Money transfer - whos best - Page 2

Hi there

Just had a quick look at this........seems good.  Is that right tho......only €3.00 fee????

Do you open up an account with them in your own name so that your money is in your name.  Sorry if this seems a strange but sending a lot of money to some online exchange currency place we dont know a lot about is a bit scaryyyyyyy  to say the least.

Thanks for details

Salianne

Yes - very sensible question! Perhaps start by reading up about how they are regulated as a money transfer agent (not as financial advisers who are a different category). When you are happy you can start the account opening procedure. I think they need scans of passport etc initially. They have a help line though frankly they often ask you to give a number for call back as they get very busy. Once the account is sorted, it works like this: you do an internet transfer from your bank to them. Try a small sum first - say £50. You'll get an email about half a day later confirming that your money is on account. Go onto their site to check it ("accounts" top left). Then when you are ready you do the conversion on line - eg £50 @ €1.10 gives you €55. That will now appear in your account. It's all very easy to do. Next, when you want the money in Spain, you do the necessary clicks. Of course they have to have the Spanish bank details on their site in advance. You have to give a reason for the transfer - eg "domestic bills", "mortgage" etc. The transfer to Spain is typically 24 hours. Yes, it is €3.00 per transfer and the conversions are pretty well the best on the market. Typically about half a % from "middle rate". They make their profit from this "spread". Eg change £100 to euro and back at same instant you'll finish with about £99. Good luck.

Thank you very much.  They seem to offer best rates so far...if so we can save around 1000 pounds.  Think I'll try low amount first as you suggested and then do the full tranfer.  Thanks once again x  

Yes that's the way to go. As with many of these companies, they offer incentives to introduce new people. If you do use them we each get €30. Can't remember the exact terms. Anyway, I think you will like them if you prefer to use onlines services. It's on the large sums you save serious money - eg for property purchase or repatriating sale proceeds.

I have used transferwise for 3 years now, fast, efficient, and a good mid market rate.

Click my link to get a free transfers of up to £500.

transferwise.com/u/paulm26

Hi,

I am going to Torrevieja in July. Could you tell me where is the best place to change here in UK or in Spain

Hi - have a look at this:

https://www.currencyfair.com/?channel=R8Z631

They are excellent and it's all done online. Before you do have a look at my previous posts on this topic. I hope to have answered most of the questions. 

If you need to book a rate in advance you could get a forward contract from:

https://www.smartcurrencyexchange.com/

who do forward rate contracts

Currency Fair only do "spot" rates - that is the current rate.

What ever you do DON?T sign a contract to buy a property until you have booked your exchange

I did a number of transfers so far to cover for solicitors fees etc... visited many sites and Transferwise have been unbeatable on all occasions. Fees are a fraction compared to other sites not to mention high street banks... on one occasion I needed some clarification and couldn't get through by phone, contacted them by email and in a matter of hours a representative phoned me back with apologies for the phone disruption and giving alla assistance needed. As a former professional in Customer Service with 30+ years experience I can say they were outstanding.

Currency fair are also excellent in the same way:

https://www.currencyfair.com/?channel=R8Z631

I think the best way to change GBP to EUR and vice versa is...

Firstly look at the TRANSFERWISE website, only look very briefly as the rate will deteriorise a little bit the longer you remain on their page. No doubt this makes them alot of extra money over a long period of time.

Then having already opened an account with perhaps Currencies Direct or Moneycorp, speak to one of their FOREX dealers and ask them if they can beat the TRANSFERWISE quote ?

If they can beat them then you are very likely getting an excellent exchange rate, and if they cannot beat them return to TRANSFERWISE.

I did this kind of comparison recently and found TRANSFERWISE were often unbeatable.