Moneycorp

Old Feb 7th 2019, 6:22 am
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Default Moneycorp

Has anyone used moneycorp to transfer money to Spain for a property purchase?

Huge difference between their rate and say NatWest for example!
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Old Feb 7th 2019, 6:38 am
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Default Re: Moneycorp

There are other competing services that are popular including TransferWise, World First, and OFX.

That said, if you are transferring enough to pay cash for a home, say £50,000+, you don't get NatWest's tourist rate, you need to speak to someone and ask them for a "dealing desk rate", which is what you get for large transfers, and that rate may be as good as, or better than, the rate offered by on-line FX broker-remitter businesses like Moneycorp.
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Old Feb 7th 2019, 7:06 am
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Excellent advice! Appreciated, thank you!
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Old Feb 7th 2019, 7:20 am
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Default Re: Moneycorp

I use them for regular transfers. Not necessarily the cheapest but very easy to use. I can transfer money from my UK bank debit card into my Moneycorp account within a few hours. When I want to do the transfer it takes a few clicks to do it and the money is on my Spanish bank within an hour.
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Old Feb 7th 2019, 7:27 am
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Thanks Fred. I've another Q for you - UK or Spanish tax thread ....
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Old Feb 7th 2019, 7:14 pm
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Default Re: Moneycorp

Use transferwise, cheapest with best rate.
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Old Feb 7th 2019, 11:11 pm
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Default Re: Moneycorp

Originally Posted by newpower
Use transferwise, cheapest with best rate.
I agree with you. Transferwise is simple to set up and can have your money moved within hours.
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Old Feb 7th 2019, 11:26 pm
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Default Re: Moneycorp

When i transferred a large amount for a house purchase I used HSBC, first direct, as has been said you get the city rate, with them anything over £15,000 enables you to get this, it's less than .40 euro cents off the city spot rate and they transfer you direct to the trading floor so all rates are live.

For me it was around .70 euro cents more than any if the exchange companies quoted which on big sums adds up, for smaller amounts i now use Revolut which has worked well

When i asked some of the transfer companies why they took more commission that a bank they said how could they possibly compete with HSBC, don't always assume your bank will be more expensive
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