat has a reputation beyond reputescampicat has a reputation beyond reputescampicat has a reputation beyond reputescampicat has a reputation beyond reputescampicat has a reputation beyond reputescampicat has a reputation beyond reputescampicat has a reputation beyond reputescampicat has a reputation beyond repute
Default Re: Transferring money FROM Spain TO UK.

Quote:
Originally Posted by Mitzyboy View Post
In general I have always found the currency companies to give better rates than the banks. It might not be too much difference, but with the amount you are probably talking about it may make a difference.

If the rate of exchange is not good when you come to do it, then why not open a € account with a UK bank so you can send the money over and then choose when to exchange it
Good idea, did not know you could do that, will do

The other charges I an concerned about is the fee to transfer it. Do not Spanish banks charge an absolute fortune??

(ETA: AH! Just realised Megmet has answered my question. We'll get someone like Currencies Direct to do it )

Thanks all!!

Last edited by scampicat; Nov 23rd 2011 at 8:25 am.
scampicat is offline  
Old Nov 23rd 2011, 10:01 am   #7
Senior Moment
 
Mitzyboy's Avatar
 
Joined: Jan 2006
Location: On the edge
Posts: 19,923
Mitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond repute
Default Re: Transferring money FROM Spain TO UK.

Quote:
Originally Posted by scampicat View Post
Good idea, did not know you could do that, will do

The other charges I an concerned about is the fee to transfer it. Do not Spanish banks charge an absolute fortune??

(ETA: AH! Just realised Megmet has answered my question. We'll get someone like Currencies Direct to do it )

Thanks all!!
To be honest, I have never sent money "the other way". I have no option to do that on my online account. Maybe currencies direct have a Spanish € account, I dont know. I do know that they have a representative down Alicante way that you can talk to, but you would need to log on to their site to find the details
Mitzyboy is offline  
Old Nov 23rd 2011, 11:04 am   #8
Lost in BE Cyberspace
 
Joined: Dec 2006
Location: Living in a good place
Posts: 8,824
jackytoo has a reputation beyond reputejackytoo has a reputation beyond reputejackytoo has a reputation beyond reputejackytoo has a reputation beyond reputejackytoo has a reputation beyond reputejackytoo has a reputation beyond reputejackytoo has a reputation beyond reputejackytoo has a reputation beyond reputejackytoo has a reputation beyond reputejackytoo has a reputation beyond reputejackytoo has a reputation beyond repute
Default Re: Transferring money FROM Spain TO UK.

I wouldn't trust a currency company with large amounts, some of them have gone bust overnight and your money is not protected.

We were paid in bank drafts and paid them into a euro account in our UK bank, cost was very small. The only negative is the time the cheques take to clear as the Bank of Spain holds them up at a clearing house in madrid. The UK bank gave us a named liaison officer at their foreign dept. and when we wanted to change it to sterling was an instant transaction.
jackytoo is offline  
Old Nov 23rd 2011, 11:05 am   #9
BE Forum Addict
 
Joined: Mar 2009
Location: Valencia
Posts: 1,148
whitelinen is a splendid one to beholdwhitelinen is a splendid one to beholdwhitelinen is a splendid one to beholdwhitelinen is a splendid one to beholdwhitelinen is a splendid one to beholdwhitelinen is a splendid one to beholdwhitelinen is a splendid one to beholdwhitelinen is a splendid one to beholdwhitelinen is a splendid one to beholdwhitelinen is a splendid one to beholdwhitelinen is a splendid one to behold
Default Re: Transferring money FROM Spain TO UK.

You can easily open an offshore Euro account and assuming you have internet banking on your Spanish account you can transfer the money for very little.

I think the maximum charge is 12 euros for 50K transfer so you would have to do 2 or so transfers on different days and of course the receiving bank charges nothing.

Then wait until the exchange rate is better and change to sterling.

I personally wouldnt trust any currency broker in these volatile times.
whitelinen is offline  
Old Nov 23rd 2011, 12:21 pm   #10
Ex Expat
 
Joined: Oct 2006
Location: West Midlands, ex Granada province
Posts: 2,132
scampicat has a reputation beyond reputescampicat has a reputation beyond reputescampicat has a reputation beyond reputescampicat has a reputation beyond reputescampicat has a reputation beyond reputescampicat has a reputation beyond reputescampicat has a reputation beyond reputescampicat has a reputation beyond reputescampicat has a reputation beyond reputescampicat has a reputation beyond reputescampicat has a reputation beyond repute
Default Re: Transferring money FROM Spain TO UK.

Thanks all once again.

Is there any reason (charges etc), why I should not open a Euro Account in the UK and then pay in a cheque written from the cheque book that my Spanish bank provided?

Would this generate high charges?
scampicat is offline  
Old Nov 23rd 2011, 1:01 pm   #11
BE Forum Addict
 
Joined: Mar 2009
Location: Valencia
Posts: 1,148
whitelinen is a splendid one to beholdwhitelinen is a splendid one to beholdwhitelinen is a splendid one to beholdwhitelinen is a splendid one to beholdwhitelinen is a splendid one to beholdwhitelinen is a splendid one to beholdwhitelinen is a splendid one to beholdwhitelinen is a splendid one to beholdwhitelinen is a splendid one to beholdwhitelinen is a splendid one to beholdwhitelinen is a splendid one to behold
Default Re: Transferring money FROM Spain TO UK.

