Foreign currency account
#1
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Joined: Apr 2010
Location: London (mainly)/Oliva
Posts: 2,137
Foreign currency account
I'm unsure if it has been included in any threads but may be of interest to some.
I recently opened a transferwise foreign currency account on line. It took a few minutes to set up before I transferred funds from my UK bank and then sent in euros to my Spanish bank.
I just cannot fault the exchange rate received and speed of transfer (seconds!)
I recently opened a transferwise foreign currency account on line. It took a few minutes to set up before I transferred funds from my UK bank and then sent in euros to my Spanish bank.
I just cannot fault the exchange rate received and speed of transfer (seconds!)
#2
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Joined: Jul 2006
Location: london/gandia
Posts: 1,163
Re: Foreign currency account
I have used transferwise with great success for paying companies for their services in Spain.
#3
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Joined: Feb 2020
Location: Nerja
Posts: 598
Re: Foreign currency account
Or you can open an Euro and a Sterling account with Starling Bank, and you can transfer pounds into your Euro account for 0.4% charge. It comes with IBAN and can be used to pay entities in Spain, singly or by direct debit.
#4
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Joined: Aug 2009
Location: Costa Blanca
Posts: 3,142
Re: Foreign currency account
I have been a satisfied client of Transferwise for a while and yes the speed of transfer is excellent.
#5
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Joined: Apr 2010
Location: London (mainly)/Oliva
Posts: 2,137
Re: Foreign currency account
The only problem for me as I see it is the switching is not straightforward as Starling don't support switching between euro accounts and I would have to set up new dd's etc. I need to weigh up whether it's worth the effort and risk (l have had previous problems when Caixa took over my Barclays account) but can see that the cost benefits may sway me.
I think if it was my first Spanish account I would go for it.
I am also looking at whether I can open BBVA online account as a non-resident.
#6
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Joined: Apr 2010
Location: London (mainly)/Oliva
Posts: 2,137
Re: Foreign currency account
Previously when transferring currencies I would deal with a fx dealer over the phone, agree a rate then send them funds before the transfer to my Spanish bank took place. Even then the funds didn't used to reach my bank for a day or so. Now it's instant.
#7
Re: Foreign currency account
I signed up for their Contactless Debit Card which is excellent, exchange rates as normal Transferwise movements with almost zero charge.you get an account with a Belgian IBAN , for the Euro one,and can transfer currencies very simply. Just received a payment from Australia and arrived at the same time as the person sending it sent me a Whatsapp to say they done it.
#8
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Joined: Jul 2015
Location: Scotland/Marina Esuri/Baku
Posts: 112
Re: Foreign currency account
Revolut is another good online bank, where you can hold accounts in various currencies. The exchange rate for most currencies is the inter-bank rate but just beware exchanging at the weekends as rates tend to be worse then.
#9
Re: Foreign currency account
I did sign-up for Revolut and opened an account but worry about their administration. Having completed the whole process I still get emails asking me for my passport and a photo. Couple of times I messaged them ( that seems to be the only way to communicate with them ) telling them they had already accepted all my personal details and opened my account but they failed to reply so I stick with Transferwise.
#10
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Joined: Jul 2006
Location: london/gandia
Posts: 1,163
Re: Foreign currency account
Without wishing to be alarmist it is worthwhile for others to consider any of risks involved in the transfer of monies overseas, when using various various agencies. See below thread started at the time by yourself Loafing Along
Premier FX Collapse
Premier FX Collapse
#11
Re: Foreign currency account
Without wishing to be alarmist it is worthwhile for others to consider any of risks involved in the transfer of monies overseas, when using various various agencies. See below thread started at the time by yourself Loafing Along
Premier FX Collapse
Premier FX Collapse
#12
Forum Regular
Joined: Jul 2015
Location: Scotland/Marina Esuri/Baku
Posts: 112
Re: Foreign currency account
I did sign-up for Revolut and opened an account but worry about their administration. Having completed the whole process I still get emails asking me for my passport and a photo. Couple of times I messaged them ( that seems to be the only way to communicate with them ) telling them they had already accepted all my personal details and opened my account but they failed to reply so I stick with Transferwise.
#13
Re: Foreign currency account
Hi all we use.Smart currency exchange,which is part of the barclays private banking group which is why we choose them.Always contactable by all means and have never missed important transfers and get good rates, obviously very happy.
#14
Lost in BE Cyberspace
Joined: Feb 2008
Posts: 5,613
Re: Foreign currency account
I have used various means over the years. However for a long time now I have been using Currency fair. I have never had any issues easy to use good rates and very quick exchange into Spanish bank. Whenever I have needed to contact them either phone or email never had any issues quick response.
#15
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Joined: Jul 2012
Posts: 1,008
Re: Foreign currency account
Ive used XE for various sizes of currency move, from £100 to nearly £100,000 for the flat purchase.
Get a better rate than the banks give, no automatic transfer usually 24hrs so i suppose thats how they make money. There is no charge for the transfer.
Get a better rate than the banks give, no automatic transfer usually 24hrs so i suppose thats how they make money. There is no charge for the transfer.