Transferring Euros to Sterling

Hi

Yes can be a very nervous time with lots of money involved.

I have used Moneycorp for various large things and in my own experience they have always been very good.

Why a bankers draft?

Hi,

Unless you're closing your Spanish bank account concurrent with completion of your sale, I would have opted for a bank transfer.  Banker's drafts usually attract a fee - Sabadell charged us €100 - so if you haven't already checked whether there is a cost, it's probably worth doing so.

We used MoneyCorp when we purchased our property in Spain, as I wanted to buy a Forward Contract, and everything went very smoothly.  However, having spent many years now doing my own currency exchanges through Transferwise, in your position I would transfer the money back to the UK myself.  But I do understand your anxiety, so at the very least, you could use the Transferwise website to calculate the transfer fee and then use that to negotiate the best deal with a company like MoneyCorp - they always ask if you've had other quotes and usually groan when you say, "Transferwise" because they know they'll struggle to compete 😉

www.Transferwise.com

Congratulations on your sale and good luck!

Kind regards, 

Kim

I have bought a plot and we are building a villa over near La Marina.

I joined currencies Direct as i thought it would be a better rate to get my sterling into euros, however that is far from the case.

They have never even been close to getting me the same rate as my Santander branch in London.

I just spoke to the bank and they fixed a rate daily on what i needed to send.

As an example, this week Currencies direct were offering me 1.123 to the pound, and whilst on the phone to them Santander were offering me 1.155.

You can see the difference, especially when dealing in large amounts.

Currencies Direct tried sayimg that the bankk rate was not guaranteed etc etc but i have made various transfers to my Sabadell acc in Marina and every one has been way higher than they offered.

Just speak to your bank.

Hi shawn,

Was that 1.155 before or after fees?

It reminds me of a point I forgot to mention earlier: as well as getting a quote for the exchange rate, always ask for confirmation of the amount that will arrive in your bank, then you can check the exchange rate that you've been quoted.  

That's the advantage of the Transferwise website - they display the amount to be transferred, the exchange rate, the fee and the amount that will arrive in your bank.

Kind regards, 

Kim

Hi Kim

that is after all fees.

I use the Santander app and the rate shown is exactly what arrives in my Sabadell account.

there are probably a few transfer companies out there but I am getting a good daily rate at least a few points higher than some seem to offer.

Hope that helps.