Quote:
Originally Posted by scampicat View Post
Thanks all once again.

Is there any reason (charges etc), why I should not open a Euro Account in the UK and then pay in a cheque written from the cheque book that my Spanish bank provided?

Would this generate high charges?
Yes that avenue will be costly.

Internet euro transfers are the only way.
whitelinen is offline  
Old Nov 23rd 2011, 1:10 pm   #12
Ex Expat
 
Joined: Oct 2006
Location: West Midlands, ex Granada province
Posts: 2,132
scampicat has a reputation beyond reputescampicat has a reputation beyond reputescampicat has a reputation beyond reputescampicat has a reputation beyond reputescampicat has a reputation beyond reputescampicat has a reputation beyond reputescampicat has a reputation beyond reputescampicat has a reputation beyond reputescampicat has a reputation beyond reputescampicat has a reputation beyond reputescampicat has a reputation beyond repute
Default Re: Transferring money FROM Spain TO UK.

Thanks!
scampicat is offline  
Old Nov 23rd 2011, 1:46 pm   #13
Account Closed
 
Joined: Jan 2010
Posts: 1,590
anonimouse has a reputation beyond reputeanonimouse has a reputation beyond reputeanonimouse has a reputation beyond reputeanonimouse has a reputation beyond reputeanonimouse has a reputation beyond reputeanonimouse has a reputation beyond reputeanonimouse has a reputation beyond reputeanonimouse has a reputation beyond reputeanonimouse has a reputation beyond reputeanonimouse has a reputation beyond reputeanonimouse has a reputation beyond repute
Default Re: Transferring money FROM Spain TO UK.

I have been looking at investments today and came across this and thought of you, dunno if it's of any use to you? I always thought they were expensive but never thought of using them for this. I found it here, scroll down a bit

http://www.movingtobarcelona.com/money.shtml


Quote:
Paypal
This is one of the cheapest ways to move money. By using PayPal you can transfer money to anyone with an email address.

You can't send money to yourself, so you need a trusted partner or friend to set up a PayPal account linked with a Spanish credit card or bank account.

Pay money into your PayPal account using a bank account or credit card; send the money to your friend's PayPal account, who can then transfer it into their connected bank account in Spain, or simply leave it in your Paypal account and use it when needed by paying directly for items using PayPal.

PayPal's fees are very reasonable and you can view them online at: www.paypal.com. If you prefer to set up a Spanish PayPal account visit www.paypal.com/es.

Last edited by anonimouse; Nov 23rd 2011 at 2:00 pm.
anonimouse is offline  
Old Nov 23rd 2011, 2:00 pm   #14
Retired and loving it!
 
snikpoh's Avatar
 
Joined: Sep 2007
Location: Ontinyent - Valencia region (campo)
Posts: 3,119
snikpoh has a reputation beyond reputesnikpoh has a reputation beyond reputesnikpoh has a reputation beyond reputesnikpoh has a reputation beyond reputesnikpoh has a reputation beyond reputesnikpoh has a reputation beyond reputesnikpoh has a reputation beyond reputesnikpoh has a reputation beyond reputesnikpoh has a reputation beyond reputesnikpoh has a reputation beyond reputesnikpoh has a reputation beyond repute
Default Re: Transferring money FROM Spain TO UK.

Quote:
Originally Posted by scampicat View Post
Thanks all once again.

Is there any reason (charges etc), why I should not open a Euro Account in the UK and then pay in a cheque written from the cheque book that my Spanish bank provided?

Would this generate high charges?
I move money between countries all the time and have never yet been 'charged'. Clearly the companies make their money by 'adjusting' the exchange rate in their favour a little. However, I shop around and play company A against company B to get the best rate at that moment.

For once, I managed to get the timing just right recently and got a little over 1.17 (UK to Spain).

I Have used Moneycorp, Foreign Currencies Direct and my preferred 'broker' World First.
__________________
www.casaelparque.com
snikpoh is offline  
Old Nov 23rd 2011, 3:29 pm   #15
Ex Expat
 
Joined: Oct 2006
Location: West Midlands, ex Granada province
Posts: 2,132
scampicat has a reputation beyond reputescampicat has a reputation beyond reputescampicat has a reputation beyond reputescampicat has a reputation beyond reputescampicat has a reputation beyond reputescampicat has a reputation beyond reputescampicat has a reputation beyond reputescampicat has a reputation beyond reputescampicat has a reputation beyond reputescampicat has a reputation beyond reputescampicat has a reputation beyond repute
Default Re: Transferring money FROM Spain TO UK.

Thanks to all, some useful advice there. We will decide when (if!) we get the money.
scampicat is offline  
Closed Thread

Go Back   British Expats / Living & Moving Abroad / Europe / Spain

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


 

All times are GMT. The time now is 9:28 pm.


Powered by vBulletin: ©2000 - 2014, Jelsoft Enterprises Ltd.
© 1999-2010 BritishExpats.com