transfering funds to spain

irish_angel

New to all this so forgive me if there already is a thread.
Has anyone experience of transfering moeny on a monthly basis and can you advise what is the best way to do this which will incur as little fees as possible? We have an account in a spanish bank.

natasha8642

Hi,

I have used the credit union to transfer money abroad several times and they have never charged me anything for it. The exact same transactions cost me £25 each time with Bank of Ireland till I found out about the Credit Union, another option is to bank with HSBC, you can then access your account worldwide for a fixed fee (usualy £2.50 per transaction although I was charged £1.50 once). You have to be a memberof the CU but that's not hard to do.

Hope that'll help.

Natasha

jetboy

I've set up an account with https://www.currencysolutions.co.uk . So far I've just used them for spot trades but they do all types of deal..spots, forwards, regular etc. Their traders are very helpful and they were several hundred ££'s cheaper than doing the deal with HIFX. Avoid banks..you'll get stiffed.

irish_angel

Natasha8642

I am a member of our local cedit union,never heard of this service
Could you explain how it works?
This would be brill if I can set it up!!
Thanks

natasha8642

irish_angel wrote:

Natasha8642

I am a member of our local cedit union,never heard of this service
Could you explain how it works?
This would be brill if I can set it up!!
Thanks

Well we transfered money from the Lurgan branch of the Credit Union. Just went over to the Customer service desk and they just sorted it out. The first time we transfered money we had been expecting to be charged but the CS lady said free money transfers were one of the member's perks. However I remember my mum once asked one of the clerks and they had no idea what she was talking about, so we figured that it was the more senior staff were aware and able to do the money transfers.
Hope thats of some use.

All the best,
Natasha.

irish_angel

Will definately check this out today.
Just one more question will they transfer to a bank or must it be another CU?

natasha8642

No they transfer to any financial institution.

irish_angel

Checked on line and it looks as if the Lurgan branch is the only one offering this service. Will call into my branch to ask and maybe even consider opening an accoun in Lurgan if this is an option.
Will keep you posted.

kenshaz

https://www.moneycorp.co.uk

irish_angel

Well just my luck! My local CU doesn't have this service and I can't become a member in Lurgan as I don't live in that area, so it's back to the research!!
I hope all you folks in Lurgan appreciate your CU as they appear to be one helluva branch.
You lucky things.

tee_3

Have you looked into a regular payment authority (like a dd but using a credit card) from a card like Nationwide or post Office which doesnt carry any FX fees.

Just a thought - dont know if it can actually be done. Your Spanish bank would need to initiate it with the credit card company.

HTH

Tee