dinero

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wollie
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dinero

Postby wollie » Wed Jul 24, 2019 11:09 pm

A friend of mine is travelling from Spain to UK and wants to buy a couple of grand cash as his son is buying cash item on ebay and he wants to pay for same.
Because like me he hates crazy bank fees, is there any exchange places in general Malaga area just to swap cash.

Many thanks...

1bassleft
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Re: dinero

Postby 1bassleft » Thu Jul 25, 2019 12:29 am

Wouldn't it be better to exchange € for £ once in the UK rather than Malaga? "We buy" is usually a better rate than "we sell"

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costakid
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Re: dinero

Postby costakid » Thu Jul 25, 2019 7:03 am

The best exchange place is Rubens in Benalmadena. Call them for rate as they peak perfect English.

wollie
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Re: dinero

Postby wollie » Thu Jul 25, 2019 10:35 am

costa, thanks for that useful info and i will pass on and i also like to know these things even if i never use.
As regards buying in the UK i not know i just ask what i was asked.
I did notice one day i was in line in bank the spread was 4+% so the minimum is 2% on every sale.
bassleft, if you think bank give away money you should check the wires.

elusive
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Re: dinero

Postby elusive » Thu Jul 25, 2019 7:04 pm

Dont ever use the bank to send money back. Maybe have a look at the exchange companies. Currencies direct etc etc. No fees most of the time

vinuela vinny
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Re: dinero

Postby vinuela vinny » Fri Jul 26, 2019 8:49 am

Hope that this is allowed?

We use Transferwise - https://transferwise.com/ - for transactions in both directions, and have found them very efficient with excellent rates and minimal charges. Throroughly recommended......

We have no connection or other interest

Have a look at their website....

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chrissiehope
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Re: dinero

Postby chrissiehope » Fri Jul 26, 2019 1:08 pm

Seconded :-)
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quebin
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Re: dinero

Postby quebin » Fri Jul 26, 2019 1:45 pm

Thirded!

Paddy Pumpkin
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Re: dinero

Postby Paddy Pumpkin » Fri Jul 26, 2019 4:50 pm

wollie wrote:A friend of mine is travelling from Spain to UK and wants to buy a couple of grand cash as his son is buying cash item on ebay and he wants to pay for same.
Because like me he hates crazy bank fees, is there any exchange places in general Malaga area just to swap cash.

Many thanks...


Can you pay in cash on Ebay? How do you send the money to the seller?

If you want electronic money (with a card attached so you can spend money on the internet) then use Revolut. Zero transfer charges, zero spread (margin) on their FX rate and the card is free also. Literally it cannot be better unless they gave you free money.

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spanish_lad
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Re: dinero

Postby spanish_lad » Fri Jul 26, 2019 5:44 pm

You can pay in cash if you are collecting an item in person i suppose, but i wouldnt recomend it for something of that value. you´ve got no come back at all.

I must say i´ve always been a "card" guy and will pay by card pretty much anywhere that I can. Down to €1,49 for a McDonalds or 99c for a drink at a garage.

I really hate cash. I wish that they would make the world cashless :lol:
Alhaurin el Grande since ´99, working at the airport since 2011.

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gerryh
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Re: dinero

Postby gerryh » Fri Jul 26, 2019 5:49 pm

Normally you pay an Ebay seller with PayPal, or sometimes via bank transfer.
If you are collecting from the sellers home address they might accept cash.
Cheers
Gerry
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maureenscot
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Re: dinero

Postby maureenscot » Sun Jul 28, 2019 2:27 am

Just used transferwise. On the amount I was exchanging saved £800 on the bank

anyroads
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Re: dinero

Postby anyroads » Tue Jul 30, 2019 5:53 pm

Looking at exchange rates, my friends "Caxton" are today only quoting 1.0686.

Can it go any lower, is par on the way, or will Boris pull us back from the brink ?

Can't be a lot of joy at the moment for people relying on UK pensions.

anyroads

Paddy Pumpkin
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Re: dinero

Postby Paddy Pumpkin » Tue Jul 30, 2019 6:08 pm

I know I sound like an advert for these guys but Revolut cannot be beaten. The interbank rate (the rate Barclays buy 10 million from Goldman Sachs) is 1.0906 now. Revolut rate 1.0906.

As regards where it will go next....don't even try to second guess it. Leave that to the professionals because by the time you and I get the information it is too late, the professionals have already made the profit and the rate has moved. Contrary to what a text book or an economist will tell you the moves in FX rates are rarely caused by economic or political news,they are caused by people having to close trading positions in reaction to the news. That is why one day a headline can have a great effect and the next day none. So unless you know what banks and funds trading positions are then you are wasting your time.

Parilla
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Re: dinero

Postby Parilla » Wed Jul 31, 2019 4:51 am

Mastercard's GBP:EURO rate yesterday, for any value transaction, was 1.0968.

Parilla

Paddy Pumpkin
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Re: dinero

Postby Paddy Pumpkin » Wed Jul 31, 2019 8:25 am

Your bank may or may not use Mastercard foreign exchange rates to bill you and may impose additional fees in connection with foreign currency transactions. Foreign exchange rates are specific to the date and time Mastercard processes the transaction which may be different from the transaction date.

Hence Mastecard (and all credit card companies) set the rate for the day at the opening rate which is 7am time in Wellington NZ...the official start of the FX trading day. Yesterday was 1.0968. However your card provider will then add a spread to this rate so you will never actually get this rate and some also add a foreign transaction fee as well.

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Enrique
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Re: dinero

Postby Enrique » Wed Jul 31, 2019 12:33 pm

Hi,
As an Example as of now....... HiFx on £3000 to euro......... 1.0625........... no fees

Pound Euro rate showing 1.09 ........... always recon -0.03 so above is OK.

Correction: for HiFx read XE........seems "Merge/Takeover".........XE seem dominant partner now ............ :shock:
UNIX is basically a simple operating system, but you have to be a genius to understand the simplicity.

Parilla
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Re: dinero

Postby Parilla » Wed Jul 31, 2019 4:26 pm

Paddy P you could not be more wrong. The rate I got on the purchase was 1.0968 and NO spread, NO additional fees. I have been using this method for the last 3 years + and have never paid anything extra over the daily exchange rate. The absence of any charges above the daily exchange rate is clearly stated in the contracts with the two card providers I use.

Parilla

Paddy Pumpkin
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Re: dinero

Postby Paddy Pumpkin » Wed Jul 31, 2019 6:45 pm

what credit card do you use?

Parilla
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Re: dinero

Postby Parilla » Thu Aug 01, 2019 5:19 am

Main one is Halifax Clarity Mastercard, which I believe is still available from the Halifax. Also use one of the Barclaycard Platinum Visas (using Visa Europe exchange rates) with the "no extra charges" part of the T & Cs locked in until 2023, but that card is no longer on offer to new applications.

Parilla


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