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Currency Exchange Companies

Posted: Thu May 5, 2022 9:24am
21 replies421 views6 members subscribed
Kirky71

Posts: 16

1 helpful points

Location: Los Alcázares

Joined: 28 Dec 2021

Morning All,

Just in the process of buying a property in LA - does anyone have recommendations on best companies to use for currency exchanges. most of the big ones have pretty much the same rate so I'm more interested in the service and efficiency.

Thanks

Ian

eduardo3332

Posted: Thu May 5, 2022 11:16am

eduardo3332

Super helpful member

Posts: 1570

1178 helpful points

Joined: 21 Jan 2016

Posted: Thu May 5, 2022 11:16am

Have used WISE formally transfer wise for many years, excellent exchange rate and transfers normally completed within seconds.

You can also get a wise debit card which you can transfer money into when you require, also set up direct debits, which I believe many people do, however I use my Spanish Cajamar Wefferen account for these which is an online account with no charges.

Only draw back with the Wise debit card is if you wish to draw cash from an ATM you will be charged by the issuing bank, all other transactions such as purchases are free.

Hope this helps

Ed

Kirky71

Posted: Thu May 5, 2022 11:28am

Kirky71

Original Poster

Posts: 16

1 helpful points

Location: Los Alcázares

Joined: 28 Dec 2021

Posted: Thu May 5, 2022 11:28am

eduardo3332 wrote on Thu May 5, 2022 11:16am:

Have used WISE formally transfer wise for many years, excellent exchange rate and transfers normally completed within seconds.

You can also get a wise debit card which you can transfer money into when you require, also set up direct debits, which I believe many people do, however I use my Spanish Cajamar Wefferen account for these which is an online account with no charges....

...

Only draw back with the Wise debit card is if you wish to draw cash from an ATM you will be charged by the issuing bank, all other transactions such as purchases are free.

Hope this helps

Ed

Many thanks for the fast reply, greatly appreciated

Ian

Roland

Posted: Thu May 5, 2022 12:25pm

Roland

Legendary helpful member

Posts: 3519

2581 helpful points

Location: Camposol

Joined: 23 Feb 2018

Posted: Thu May 5, 2022 12:25pm

I have also used Wise.com for many years, very good rates, very very quick transactions & everything done online.

Downside is as Ed says you are charged to withdraw cash by the ATM operators ( Not Wise.com )

Every time you use the debit card you get a notification on your smartphone of the transaction within a few seconds.

One other thing to note is that Wise will be starting to make a % charge if you hold more than 3000 euro in a euro account.

I received an email notification about this new charge a few days ago.

Kaz63

Posted: Fri May 6, 2022 8:39am

Kaz63

Helpful member

Posts: 96

63 helpful points

Location: Sucina

Joined: 13 Nov 2016

Posted: Fri May 6, 2022 8:39am

Roland wrote on Thu May 5, 2022 12:25pm:

I have also used Wise.com for many years, very good rates, very very quick transactions & everything done online.

Downside is as Ed says you are charged to withdraw cash by the ATM operators ( Not Wise.com )

Every time you use the debit card you get a notification on your smartphone of the transaction within a few seconds.

One other thing to note is that Wise will be starting to make a % charge if you hold more than 3000 euro in a euro account.

I received an email notification about this new charge a few days ago.

Without doubt Wise, been using them for 3 years,after trying many other options. We live in Spain, for speed, cost and ease of use 10 out of 10!!

K

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MitchNorwich

Posted: Fri May 6, 2022 9:43am

MitchNorwich

Helpful member

Posts: 210

117 helpful points

Location: Isla Plana

Joined: 5 May 2019

Posted: Fri May 6, 2022 9:43am

Another vote for wise.com - we used them for our house purchase and I use them for monthly currency exchanges and I have a debit card.

Excellent service, fast transfers with low fees.

Stevie100

Posted: Fri May 6, 2022 9:56am

Stevie100

Helpful member

Posts: 273

275 helpful points

Location: Sucina

Joined: 24 Feb 2020

Posted: Fri May 6, 2022 9:56am

Kirky71 wrote on Thu May 5, 2022 9:24am:

Morning All,

Just in the process of buying a property in LA - does anyone have recommendations on best companies to use for currency exchanges. most of the big ones have pretty much the same rate so I'm more interested in the service and efficiency.

Thanks

Ian

Just a word of caution. I have been a customer of Wise for many years and cannot fault them. They have the best rates and transfers are completed into your Spanish bank account within minutes of making them. However unlike most banks they are not covered by the FSCS which covers any losses up to £85,000, if they become insolvent. If you are intending to use Wise for the purchase of your property I would suggest that you split any large transactions to protect you if anything goes wrong. (You can make several transactions on the same day and check each one has been received by your Spanish bank)

If you find this helpful please tick the the thumbs up.

Kirky71

Posted: Fri May 6, 2022 10:56am

Kirky71

Original Poster

Posts: 16

1 helpful points

Location: Los Alcázares

Joined: 28 Dec 2021

Posted: Fri May 6, 2022 10:56am

Stevie100 wrote on Fri May 6, 2022 9:56am:

Just a word of caution. I have been a customer of Wise for many years and cannot fault them. They have the best rates and transfers are completed into your Spanish bank account within minutes of making them. However unlike most banks they are not covered by the FSCS which covers any losses up to ...

...£85,000, if they become insolvent. If you are intending to use Wise for the purchase of your property I would suggest that you split any large transactions to protect you if anything goes wrong. (You can make several transactions on the same day and check each one has been received by your Spanish bank)

If you find this helpful please tick the the thumbs up.

To all that have replied, many thanks, Wise it is then!!!

Best Regards

Ian

Jan1961

Posted: Fri May 6, 2022 11:48am

Jan1961

Helpful member

Posts: 238

97 helpful points

Location: Sucina

Joined: 1 Jul 2017

Posted: Fri May 6, 2022 11:48am

We used Wise to transfer funds to purchase our property we got a Good rate.We opened a Sabadell bank account for our Direct Debits but recently closed it because of the high bank chargers and opened a Euro Wise account.You probably be better opening a Euro Wise Account and given your Utility Companies them details for Direct Debits as it was abit of a pain getting them switched over. Some Companies tried to say couldnt accept Wise for Direct Debits until I said I'd report them to Wise as they accept International Sepa payments.

Shellie

Posted: Wed May 11, 2022 11:08am

Posts: 4

Location: Los Alcázares

Joined: 23 Feb 2020

Posted: Wed May 11, 2022 11:08am

Try currency fair as a comparison. I use them to transfer £ to € and the fee is €3 for any amount and the exchange is very good. You can choose your puns and wait for the rate to be marched if you have time or just go for a good rate at the time.

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