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Foreign currency account

Foreign currency account

Old Jul 4th 2020, 8:30 pm
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Default 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!)

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Old Jul 5th 2020, 8:09 am
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Default Re: Foreign currency account

I have used transferwise with great success for paying companies for their services in Spain.
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Old Jul 5th 2020, 9:21 am
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Default 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.
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Old Jul 5th 2020, 6:40 pm
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Default Re: Foreign currency account

I have been a satisfied client of Transferwise for a while and yes the speed of transfer is excellent.
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Old Jul 5th 2020, 7:19 pm
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Default Re: Foreign currency account

Originally Posted by Joppa
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.
That's interesting as I'm looking to change my Spanish bank as the charges are excessive.

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.
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Old Jul 5th 2020, 7:24 pm
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Default Re: Foreign currency account

Originally Posted by spainrico
I have been a satisfied client of Transferwise for a while and yes the speed of transfer is excellent.
I'm obviously out of touch with these things!
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.
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Old Jul 5th 2020, 8:37 pm
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Default Re: Foreign currency account

Originally Posted by spainrico
I have been a satisfied client of Transferwise for a while and yes the speed of transfer is excellent.
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.
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Old Jul 9th 2020, 9:03 pm
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Default 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.
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Old Jul 9th 2020, 11:04 pm
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Default Re: Foreign currency account

Originally Posted by MKABZ
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.
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.
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Old Jul 9th 2020, 11:29 pm
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Default 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


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Old Jul 10th 2020, 12:33 am
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Default Re: Foreign currency account

Originally Posted by jonboy
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


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i could not agree more , one has to be very careful and for large amounts I would definitely think twice about using online services. Transferwise parent is FCA approved which does give a degree of peace of mind . Used cautiously I believe it offers an excellent service. Revolut is actually registered in Lithuania
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Old Jul 10th 2020, 1:50 am
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Default Re: Foreign currency account

Originally Posted by Loafing Along
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.
Revolut has a chat sytem which you can use to contact them. Sometimes it can take a while to get an operator.
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Old Jul 10th 2020, 6:58 pm
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Default 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.
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Old Jul 10th 2020, 9:54 pm
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Default 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.
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Old Jul 10th 2020, 10:37 pm
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Default 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.
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