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Hello. We are selling our property in Spain and would appreciate advice on best way to transfer proceeds back to UK. We have used a currency broker WISE in the past.
Posted: Sun Dec 1, 2024 11:50am
Very helpful member
Ronnie777 wrote on Sat Nov 30, 2024 1:16pm:
Hello. We are selling our property in Spain and would appreciate advice on best way to transfer proceeds back to UK. We have used a currency broker WISE in the past.
Looks like we will be selling as well now. We plan to transfer the Spanish sales money to my Wise account (card) and then convert it to GBP. Once that has been done we will transfer to one of our UK bank accounts.
Good luck with your sale.
Posted: Sun Dec 1, 2024 12:27pm
TheRower wrote on Sun Dec 1, 2024 11:50am:
Looks like we will be selling as well now. We plan to transfer the Spanish sales money to my Wise account (card) and then convert it to GBP. Once that has been done we will transfer to one of our UK bank accounts.
Good luck with your sale.
Thank you. Yes i have checked out other currency brokers they are much of a muchness. We have used WISE during our ownership of the property and will probably stick with them. Good luck to you also.
Posted: Tue Dec 3, 2024 12:47pm
TheRower wrote on Sun Dec 1, 2024 11:50am:
Looks like we will be selling as well now. We plan to transfer the Spanish sales money to my Wise account (card) and then convert it to GBP. Once that has been done we will transfer to one of our UK bank accounts.
Good luck with your sale.
Hello again. Can i ask if you are having your money directly transfered to your Wise account and not to your Spanish Bank acc first?
Posted: Tue Dec 3, 2024 3:02pm
Very helpful member
Ronnie777 wrote on Tue Dec 3, 2024 12:47pm:
Hello again. Can i ask if you are having your money directly transfered to your Wise account and not to your Spanish Bank acc first?
Hi, Direct to Wise is my intention. A swift transfer to sterling and quickly into UK bank accounts, as Wise accounts aren't covered by the Government £85k compensation scheme if they go bust.
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Posted: Tue Dec 3, 2024 4:43pm
TheRower wrote on Tue Dec 3, 2024 3:02pm:
Hi, Direct to Wise is my intention. A swift transfer to sterling and quickly into UK bank accounts, as Wise accounts aren't covered by the Government £85k compensation scheme if they go bust.
Have you used Currencies Direct. They do not have a transfer fee and are covered by Govt Compensation Scheme. Not sure how their rates compare to Wise.
Posted: Tue Dec 3, 2024 5:56pm
Very helpful member
Ronnie777 wrote on Tue Dec 3, 2024 4:43pm:
Have you used Currencies Direct. They do not have a transfer fee and are covered by Govt Compensation Scheme. Not sure how their rates compare to Wise.
Yes, I used them before discovering Wise. I have Wise has always beaten them on Exchange rates when I have checked on numerous. However, with such large sums involved, I think it certainly is worth checking there rate at the time of transfer.
I also have a HSBC Global account and that usually runs Wise quite close on exchange rates. I have sometimes held Euros in that account as they don’t sting you with additional fees, if you withdraw more than £200 at cash points in a month. Saves transferring to our Spanish bank account.
Posted: Tue Dec 3, 2024 6:05pm
TheRower wrote on Tue Dec 3, 2024 5:56pm:
Yes, I used them before discovering Wise. I have Wise has always beaten them on Exchange rates when I have checked on numerous. However, with such large sums involved, I think it certainly is worth checking there rate at the time of transfer.
I also have a HSBC Global account and that usually runs Wise quite close on exchange rates. I have sometimes held Euros in that account as they don’t sting you with additional fees, if you withdraw more than £200 at cash points in a month. Saves transferring to our Spanish bank account....
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Thanks again for this. Yes WISE have been very good so far for us. They do charge a transfer fee but looking at rates they do seem to be slightly higher than Currencies Direct which compensates for the fee. I have been tood that Currencies Direct can be pushed upwards in their rate offer to match other offers. We shall see. Good luck to you and thank you once again.
Posted: Tue Dec 3, 2024 6:39pm
Very helpful member
Ronnie777 wrote on Tue Dec 3, 2024 6:05pm:
Thanks again for this. Yes WISE have been very good so far for us. They do charge a transfer fee but looking at rates they do seem to be slightly higher than Currencies Direct which compensates for the fee. I have been tood that Currencies Direct can be pushed upwards in their rate offer to match...
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... other offers. We shall see. Good luck to you and thank you once again.
Yes, that's right about their rate. When we purchased our property in 2017, I rang them and asked them to beat a quote I had been given They went away and got a spot rate, which I accepted and it was marginally better than the other quote I had. I'm pretty sure they would still be interested in beating quotes, when there are larger sums involved they have more scope. So well worth a call at sale time, and thanks for reminding me about them.
Posted: Tue Dec 3, 2024 9:10pm
Very helpful member
I appreciate this is thread is all about extracting Euros to GBP - and generally I always have found Wise hard to beat.
I have accounts with Wise, Currencies Direct, FairFX, Trading 212, Ramsdens Currency and HSBC (Global Money Manager).
The reason I mention that, is that I have income in AUD and Wise is awful for converting that anywhere else (the fees are extortionate in my mind) and so I take a few minutes to run through each of my accounts to see which performs best. Generally, for that transaction it seems to be Currencies Direct (marginally lower rate but more than offset by significantly lower fee).
USD is more in line with EUR as it's huge volumes means the fees are way lower with Wise.
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