Banking/ UK via Spain
Sep 27th 2017, 5:36 pm
#16
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Joined: Jan 2016
Posts: 2,320
Re: Banking/ UK via Spain
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 could use my daughters address for correspondence but as you say most correspondence would hopefully be online.
All correspondence online except for replacement cards.
Sep 29th 2017, 10:11 am
#17
Forum Regular
Thread Starter
Joined: Apr 2017
Posts: 77
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
Bryan
Oct 1st 2017, 8:03 pm
#18
Just Joined
Joined: Oct 2017
Posts: 3
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.
Oct 1st 2017, 8:25 pm
#19
Just Joined
Joined: Oct 2017
Posts: 3
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.
Oct 1st 2017, 9:03 pm
#20
MODERATOR
Joined: Mar 2007
Location: Costa Valencia
Posts: 14,796
Re: Banking/ UK via Spain
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.
Rosemary
Oct 2nd 2017, 9:08 am
#22
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Location: Torrevieja Costa Blanca South
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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.
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.
Oct 2nd 2017, 9:24 am
#23
Lost in BE Cyberspace
Joined: Feb 2008
Posts: 5,615
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.
Oct 2nd 2017, 9:33 am
#24
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Re: Banking/ UK via Spain
OFX quotes 1.1274 at the mo
Oct 2nd 2017, 9:57 am
#26
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Location: Torrevieja Costa Blanca South
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Re: Banking/ UK via Spain
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.
Oct 2nd 2017, 10:05 am
#27
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Joined: Mar 2010
Location: Charente Maritime
Posts: 9,346
Re: Banking/ UK via Spain
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.
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 .
Oct 2nd 2017, 10:08 am
#28
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Re: Banking/ UK via Spain
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.
Oct 2nd 2017, 10:29 am
#29
Lost in BE Cyberspace
Joined: Feb 2008
Posts: 5,615
Re: Banking/ UK via Spain
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.
Oct 2nd 2017, 9:25 pm
#30
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Location: Valencia area
Posts: 1,155
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 ?
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 ?
Last edited by VFR; Oct 2nd 2017 at 9:30 pm.