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Transferring funds to Spain

Posted: Wed Sep 2, 2020 3:13pm
32 replies843 views11 members subscribed
Darrel57

Posts: 134

12 helpful points

Location: Los Balcones

Joined: 31 Mar 2018

Hi

My wife and myself are moving to Torrevieja and are selling our property in the UK

What is the best way to transfer funds after selling our property without incurring, heavy transfer commission or losing out on poor exchange rates

The fund transfer would be in the region of approxinately £200,000

Thank you

Darrel

Herefordjack

Posted: Wed Sep 2, 2020 3:36pm

Herefordjack

Super helpful member

Posts: 876

1090 helpful points

Location: Pego

Joined: 18 Dec 2017

Posted: Wed Sep 2, 2020 3:36pm

Hi Darrel, I used Transferwise two years ago when I was in your position, and I have used them since for all my transfers. Check out their website.

The best thing about them is that they give customers the interbank exchange rate automatically, so you can rest assured that you are getting the best rate available on the day. Their fee is also transparent and stated upfront so you know exactly how much it will cost.

I remember well trying to gauge the best time to transfer the money and I feel for you! Timing is important. A little tip - make sure your UK bank knows in advance what you're doing and don't just assume they'll let you withdraw 200k all in one go. Oh yes, and resist all their attempts to do the transfer for you (they will try to sell it to you), it would cost you an arm and a leg.

tebo53

Posted: Wed Sep 2, 2020 3:40pm

tebo53

Legendary helpful member

Posts: 4779

4962 helpful points

Location: Benidorm

Joined: 29 May 2018

Posted: Wed Sep 2, 2020 3:40pm

Darrel57 wrote on Wed Sep 2, 2020 3:13pm:

Hi

My wife and myself are moving to Torrevieja and are selling our property in the UK

What is the best way to transfer funds after selling our property without incurring, heavy transfer commission or losing out on poor exchange rates

The fund transfer would be in the region of approxinately £200,000

Thank you

Darrel

I agree that Transferwise is an excellent money transfer service. I've used them for seven years and never had a problem. The money is transferred within minutes. Highly recommended. 

Steve 

Darrel57

Posted: Wed Sep 2, 2020 4:29pm

Darrel57

Original Poster

Posts: 134

12 helpful points

Location: Los Balcones

Joined: 31 Mar 2018

Posted: Wed Sep 2, 2020 4:29pm

Herefordjack wrote on Wed Sep 2, 2020 3:36pm:

Hi Darrel, I used Transferwise two years ago when I was in your position, and I have used them since for all my transfers. Check out their website.

The best thing about them is that they give customers the interbank exchange rate automatically, so you can rest assured that you are getting the best rate available on the day. Their fee is also transparent and stated upfront so you know exactly how much it will cost....

...

I remember well trying to gauge the best time to transfer the money and I feel for you! Timing is important. A little tip - make sure your UK bank knows in advance what you're doing and don't just assume they'll let you withdraw 200k all in one go. Oh yes, and resist all their attempts to do the transfer for you (they will try to sell it to you), it would cost you an arm and a leg.

Thanks for that 

Darrel57

Posted: Wed Sep 2, 2020 4:32pm

Darrel57

Original Poster

Posts: 134

12 helpful points

Location: Los Balcones

Joined: 31 Mar 2018

Posted: Wed Sep 2, 2020 4:32pm

This post that was quoted has been deleted.

Thank you 

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Darrel57

Posted: Wed Sep 2, 2020 4:33pm

Darrel57

Original Poster

Posts: 134

12 helpful points

Location: Los Balcones

Joined: 31 Mar 2018

Posted: Wed Sep 2, 2020 4:33pm

tebo53 wrote on Wed Sep 2, 2020 3:40pm:

I agree that Transferwise is an excellent money transfer service. I've used them for seven years and never had a problem. The money is transferred within minutes. Highly recommended. 

Steve 

Thank you 

RuthAnn

Posted: Thu Sep 3, 2020 7:49am

RuthAnn

Helpful member

Posts: 111

52 helpful points

Joined: 3 May 2018

Posted: Thu Sep 3, 2020 7:49am

Just to add into the mix,  we have always used CurrencyFair, good exchange rates and a transfer fee of 3Euros per transaction.   

Helen28

Posted: Thu Sep 3, 2020 12:03pm

Posts: 43

10 helpful points

Location: Los Balcones

Joined: 18 Jul 2016

Posted: Thu Sep 3, 2020 12:03pm

I think Sabadell bank limit is 100’000.00

Darrel57

Posted: Thu Sep 3, 2020 12:42pm

Darrel57

Original Poster

Posts: 134

12 helpful points

Location: Los Balcones

Joined: 31 Mar 2018

Posted: Thu Sep 3, 2020 12:42pm

Helen28 wrote on Thu Sep 3, 2020 12:03pm:

I think Sabadell bank limit is 100’000.00

Thanks Helen 

I, m with Sabadell so I will confirm that with them

Darrel57

Posted: Thu Sep 3, 2020 12:43pm

Darrel57

Original Poster

Posts: 134

12 helpful points

Location: Los Balcones

Joined: 31 Mar 2018

Posted: Thu Sep 3, 2020 12:43pm

RuthAnn wrote on Thu Sep 3, 2020 7:49am:

Just to add into the mix,  we have always used CurrencyFair, good exchange rates and a transfer fee of 3Euros per transaction.   

Thank you 

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