Transfering money between UK and Spanish banks

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Traveller
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Transfering money between UK and Spanish banks

Postby Traveller » Thu Jun 30, 2011 6:25 pm

Hi, I am looking for the best way to transfer money between my UK bank and Spanish bank. At the moment I am just taking money out when I need it via ATM from my UK bank, but am not happy about getting charged every time I do this. I have just opened a bank account here in Spain and wondered if it would be better to just transfer a large amount of money via bank transfer in one go, but have read that they charge an admin fee plus a percentage of the overall amount. So my question is what does everyone else do? Any advice please?

Thanks in advance :crazy:

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Enrique
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Re: Transfering money between UK and Spanish banks

Postby Enrique » Thu Jun 30, 2011 6:50 pm

Hi Traveller,
You need to find out the charge rates , might be a set rate for say up to 1000 so transferring 100 could cost the same 1000.
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SpanishBlue
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Re: Transfering money between UK and Spanish banks

Postby SpanishBlue » Thu Jun 30, 2011 7:46 pm

The debit card from Metro Bank is free to use abroad.

You will need to visit them just once to open the a/c. But after that it's all done online and there are no charges for using the card abroad. At the moment, they only have branches in London, so I guess it's only an option if you are within reasonable travelling distance to London. Worth considering if you are able to get to London fairly easily though, and as I say, you only ever have to visit the branch just once.

https://www.metrobankonline.co.uk/

Traveller
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Re: Transfering money between UK and Spanish banks

Postby Traveller » Fri Jul 01, 2011 5:52 pm

Thanks for the reply Enrique I have started looking around but find them all pretty much the same as some might give lower admin charges but seem to put up their exchange rate fees. So may just transfer it through my Lloydstsb account.

Also thanks SpanishBlue it sounds interesting but I am not able to get back to London until Xmas so for now I will have to find another route.

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annfoto
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Re: Transfering money between UK and Spanish banks

Postby annfoto » Fri Jul 01, 2011 6:07 pm

The best way is to transfer a decent sum 5k+ through a reputable currency dealing firm such as Currencies Direct or HiFx. It will take a couple of weeks to open an account though as they have to go through money laundering checks. Transfer normally made the same day with no fees.
It will normally be the dealing rate at the time + 1% or thereabouts. Note you will have to phone to get the dealing rate as it changes minute by minute. If it is over 10K they will connect you to a dealer at a trading desk in London.
Ann

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Re: Transfering money between UK and Spanish banks

Postby Traveller » Sat Jul 02, 2011 2:30 am

Thanks for that Ann, this sounds like a really good option!! :D

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Campo Steve
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Re: Transfering money between UK and Spanish banks

Postby Campo Steve » Mon Jul 04, 2011 12:08 pm

I use xetrade.com. I find they normally give the best rate (or very close to it) and no charges if you opt for ACH/EFT. All dome online although, as with the examples given by ann foto, it does take a couple of weeks to set up to try to prevent money laundering.

As for charges by your Spanish bank, check with them. At Cajamar there is no charge for sume up to €5000. Above that they charge, last time I checked 0.3%. If you need more than €5000 then do more than one transaction.
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Traveller
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Re: Transfering money between UK and Spanish banks

Postby Traveller » Mon Jul 04, 2011 6:06 pm

I have taken a look at xetrade.com and it sounds like a possible option. The amount will probably be a bit over the €5000 level so I have just sent an email to my Spanish bank 'La Caixa' to ask about their charges. I have a month or two before I need to do it so I have plenty of time to open an account with xetrade. Thanks for the info Campo Steve, its good to know that you have used them a few times and that they are a reputable company. :D

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Campo Steve
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Re: Transfering money between UK and Spanish banks

Postby Campo Steve » Mon Jul 04, 2011 7:39 pm

I'm not making any guarantees about xetrade, except to say I have used them for a few years with no problem. But many people once trusted Crown Currency.
I've got an inferiority complex, but it's not a very good one!

esteponaman
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Re: Transfering money between UK and Spanish banks

Postby esteponaman » Tue Jul 05, 2011 5:52 pm

Hi Traveller

Transferring Euro to the spanish bank account is far cheaper. It costs 50 cents to transfer up to 50 K within eurozone plus a receiving bank fee of 1 euro. Is it possible to convert to euro and then send it?

