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

Isn't Transferwise a "currency broker"?

I expect they want to recommend one and earn a commission.

Transferwise is a currency broker?

That's what I thought. They weren't over the moon with me going to useTransferwise.

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.

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

Very good Wise review here

https://www.monito.com/en/send-money-with/wise

That reads like a full on rolling advertisement for the company, not a review of any sort.

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 )

Can someone share any of his previous personal bad experience with Wise or any other company?

I've never had any problems with Wise and have been using them for several years.

I wonder if that works to the advantage of those residing in Spain also?

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

I forgot the OP was going Spain - Uk.
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)