Getting money from Spain to the UK

FXF

benjus wrote: »

The problem with all this talk of "commission" is that it's an almost meaningless word. The Post Office won't charge you "commission", but you'll get a terrible exchange rate. They might as well say "we don't charge you to breathe our air".

The only relevant question (as far as costs are concerned) is "for my xxxxxx Euros, how many Pounds Sterling will I end up with in my UK account?". Only then can you fairly compare different providers.

According to SendMoneyHome.org, the cheapest for €100k would be The FX Firm, which (curiously enough) seems to be part of SendMoneyHome. This is odd, as I thought SendMoneyHome was just a comparison service. If the price is correct it seems very cheap - taking a cut of about 0.3%.

Obviously you need to be very careful about who you trust with this amount of money...

Hi Benjus,

I work for The FX Firm and I noticed your comment above. Thanks very much for your interest and I am pleased that our rates are good.

I just wanted to ask why you think we are part of sendmoneyhome.org? We are not linked in any way other than we are listed on their comparison site.

Many thanks,

FXF

benjus

FXF wrote: »

Hi Benjus,

I work for The FX Firm and I noticed your comment above. Thanks very much for your interest and I am pleased that our rates are good.

I just wanted to ask why you think we are part of sendmoneyhome.org? We are not linked in any way other than we are listed on their comparison site.

Many thanks,

FXF

Apologies - my mistake. I've used SendMoneyHome before and I thought that it took you directly to the provider's website when you clicked, but it just takes you to a page on SendMoneyHome - which is why I made the mistake.

I have edited my previous post to remove that statement.

FXF

benjus wrote: »

Apologies - my mistake. I've used SendMoneyHome before and I thought that it took you directly to the provider's website when you clicked, but it just takes you to a page on SendMoneyHome - which is why I made the mistake.

I have edited my previous post to remove that statement.

Hi,

No problem at all. I just wanted to check whether there was anything we could make clearer to avoid any confusion.

Thanks

dan1242

benjus wrote: »

The problem with all this talk of "commission" is that it's an almost meaningless word. The Post Office won't charge you "commission", but you'll get a terrible exchange rate. They might as well say "we don't charge you to breathe our air".

The only relevant question (as far as costs are concerned) is "for my xxxxxx Euros, how many Pounds Sterling will I end up with in my UK account?". Only then can you fairly compare different providers.

According to SendMoneyHome.org, the cheapest for €100k would be The FX Firm. If the price is correct it seems very cheap - taking a cut of about 0.3%.

Obviously you need to be very careful about who you trust with this amount of money...

Benjus - we run the editorial team at MyCurrencyTransfer.com , a site that also aggregates many of the foreign currency transfer providers.

I feel it is very worthwhile for visitors to understand how the exchange rates on these sites come about.

The exchange rates that are quoted on sites such as ourselves are purely an indicative rate, not the finally dealing rate you should absolutely expect to recieve from a foreign exchange broker. Whilst shopping around for the best deal, exchange rates will move up and down by the second, often it can be a few percentage points within the day.

The rates published on FX comparison sites will be a likely % margin added to the interbank rate for the trade size you inputted. Thus, in this instance for a trade size of 100,000 Euros equivalent, you have seen a 0.3 % margin added.

Sites such as SMH and ourselves can give an excellent indication, but once again in no way representative of a final dealing rate. In order to obtain a dealing rate you would need to register and open an account with a chosen currency firm.

Also as a tip - be wary of a broker you may call up who will quote you the interbank rate prior to opening an account. This is often with the attempt of luring a customer in and will not in any way represent the final dealing rate

Hope this helps

Editorial Team

MyCurrencyTransfer.com