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Mowser
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Re: Transfering money between UK and Spanish banks

Postby Mowser » Tue Jul 05, 2011 5:57 pm

It costs 50 cents to transfer up to 50 K within eurozone

But the UK isn't in the Eurozone.
:thumbdown:
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Re: Transfering money between UK and Spanish banks

Postby julian » Tue Jul 05, 2011 6:45 pm

you could transfer it from here to northern france for 50 cents then take it on the train the rest of the way

Alan-LaCala
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Re: Transfering money between UK and Spanish banks

Postby Alan-LaCala » Wed Jul 06, 2011 2:38 pm

Everyone will have their favourite currency firm. I have used HIFX for some 6 years and find them to be excellent. There are no charges from them; the rate they quote you in euros is what arrives in your spanish bank.It is less than the inter bank rate, but higher than the usual tourist rate. Check though that your spanish bank has no charges for receipt.

You will need to have in place a system for tranmsferring the UK funds to them from a UK bank current account.

Alan
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wendyakemp
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Re: Transfering money between UK and Spanish banks

Postby wendyakemp » Mon Jul 18, 2011 10:36 pm

Hi there
I use xe.com, same deal but can send very small amounts with no charge and a good exchange rate.
The spanish banks don't charge for electronic transfers in so its a win, win situation.
I work for a U.K. bank and would not entertain their rates and charges.
I only send £50 or so these days to top up the bill paying account, for big sums I used a proper trading room as they offer to fix good rates (not that this matters any more)!!

o'reily
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Re: Transfering money between UK and Spanish banks

Postby o'reily » Tue Feb 03, 2015 2:54 pm

First Remit is the cheapest way to send money abroad. Compare how much money the receiver gets.

Banks, Western Union, Moneygram, Paypal demand transaction fee whilst they charge hidden extra fee on exchange rates. They do not use the actual rates.

There is promotion that first transfer is free below link:

https://www.firstremit.com/?promotion=1stransferfree

katy
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Re: Transfering money between UK and Spanish banks

Postby katy » Tue Feb 03, 2015 2:59 pm

Thanks for the spam :roll:

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Martin Page
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Re: Transfering money between UK and Spanish banks

Postby Martin Page » Tue Feb 03, 2015 3:07 pm

I keep things simple ... I use the Halifax Clarity Credit Card - withdraw 500E from any cash Machine in Spain, at any time. Then Immediately transfer monies from my Nationwide Current account. NO charges and Quoted Mid rates.
I only ever use this credit card for Amazon.es or Cash withdrawals, nothing else

sungoddess
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Re: Transfering money between UK and Spanish banks

Postby sungoddess » Wed Feb 04, 2015 1:38 pm

We use Sabadel and providing you pay in a regular amount from your UK bank there is no charge at all.

Grittomum
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Re: Transfering money between UK and Spanish banks

Postby Grittomum » Thu Feb 05, 2015 7:15 pm

We have an account with Sabadell and transfer money in to it with UKForex, very efficient, you can track the rate online and fix the rate, pay with debit card and they transfer it on. If done first thing in morning is normally in our Spanish account within 24hrs, charge £7 for up to £5000 I think, rate normally a small amount under the trading rate.

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country boy
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Re: Transfering money between UK and Spanish banks

Postby country boy » Thu Feb 05, 2015 8:07 pm

We use Currency Fair. £3 a pop and a very fair rate.

https://www.currencyfair.com/

Never, ever, had a problem...and it's quick!


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