Cheapest way to transfer money from Spain to UK
 

Hope to sell my house soon. Advice required on transferring sale proceeds to the UK without incurring fees. TIA.

Re: Cheapest way to transfer money from Spain to UK
 

The cheapest way is with one of the currency companies - WISE is about the best.

There are always fees and rates vary but WISE still, generally, comes out on top

Re: Cheapest way to transfer money from Spain to UK
 

Thank you snikpoh

Re: Cheapest way to transfer money from Spain to UK
 

You are asking for impossible. There will always be a fee.

Re: Cheapest way to transfer money from Spain to UK
 

There have been several threads on this, the last I recall was an interesting spin with a multi currency bank account that allowed simple exchanges at very low cost, within the same institution/account Does anyone recall that?

However if this is going to be a one-off transaction and the other currency will no longer be needed its probably too much hassle. Though it can be used in single currency mode with others 'on the side'

For large amounts like this its worth shopping around but call your bank manager, they will normally negotiate and it may save hassle too. Always ask for the nett amount after all charges including any handling charges.

Another way is to open a bitcoin account, but I don't have the courage to enter that market ( however much I might regret it with hindsight!! )

Jon

Re: Cheapest way to transfer money from Spain to UK
 

I agree with using Wise for money transfers. I've been using them for 8 years with no problem.

www.wise.com

Steve

Re: Cheapest way to transfer money from Spain to UK
 

No brainer - this shows how the banks scam you

https://wise.com/gb/compare/

Re: Cheapest way to transfer money from Spain to UK
 

Another vote for wise here.

BUT you will have issues with large transfers.
I tried to move £15,000 from the Uk to buy a car here last August and it had to be in two goes, 10,000 of whatever currency is the max amount now in one transaction that most banks will allow at a time, unless its through them directly (and then they charge you).
Nationwide would not let me move the whole amount and I know that Santander here are the same as I wanted to send my daughter money for her wedding and they also made me make two transactions.

However wise allows you to setup auto payments (but the exchange rate is fixed across all), so you could just do X times €10,000

Ive just checked my wise account and any amount over 10,000 has a 0.41% charge. So even sending lots of smaller amounts (but over 10k) wont cost any extra than one huge sum.

To the OP, if you are not a resident here in Spain there will be withholdings on the final amount you get for your house.
3% is withheld for non resident taxes.
And then the Uk will want its share as well.

Re: Cheapest way to transfer money from Spain to UK
 

Some time ago. I posted transfer of euros from my Lloyds account in Spain to my Offshore Lloyds euro account then to my offshore £ account and on to my Lloyds account in UK all without fees and at current bank exchange rate.

My Lloyds bank in Spain is now closed. I do not know if this would work via a.n.other bank, e.g. Santander?

Re: Cheapest way to transfer money from Spain to UK
 

Doubtful as Satander.es and Santander.uk are two different companies.
We wanted to keep one of our Santander Uk accounts open for transfers and we were told in branch (both in the Uk and here) that the transfers would incur charges as they weren't the same company. Same group maybe..

In fact HSBC while a worldwide bank, also charges for transfers between accounts in different countries, even if you have a multi currency account, as my daughter found out when she moved to Australia.

Re: Cheapest way to transfer money from Spain to UK
 

FYI:

• Lloyds Spain Lloyds offshore and Lloyds UK are three different companies.
• Lloyds Spain have charged for transfer to Lloyds UK.
• Your daughter should not have used HSBC Spain to transfer funds to HSBC Aus.
• As I said, Offshore accounts were useful for me.
• It was cheapest, quickest and safest option for me at the time.

I would suggest it is worth OP checking if he can open an offshore account and what charges (if any) would be.

Re: Cheapest way to transfer money from Spain to UK
 

a collegue bought bitcoin when it was a few hundred, and sold at €8k.. he´s kicking himself... tidy profit but he should of held on.:rofl::rofl:

Bitcoin is an interesting option, the money will only be there for a week or so - but over 100k or something, that could be quite a big loss if it goes down