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money transfer recommendations

Posted: Wed Sep 30, 2020 7:12pm
44 replies902 views10 members subscribed
ray8798

Posts: 134

38 helpful points

Location: Camposol

Joined: 27 Aug 2020

hi all

 new to the forum in the early stages of buying a neptuno on b3 through mercers and pals was also recommended to use saeed at magna finances to transfer monies has anybody used them or can recommend them or are there better one to use any replies greatly received im sure all have been there are will at this stage at some time only paid a holding deposit so far but its all a worry as with most covid means doing everything from blighty 

thanks again 

ray 

PhilTox

Posted: Wed Sep 30, 2020 7:25pm

PhilTox

Helpful member

Posts: 544

489 helpful points

Location: Camposol

Joined: 1 Oct 2018

Posted: Wed Sep 30, 2020 7:25pm

We followed advice and used Magna, no problem with them other than several days delay between them getting our transfer and them passing onto our solicitors. Recently used Transferwise and the money appeared in our Spanish account in seconds and at a good rate. That was only for £5000 though, not sure if they will handle large house buying  amounts though. 

Leelils

Posted: Wed Sep 30, 2020 7:47pm

Posts: 17

9 helpful points

Location: Camposol

Joined: 19 May 2018

Posted: Wed Sep 30, 2020 7:47pm

Hi

We used magna with no issues a couple of years ago. Now we use Revolut, an online bank with card that works around the world, you can set buy and sell targets for currency with great rates, and transfers to Spanish accounts are same day. We have done a 50k transfer, not sure what the daily limit is.

Cheers, Lee

Roland

Posted: Wed Sep 30, 2020 7:57pm

Roland

Legendary helpful member

Posts: 3519

2581 helpful points

Location: Camposol

Joined: 23 Feb 2018

Posted: Wed Sep 30, 2020 7:57pm

The estate agents probably get a commission from recommending Magna !!

Look at TransferWise excellent rates & up to 1.2 million £ to euro maximum.

ray8798

Posted: Wed Sep 30, 2020 8:19pm

ray8798

Original Poster

Posts: 134

38 helpful points

Location: Camposol

Joined: 27 Aug 2020

Posted: Wed Sep 30, 2020 8:19pm

thanks all

 it will be £160000 sterling which is almost all my savings but dont want to be a shoulda coulda like so many so taking the plunge but it is worrying me with this covid virus as well but thanks all, the solicitor recommended them as well and from what i can gather i can lock in an exchange rate for just over a month i did have an offer accepted on a property on A bluemed but they proper shafted me and sold the property then told me it was already gone with no recoarse to up my offer or anything think they just kept me on the leash incase the other buyer didnt go through with it 

i will post on this topic as it progresses in the hope it helps others for example i had to go to a notary here in the uk to get the power of attorney  as i have to do everything from here cost me £200 will take a week happily mine was only three mile away 

thanks again 

ray

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Sunnyspain

Posted: Thu Oct 1, 2020 8:34am

Sunnyspain

Very helpful member

Posts: 1411

980 helpful points

Location: Camposol

Joined: 30 Mar 2018

Posted: Thu Oct 1, 2020 8:34am

Hi I used ifx trade based in London. You can lock in the exchange rate as well. As soon as I gave instructions to send the money our solicitor received it the same day. It is worrying though sending that amount of money and such a relief when you hear it has been received. We also had to go to notary to get poa. Quite painless. 

Good luck with your purchase.

zacdog

Posted: Thu Oct 1, 2020 12:20pm

zacdog

Helpful member

Posts: 468

221 helpful points

Location: Camposol

Joined: 14 Oct 2018

Posted: Thu Oct 1, 2020 12:20pm

'Transfer Wise' every time now (thanks Roland), since I switched from Barclays for my monthly transfer £ to €.  Was a 3 day affair, now done and dusted in under 4 hours and a far better exchange rate!!

eduardo3332

Posted: Thu Oct 1, 2020 1:16pm

eduardo3332

Super helpful member

Posts: 1570

1178 helpful points

Joined: 21 Jan 2016

Posted: Thu Oct 1, 2020 1:16pm

ray8798 wrote on Wed Sep 30, 2020 7:12pm:

hi all

 new to the forum in the early stages of buying a neptuno on b3 through mercers and pals was also recommended to use saeed at magna finances to transfer monies has anybody used them or can recommend them or are there better one to use any replies greatly received im sure all have been there ...

...are will at this stage at some time only paid a holding deposit so far but its all a worry as with most covid means doing everything from blighty 

thanks again 

ray 

Hi I again recommend TransferWise have used them for many years now with no problems what so ever,

You can lock in a rate with them. Personally I would contact them, tell them how much you aim on transferring, when you are going to actually need the money, and what is the best rate and terms they would offer.

I can assure you they are very helpful

Hope all goes smoothly with your move.

jaz007

Posted: Thu Oct 1, 2020 9:00pm

jaz007

Helpful member

Posts: 175

114 helpful points

Location: Camposol

Joined: 20 Aug 2019

Posted: Thu Oct 1, 2020 9:00pm

When we bought our property  used Magna no problems. Currently use Transferwise, slightly better exchange rate

ray8798

Posted: Mon Oct 5, 2020 2:18pm

ray8798

Original Poster

Posts: 134

38 helpful points

Location: Camposol

Joined: 27 Aug 2020

Posted: Mon Oct 5, 2020 2:18pm

hi again thankyou for all your replies i am looking forward to that sunny weather and a beer in hand still waiting for results of a survey and my poa coming back so i can send it to spain ive paid £22000 into my manga account for the 10% deposit and any extras think i will transfer that to pals first to check what i actually get and then think about using transferwise as recommended depending on exchange rates also or there flights from manchester to corvea in nov everytime i look on line it just reverts to alicante any ideas 

thanks ray

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