How do we transfer monies from England to Spain without it costing too much? - Page 2

Agree 100% with what Kimmy said above. Transferwise.

If the amounts are for day to day spending, consider both Revolut and the German bank N26. Both offer free accounts and low charges. N26 is an. Actual bank and underwritten by the German gov.t. Revolut is hq’d  in London.  There are a number of advantages to both, I have both cards & accounts.   A major advantage is good Fx from sterling to euro. Look them up online and compare them. 

I think the phrase "Revolut doesn't have a banking licence" tells you all you need to know. 

Sometimes regular posters on here post great advice only to be ignored.

Steve 

Reguar posters who have lived here and done business here for years post excellent advice on the Forum, consistently. 

From time to time other posters contradict those good advice with - umm- ideas that are not those of the posters who have years of experience. This can cause new posters to get confused.

I have no idea if Transferwise have a banking licence but since they are not a bank I would very much doubt it. On the other hand they have made hundreds of transfers for me totalling many thousands of pounds and euros and have never let me down.

Is all. Best regards,  Steve

Thankyou for the advice. 

If you are minded to, have a look at the thread "Is this a fraud". In post 4 I categorically informed the OP that it was, and gave concrete reasons why, yet it seemed to float by several other posters who merrily carried it on. Sometimes good advice is right there and there fairly quickly from regular posters like Jim Kimmy Ray etc etc. These are people who know how it works, at least thus far. It doesn't mean were not willing to learn though!

The original question didn't indicate a large transfer. Outlining various options, including the N26 with a German government guarantee,  gives the OP an opportunity to check out all options  and credits them with the nous to do just that.  

The Revolut card I have had for several years without a hiccup. The N26 is a backup and I've had it for a few years without problems. The gov.t guarantee  might attract some prospective clients. Both offer interesting options that help mitigate  or remove  charges and poor FX rates. The OP, as was suggested,  can do their own due diligence.  We need to credit people with some cop on. 

And these are free?

Hi Lancelot,

Transferwise doesn't need a banking license - it's not a bank.  It's an authorised Electronic Money Institution, regulated by the Financial Conduct Authority in the UK.  

Because it isn't a bank, client money isn't guaranteed by the Financial Services Compensation Scheme (FSCS) that you get with a bank or building society account.  However, they are required by law to keep client money safe by storing it in a low-risk financial institution which, in Europe, is in their UK Barclays bank accounts.   In the unlikely event that TransferWise becomes insolvent, because they're an  FCA-authorised institution, client money is protected and would be refunded in full.

Kind regards, 

Kim

Ok if you are still live 23.56 hrs local here, £1000 transfer from Transferwise to my euro account nets €1089. Charge 3.93GBP 1.09367 is the rate

Compare?

The charge was deducted before the net receipts. You didn't answer 2 questions, one, what does it net to your account, and two, what do you pay for your banking.