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Best way to convert euros to GBP

Posted: Wed Oct 19, 2022 5:18pm
21 replies806 views7 members subscribed
charfar01

Posts: 45

15 helpful points

Location: Camposol

Joined: 27 Oct 2018

Hi All

I’m hoping to sell my property on Camposol and will receive a bankers draft in joint names (wife and myself) in Euros which we will obviously want to convert to GBP and move back to our UK bank.

We don’t have a Spanish bank in order to do this as we pay all our direct debits etc via a Wise Euro account. Although we’ve never had a problem with Wise we’ve only moved small amounts (GBP to €) with them to cover bills and are concerned about using them to handle what is effectively our life savings.

Can anyone please suggest/recommend a suitable proven alternative. I understand that the likes of Moneycorp or similar might be appropriate.

Regards

Paul121

Posted: Wed Oct 19, 2022 7:10pm

Posts: 30

36 helpful points

Location: Camposol

Joined: 14 May 2021

Posted: Wed Oct 19, 2022 7:10pm

Hello, I had the same issue when I sold a property in Mijas during the first lockdown. The solution for us was to open a new HSBC account in UK with the added option of a free Euro account. Very simple and with the added benefit of a £175 bonus if you use the switch service! Just pop down to your local branch and present the cheque. Once the cheque clears, simply monitor the £/€ rate before doing an exchange (we used Foremost Currency), which provides the very best commercial rate, with a very small fee. We benefited from a weak £ during lockdown, so while we sold the property at a small loss, we actually ended up with more sterling than we originally paid! Given the current turmoil in UK, you may benefit similarly. Just monitor the fluctuations very regularly!

There may well be another easier way, but this was the route we took and kept complete control along the way.

sdb137

Posted: Wed Oct 19, 2022 7:54pm

sdb137

Very helpful member

Posts: 1006

572 helpful points

Location: Camposol

Joined: 21 Jan 2018

Posted: Wed Oct 19, 2022 7:54pm

Sell it in sterling, no change up.

charfar01

Posted: Wed Oct 19, 2022 8:07pm

charfar01

Original Poster

Posts: 45

15 helpful points

Location: Camposol

Joined: 27 Oct 2018

Posted: Wed Oct 19, 2022 8:07pm

sdb137 wrote on Wed Oct 19, 2022 7:54pm:

Sell it in sterling, no change up.

Thanks but not that simple if the buyer is a Spaniard or already lives in Spain

sdb137

Posted: Wed Oct 19, 2022 9:35pm

sdb137

Very helpful member

Posts: 1006

572 helpful points

Location: Camposol

Joined: 21 Jan 2018

Posted: Wed Oct 19, 2022 9:35pm

charfar01 wrote on Wed Oct 19, 2022 8:07pm:

Thanks but not that simple if the buyer is a Spaniard or already lives in Spain

Oh well, worth a thought, as its very simple when done in sterling, Brexit has its use.

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ledgleigh

Posted: Wed Oct 19, 2022 10:37pm

Posts: 35

16 helpful points

Location: Calasparra

Joined: 5 Feb 2022

Posted: Wed Oct 19, 2022 10:37pm

Hi

We use A Place in the Sun Currency, where transaction fee is five pounds and then at the rate they quote you , valid for 3 days from quote, I think.

You send funds to their account and they move it to your account in the currency of your choice.

Ask for Simon Eastman for advice on large sums. He will tell you best rate and when best to move money.

Helped my sister save thousands when she moved house.

Regards,

Ledgleigh.

Bartman123

Posted: Wed Oct 19, 2022 10:41pm

Bartman123

Helpful member

Posts: 117

77 helpful points

Location: Camposol

Joined: 20 Feb 2022

Posted: Wed Oct 19, 2022 10:41pm

charfar01 wrote on Wed Oct 19, 2022 5:18pm:

Hi All

I’m hoping to sell my property on Camposol and will receive a bankers draft in joint names (wife and myself) in Euros which we will obviously want to convert to GBP and move back to our UK bank.

We don’t have a Spanish bank in order to do this as we pay all our direct debits etc via a Wise Euro account. Although we’ve never had a problem with Wise we’ve only moved small amounts (GBP to €) with them to cover bills and are concerned about using them to handle what is effectively our life savings.

Can anyone please suggest/recommend a suitable proven alternative. I understand that the likes of Moneycorp or similar might be appropriate.

Regards

try Carol at Currencies Direct they do a good service plus they have an office on Camposol 

Lee 

charfar01

Posted: Thu Oct 20, 2022 11:14am

charfar01

Original Poster

Posts: 45

15 helpful points

Location: Camposol

Joined: 27 Oct 2018

Posted: Thu Oct 20, 2022 11:14am

ledgleigh wrote on Wed Oct 19, 2022 10:37pm:

Hi

We use A Place in the Sun Currency, where transaction fee is five pounds and then at the rate they quote you , valid for 3 days from quote, I think.

You send funds to their account and they move it to your account in the currency of your choice.

Ask for Simon Eastman for advice on large sums. He will tell you best rate and when best to move money.

Helped my sister save thousands when she moved house.

Regards,

Ledgleigh.

Hi, thanks for your reply. Unfortunately it looks like we will be paid by bankers draft if we sell so it wouldn’t be possible to transfer funds. It’s what we do with the bankers draft that’s the main problem

charfar01

Posted: Thu Oct 20, 2022 11:16am

charfar01

Original Poster

Posts: 45

15 helpful points

Location: Camposol

Joined: 27 Oct 2018

Posted: Thu Oct 20, 2022 11:16am

Bartman123 wrote on Wed Oct 19, 2022 10:41pm:

try Carol at Currencies Direct they do a good service plus they have an office on Camposol 

Lee 

Thanks, we have made a note of them. Do you have an email address for the Camposol branch by any chance?

ledgleigh

Posted: Thu Oct 20, 2022 11:19am

Posts: 35

16 helpful points

Location: Calasparra

Joined: 5 Feb 2022

Posted: Thu Oct 20, 2022 11:19am

charfar01 wrote on Thu Oct 20, 2022 11:14am:

Hi, thanks for your reply. Unfortunately it looks like we will be paid by bankers draft if we sell so it wouldn’t be possible to transfer funds. It’s what we do with the bankers draft that’s the main problem

If you speak to Simon, I think they can work it. He gives great advice and is the principal there.

Good luck anyway,

Ledgleigh.

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