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Which currency transfer company?

Posted: Wed Jun 3, 2020 2:06pm
50 replies1464 views14 members subscribed
Pat44

Posts: 97

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Location: Torrevieja

Joined: 1 Nov 2018

Hi everyone, we are hoping to move out to Almoradi area in September to rent long term. Our hope is to get residency before Dec 31st brexit deadline. Can anyone recommend a good currency transfer company? We were looking at transferwise but have heard some not good reviews. If anyone can recommend a good company that they have used, as we have no idea which ones offer a good rate and great customer service. Many thanks

Pat and Rosemarie

Kimmy11

Posted: Wed Jun 3, 2020 3:46pm

Kimmy11

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Posted: Wed Jun 3, 2020 3:46pm

Hi Pat,

If you've heard bad reviews about Transferwise, I can only assume they were from the competition ;o)

I've been using Transferwise for many years and always found them to be excellent: best exchange rates and total transparency regarding fees, before you commit to an exchange.  You don't even need an account to use their exchange calculator.

Kind regards,

Kim

jimtaylor

Posted: Wed Jun 3, 2020 4:14pm

jimtaylor

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Location: Mudamiento

Joined: 2 Feb 2017

Posted: Wed Jun 3, 2020 4:14pm

I agree with Ray and Kim.

Transferwise has worked well for me, quickly, and with the net money to my account being higher than the majority of the competition.

gordon1972

Posted: Wed Jun 3, 2020 6:36pm

Posts: 91

23 helpful points

Location: Punta Prima

Joined: 29 Mar 2017

Posted: Wed Jun 3, 2020 6:36pm

hi pat, transferwise spot on, download the app and its so simple and monies in your account in minutes

gordon

Neil999

Posted: Thu Jun 4, 2020 7:55am

Neil999

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Location: Daya Nueva

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Posted: Thu Jun 4, 2020 7:55am

Hi Pat.

Transferwise are as good as the previous  posters have said, but if you did want to explore an alternative, you could look at www.smartcurrencyexchange.com I used them when I purchased my property and found them to be excellent. Just something to consider.

Hope it all works out for you

Neil

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adrian

Posted: Thu Jun 4, 2020 8:42am

adrian

Helpful member

Posts: 135

62 helpful points

Location: Sax

Joined: 9 Sep 2016

Posted: Thu Jun 4, 2020 8:42am

Torfx were very professional when I moved. 

tebo53

Posted: Thu Jun 4, 2020 9:54am

tebo53

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Posted: Thu Jun 4, 2020 9:54am

Hi Pat,

Transferwise without a doubt.

I've been using Transferwise for about 7 years and never had any problems. I've tried a couple of other transfer companies in between for comparison but they did not match Transferwise. 

Steve 

UKHandyMan4Hire

Posted: Thu Jun 4, 2020 12:04pm

UKHandyMan4Hire

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Posted: Thu Jun 4, 2020 12:04pm

@Pat44 - Unlike the other posters, I have not used Transferwise but they clearly come highly recommended.

I have also been recommended Revolut which appears to operate in a similar way. What I would point out is that Transferwise ARE regulated by the FCA, which gives you a little more comfort that your money is safe. I don't believe Revolut is.

All that said, you have not indicated how much you are looking to transfer?

You may be wondering about Transferwise v a Broker, if you are looking at moving a large amount of money across, say from the sale of a property, so I have just done some calculations.

What I get is an exchange rate which is 15 pips being the live market rate, refreshed every 10 seconds. There is a difference between mid-market rates (such as XE.com that most currency exchanges on the street use) and live rates, such as that which Transferwise is also using.

For example, if you were transferring say £ 100,000 with Transferwise (current rate = 1.12064) you would receive €111,650.60 

With a broker, running 15 pips behind the live market rate, you would receive (1.12064-0.0015= 1.11914) you would receive €111,914

That means you would be €264 better off with a broker. 

For smaller amounts, I have quickly calculated that a broker would gain you around 20€ per transaction.

In summary, Transferwise get a big thumbs up from respected forum members but it will be down to you to work out whether those small amounts add up enough for you to contact a broker?

Hope it helps

(rate calculations were from last nights rate... I forgot to post!)

Pat44

Posted: Thu Jun 4, 2020 12:49pm

Pat44

Original Poster

Posts: 97

2 helpful points

Location: Torrevieja

Joined: 1 Nov 2018

Posted: Thu Jun 4, 2020 12:49pm

This post that was quoted has been deleted.

Thanks Ray, you have reassured us and we will look at using Transferwise as we go forward.

Pat44

Posted: Thu Jun 4, 2020 12:51pm

Pat44

Original Poster

Posts: 97

2 helpful points

Location: Torrevieja

Joined: 1 Nov 2018

Posted: Thu Jun 4, 2020 12:51pm

Kimmy11 wrote on Wed Jun 3, 2020 3:46pm:

Hi Pat,

If you've heard bad reviews about Transferwise, I can only assume they were from the competition ;o)

I've been using Transferwise for many years and always found them to be excellent: best exchange rates and total transparency regarding fees, before you commit to an exchange.  You don't even need an account to use their exchange calculator.

Kind regards,

Kim

Thanks Kim, that is great to hear.

Many thanks.

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