Best currency transfer companies for buying property

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RaybertK
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Best currency transfer companies for buying property

Postby RaybertK » Wed Jun 12, 2019 2:53 pm

Hello everyone,
Could you tell me which are the best currency transfer companies I should look at ( for the best exchange rates, least amount of fees, speed of transfer etc),when I need to transfer funds when buying a property in Spain. Also what were your experience like when you went through this process, what would you do differently if you had to do it again.
Your help and advice would be greatly appreciated.
Ray.

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costakid
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Re: Best currency transfer companies for buying property

Postby costakid » Wed Jun 12, 2019 3:23 pm

HiFx are reliable. Used them a lot in the past for buying € in large amounts when I was doing business.

RaybertK
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Re: Best currency transfer companies for buying property

Postby RaybertK » Wed Jun 12, 2019 3:40 pm

Thanks costakid,
Will look at them.
Ray.

Beachcomber
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Re: Best currency transfer companies for buying property

Postby Beachcomber » Wed Jun 12, 2019 3:44 pm

You could also consider Currencies Direct:

https://www.currenciesdirect.com/en

RaybertK
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Re: Best currency transfer companies for buying property

Postby RaybertK » Wed Jun 12, 2019 4:43 pm

Thanks Beachcomber for the link

GerryinCajiz
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Re: Best currency transfer companies for buying property

Postby GerryinCajiz » Wed Jun 12, 2019 4:51 pm

HIFX have merged with XE. Com.
Gerry

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Re: Best currency transfer companies for buying property

Postby Pamela1 » Wed Jun 12, 2019 7:02 pm

We used smartcurrencyexchange.com when we bought our property 6 yrs ago. They were very reliable and helpful, they explained everything very clearly.

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marios
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Re: Best currency transfer companies for buying property

Postby marios » Wed Jun 12, 2019 8:28 pm

Currency Fair, have used them for years, you exchange with another person, you can either take the current offering rate which for £ to € is usually .05(ie if IR is 1.1250 you normally get 1.12) off the international rate or you can put it in the exchange and sometimes get very close to the international exchange rate.All transfers cost 3 euro no matter how much.
Last edited by marios on Wed Jun 12, 2019 11:12 pm, edited 1 time in total.

Lyric
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Re: Best currency transfer companies for buying property

Postby Lyric » Wed Jun 12, 2019 11:07 pm

CurrencyFair +1

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gerrynag
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Re: Best currency transfer companies for buying property

Postby gerrynag » Thu Jun 13, 2019 1:20 pm

I have used FC Exchange(Global Reach) and Travelwise, found them to be both pretty good.
I find particular with Global Reach, you can haggle on the exchange rate.
Travelwise rate is the mid-market rate, which is probably best rate you can get, though they charge a fee.
Global Reach don't charge a fee, but their rate is not as good.
Best to get quote for the amount you want, from both.

https://www.globalreachgroup.com/

https://transferwise.com/es

Miro
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Re: Best currency transfer companies for buying property

Postby Miro » Thu Jun 13, 2019 5:30 pm

CurrencyFair + 2
Don't worry about what people think, they don't do it very often

"Acquiring a dog may be the only opportunity a human ever has to choose a relative," Mordecai Siegal 1935-2010.

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gerryh
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Re: Best currency transfer companies for buying property

Postby gerryh » Thu Jun 13, 2019 5:49 pm

The big advantage of CurrencyFair, provided you don't need to exchange the money immediately, is that you set the exchange rate you are willing to accept and the exchange happens automatically when somebody is willing to exchange at your desired rate.
At the moment exchanges are happening at about 1.1191, I am waiting until I get 1.1300 there is someone waiting until he gets 1.7553. He might have a long wait.
Cheers
Gerry
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marios
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Re: Best currency transfer companies for buying property

Postby marios » Thu Jun 13, 2019 6:16 pm

Gerry, I think some people set high rate just incase you make a mistake and put the wrong figures in.

poppy1
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Re: Best currency transfer companies for buying property

Postby poppy1 » Thu Jun 13, 2019 11:55 pm

CurrencyFair....been using them for years to transfer our pensions from our UK bank. Always a better rate than getting it paid direct into our Spanish bank account.

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Re: Best currency transfer companies for buying property

Postby Ansgar » Fri Jun 14, 2019 11:55 am

We are currently in the process of buying a property and I am using Revolut. Quick, easy and you'll get the daily market rate and as no transfer fees. You also get a card you can use when abroad with no fees too.

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marios
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Re: Best currency transfer companies for buying property

Postby marios » Sat Jun 15, 2019 3:35 pm

Yes I use revolut as well but only for things I buy and not for bank payments such as DD.

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Re: Best currency transfer companies for buying property

Postby Paddy Pumpkin » Sun Jun 16, 2019 12:43 pm

I have used Revolut for DD and also payments to/from UK bank accounts and accounts across various EU zone countries.

They charge zero for transfers and zero spread (no margin, no commissions etc) so you get the wholesale rate that banks use between themselves. They onky downside is their free account has a limit on what amount you can exchange per month. However you can pay a fee of I think 6 or 12 EUR to have unlimited amount.

That fee is tiny compared to what other transfer companies charge. For example the differential between 1.10 and 1.1050 for 100k GBP is 500 EUR.

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Devils Advocate
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Re: Best currency transfer companies for buying property

Postby Devils Advocate » Fri Jun 21, 2019 11:50 am

Beachcomber wrote:You could also consider Currencies Direct:

https://www.currenciesdirect.com/en


Beachy, have you ever used this company?

We've just been introduced to them as a suggestion for transferring the funds of our pending house sale back to the UK.

Would really appreciate some hands on knowledge of how it works and what to expect.

Thank you.
Property owner in Andalucia since 2002. How time flies.

Beachcomber
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Re: Best currency transfer companies for buying property

Postby Beachcomber » Fri Jun 21, 2019 1:34 pm

I never transfer funds between Spain and the UK so I have not used them personally but I know people who have and have been very pleased with the result. One of them is a very shrewd businessman who goes into the ins and outs of everything.

A representative attends the notary and deals with the subsequent transfer. The funds never touch your Spanish bank account so the horrendous Spanish bank charges are avoided.

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Devils Advocate
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Re: Best currency transfer companies for buying property

Postby Devils Advocate » Fri Jun 21, 2019 2:33 pm

That's good enough for me then Beachy and thanks very much indeed for the swift answer, appreciated.

Exactly what we were told too about rep accompanying us to the Notary........far cleaner and safer than Unicaja being anywhere near the monies.

Brilliant!
Property owner in Andalucia since 2002. How time flies.


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