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Helpful member
Good morning.
Sorry we have another request for information.
Whats the best and cheapest way to transfer money for a spanish property from GBP to a Euro account or straight to solicitors etc. We have a wise account and a UK santander account and will be moving around 165000 in GBP
Any input on this would be gratefully received.
JBTx
JohnAndBen wrote on Sat Jun 4, 2022 11:51am:
Good morning.
Sorry we have another request for information.
Read more...
Whats the best and cheapest way to transfer money for a spanish property from GBP to a Euro account or straight to solicitors etc. We have a wise account and a UK santander account and will be moving around 165000 in GBP
Any input on this would be gratefully received.
JBTx
The cheapest way is to use your Wise account. However a note of caution - Although Wise is regulated by the FCA it is not covered by the FSCS (That is one that covers you up to £85,000 if a financial institution should collapse). If I were you I would transfer the money in batches (assuming you have a Spanish bank account), of amounts you think is suitable. Wise transfers take less than a minute to go through, so you could in theory do several per day or space them out over a week or so.
p.s. I have been using Wise for years and never had any problems.
If you need any more help feel free to pm me.
Please click the thumbs up tab if you have found this useful
Posted: Sat Jun 4, 2022 1:01pm
Helpful member
Stevie100 wrote on Sat Jun 4, 2022 12:54pm:
The cheapest way is to use your Wise account. However a note of caution - Although Wise is regulated by the FCA it is not covered by the FSCS (That is one that covers you up to £85,000 if a financial institution should collapse). If I were you I would transfer the money in batches (assuming you ...
Read more...
...have a Spanish bank account), of amounts you think is suitable. Wise transfers take less than a minute to go through, so you could in theory do several per day or space them out over a week or so.
p.s. I have been using Wise for years and never had any problems.
If you need any more help feel free to pm me.
Please click the thumbs up tab if you have found this useful
Great tips. Thank you very much
JBT
Posted: Sat Jun 4, 2022 4:57pm
Stevie100 wrote on Sat Jun 4, 2022 12:54pm:
The cheapest way is to use your Wise account. However a note of caution - Although Wise is regulated by the FCA it is not covered by the FSCS (That is one that covers you up to £85,000 if a financial institution should collapse). If I were you I would transfer the money in batches (assuming you ...
Read more...
...have a Spanish bank account), of amounts you think is suitable. Wise transfers take less than a minute to go through, so you could in theory do several per day or space them out over a week or so.
p.s. I have been using Wise for years and never had any problems.
If you need any more help feel free to pm me.
Please click the thumbs up tab if you have found this useful
I used wise 2 years ago,but if you read their policies,I think they put a big transfer fee on large transactions on euro.
Posted: Sat Jun 4, 2022 5:08pm
Helpful member
BLUEBOYS1960 wrote on Sat Jun 4, 2022 4:57pm:
I used wise 2 years ago,but if you read their policies,I think they put a big transfer fee on large transactions on euro.
Thanks for this. seen the charges but it still seems cheaper than my bank. I think on average we will be charged £578 from wise for the amount we want transfer but less than what the bank make by only giving us a poor exchange rate which equates to thousands. We've seen a property on B sector so come Monday morning hope to move on it. Thanks again
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Posted: Sun Jun 5, 2022 8:39am
Very helpful member
Hi there,
It is worth ringing round some of the money transfer companies such as Moneycorp and comparing the rate they offer with the Wise rate. The companies offer better rates the more you send. When we send a large sum over about three years ago, we were surprised that Moneycorp gave us a better rate than anyone else. Their profit comes out of the rate, not fees.
Good luck and hope this helps
Posted: Sun Jun 5, 2022 8:45am
Helpful member
LeginSenoj wrote on Sun Jun 5, 2022 8:39am:
Hi there,
It is worth ringing round some of the money transfer companies such as Moneycorp and comparing the rate they offer with the Wise rate. The companies offer better rates the more you send. When we send a large sum over about three years ago, we were surprised that Moneycorp gave us a better rate th...
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...an anyone else. Their profit comes out of the rate, not fees.
Good luck and hope this helps
Thanks very much for the tip and advice, will take a look.
All the best
JBT
JohnAndBen wrote on Sun Jun 5, 2022 8:45am:
Thanks very much for the tip and advice, will take a look.
All the best
Read more...
JBT
Call into currencies direct too and ask them, they're very helpful and if it's not what you want, at least you've enquired, I used them a few years ago and were very helpful, they're next to caixa bank on B sector :)
Posted: Sun Jun 5, 2022 10:55am
Helpful member
Thanks for this information. We did look at them online but came out a tad more expensive. Hopefully the pound will get stronger over the next few weeks, a little movement could either make us a few thousand or take it away.. Being on the NL visa now we need to have a fair bit in the bank for 5 years so every little helps. 👍🙂 Thanks again
JBT
Posted: Sun Jun 5, 2022 11:22am
JohnAndBen wrote on Sun Jun 5, 2022 10:55am:
Thanks for this information. We did look at them online but came out a tad more expensive. Hopefully the pound will get stronger over the next few weeks, a little movement could either make us a few thousand or take it away.. Being on the NL visa now we need to have a fair bit in the bank f...
Read more...
...or 5 years so every little helps. 👍🙂 Thanks again
JBT
Hi Unless I am mistaken you can keep your money in a UK account while you are a resident in Spain and just move it in chunks when you need it.
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