Why use a currency broker not Transferwise?
#1
Why use a currency broker not Transferwise?
Saludos a todos,
I am a non resident in Spain and am selling property. I have been told by my abogado's team that I need to use a currency broker for money transfers out of Spain? I know 15 years ago that was a thing is but is there a legal reason why I should not use Transfewise?
Surely I could - deposit cheque in spanish account > send to Transferwise > convert to USD (using borderless account)> send to US bank account?
Prices much better than a broker.
Thanks in advance
I am a non resident in Spain and am selling property. I have been told by my abogado's team that I need to use a currency broker for money transfers out of Spain? I know 15 years ago that was a thing is but is there a legal reason why I should not use Transfewise?
Surely I could - deposit cheque in spanish account > send to Transferwise > convert to USD (using borderless account)> send to US bank account?
Prices much better than a broker.
Thanks in advance
Last edited by savannah_boy; Mar 29th 2021 at 12:39 pm.
#2
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Joined: Aug 2013
Location: Athens GA
Posts: 2,134
Re: Why use a currency broker not Transferwise?
Saludos a todos,
I am a non resident in Spain and am selling property. I have been told by my abogado's team that I need to use a currency broker for money transfers out of Spain? I know 15 years ago that was a thing is but is there a legal reason why I should not use Transfewise?
Surely I could - deposit cheque in spanish account > send to Transferwise > convert to USD (using borderless account)> send to US bank account?
Prices much better than a broker.
Thanks in advance
I am a non resident in Spain and am selling property. I have been told by my abogado's team that I need to use a currency broker for money transfers out of Spain? I know 15 years ago that was a thing is but is there a legal reason why I should not use Transfewise?
Surely I could - deposit cheque in spanish account > send to Transferwise > convert to USD (using borderless account)> send to US bank account?
Prices much better than a broker.
Thanks in advance
#3
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Location: Costa Blanca
Posts: 3,143
Re: Why use a currency broker not Transferwise?
I expect they want to recommend one and earn a commission.
#6
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Location: Athens GA
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Re: Why use a currency broker not Transferwise?
Thinking about this again.. it is none of their business. They pay you the proceeds and what you do with it is entirely up to you. I think spainrico is right, they just want to get a commission.
#7
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Location: Beckenham, London borough Bromley
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Re: Why use a currency broker not Transferwise?
Hola,
I think that it a matter of security. A certified currency broker guarantees the money whereas other methods like Transferwise could in theory, run off with your money with no come back - but I am willing to be corrected by any legal eagle
Davexf
I think that it a matter of security. A certified currency broker guarantees the money whereas other methods like Transferwise could in theory, run off with your money with no come back - but I am willing to be corrected by any legal eagle
Davexf
#8
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Re: Why use a currency broker not Transferwise?
#9
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Location: london/gandia
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Re: Why use a currency broker not Transferwise?
#10
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Re: Why use a currency broker not Transferwise?
However, you can be totally safe using TransferWise , and here's why:
It's a company authorised by the UK Financial Conduct Authority (Financial Conduct Authority) under the Electronic Money Regulations of 2011 (Reference number: 900507 )
#11
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Re: Why use a currency broker not Transferwise?
Can someone share any of his previous personal bad experience with Wise or any other company?
#12
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Re: Why use a currency broker not Transferwise?
I've never had any problems with Wise and have been using them for several years.
#13
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Joined: Jul 2006
Location: london/gandia
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Re: Why use a currency broker not Transferwise?
Is your money protected with TransferWise?
However, you can be totally safe using TransferWise , and here's why:
It's a company authorised by the UK Financial Conduct Authority (Financial Conduct Authority) under the Electronic Money Regulations of 2011 (Reference number: 900507 )
However, you can be totally safe using TransferWise , and here's why:
It's a company authorised by the UK Financial Conduct Authority (Financial Conduct Authority) under the Electronic Money Regulations of 2011 (Reference number: 900507 )
#14
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Location: Costa Blanca
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Re: Why use a currency broker not Transferwise?
I very much doubt it - why would it?
But Wise says they have the appropriate financial approvals to safely operate in each country where they do business
But Wise says they have the appropriate financial approvals to safely operate in each country where they do business
#15
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Re: Why use a currency broker not Transferwise?
So maybe not, although they are an international company so would think that they would have the EU version of the financial conduct.
It works for us in Spain transferring money out of the Uk (which to be honest is 99% of us)