Currency Exchange

Andy · Posted: Tue Jul 25, 2006 10:25 am Post subject: Currency Exchange

Does anyone have any good advice regarding getting money into your Spanish bank?

I have recently used a broker - Moneycorp, to transfer cash from my UK account to my Spanish one. It cost me £15, and the exchange rate wasn't too bad, slightly better than the bank, but I felt it was more risky (having no previous exerience of currency brokers)

I have an account with Barclays in Spain, you would think that it would be a simple matter of opening up an English one, and the transfer would be free, not the case...... the UK side charges £20+

Andy

DeanoT · Joined: 14 Jul 2006 Posts: 5 Location: Nottingham

Andy

It depends on the purpose of the transfer. If it is a large amount for Capital Purchase then brokers such as MoneyCorp and TorFX or HiFX are generally good because for a fee you can generally acieve the higher inter-bank rate. I have used TorFX and they were good although i have also used the Halifax for a wire transfer and their fee was only £14 and the rate wasn't that bad.
If it is a direct debit you are looking to do say mortgage payment then i have found Moneycorp to be one of the best as the regular fee is just £4 per transfer.

Hope this helps,

Dean

Andy · Posted: Fri Jul 28, 2006 10:24 am Post subject:

Many thanks Dean. I used MoneyCorp again this morning, first time I've done a large amount - bit nerve racking.....

It would make the process better if the sales person/broker was more personable.... he was bit aloof and slightly impatient. I felt thick asking so many questions. Smile

Andy

DeanoT · Joined: 14 Jul 2006 Posts: 5 Location: Nottingham

Andy

You ask as many questions as you like, if you are not getting the customer service from Moneycorp then i would highly recommend TorFX and deal with Hannah or one of their trading directors; Danny (this is not meant to be a trading plug but their customer care and friendliness was i found, excellent). Should you make regular monthly direct debits with Moneycorp in the future then Melanie Issaians in their regular transfer team is a gem (again no advertising plug intended, just advice after learning from experience)

regards,

Dean

Mel & John · Traveller Joined: 18 Jun 2006 Posts: 39

I transfer reasonable amounts when the rate is favourable. I am registered with 3 companies as it costs nothing to register and then they give you a firm exchange rate. I call these 3 and a few others and I then insist on the best rate I have been quoted and pay no fees at all.....I find that if you state the best you have been offered and insist on no fees at all they will agree if the sum is of a reasonable amount ie over £5K. Our bank in Spain do not charge for receiving funds but if your bank does then the exhange company will ( again if you ask and insist) meet the cost of the "receipt of funds". I think it is criminal that the banks do that !

I am no expert on all of this by any means, but need to keep a keen eye on our spends....esp as the community fees look as if they are going to be 3 times more that we hade been advised when we originally purchased.

NOT moaning as we are delighted with the house, Esuri and the area.

Also thanks to Jur, I love the camera shots in Ayamonte and Canela.

All the best Mel