Money exchanges

Hi Bunty

If you are not set up with a money exchange organisation then you will get tourist rates, which are not so great at the moment!

If you want are moving a decent amount of money, or are likely to be doing this on a regular basis then its worth signing up to an exchange firm. They will typically give you 50pips behind the rate shown on www.XE.com (ie if rate say 1.14 then you will get 1.35) If you are transferring more then negotiate a better rate. You will of course need a Spanish account to transfer the money too as well!

Hope that helps

Hi 

Are you sure about rate as I have never heard you get more than current rate of exchange so not sure how if rate is 1.14 you get 1.35 ?

We use TransferWise as they seem to be cheapest and you get current exchange rate and fees they charge are low and you see exactly what you pay and what you get

Hi Bunty4

I also use Transferwise. Easy and cheap

I also use TransferWise...bank transfer to their account is cheaper than using debit card.

I agree about Transferwise. An alpha male friend of mine told me "ah but my company is better, they don't charge any fees"

What he didn't realise is that the fees on Transferwise are tiny BUT you get a much better market rate which is locked for 24 hours. He was a little embarrassed when we compared sample transfers and my transfer with fee beat his transfer hands down. 

I havn't used others but I can highly recommend Transferwise. 

Steve

I have just done a transfer via Transferwise...having 'paid a fee' the actual rate I have received is 1.138 € to the £...my 700€ cost me £615.04.

As Steve has done I have often compared the 'No Fee' companies and their rates have never matched Transferwise.

I started using Transferwise a few months ago. It's excellent, with the best rate if exchange. Can be a bit slow sometimes. I wish I'd known about them when buying my house!

Thats probably a better way of explaining it Kimmy! Thank you.

I suppose there is a difference between holiday money and larger transfer amounts and I wasn't sure which one the post was actually referring to

I've transferred sums much smaller than £1000 on Transferwise more than once. e.g. I transferred  £430 which had been paid to me in the UK as just one example, so the £1000 minimum is incorrect. 

Steve