Transferring Euros from Spain to Pounds in UK - best way/best rates advice pls!

Goodadvice75

Hi

I am seeking advice on behalf of a relative and would be grateful for any help.

He has about 35000 Euros in a Spanish bank account and needs to transfer this to Pounds into a UK bank account.

Please can anyone offer advice on the best way to do this transfer and best rates etc or how to search for the best rates?

Also whether it is better to make the arrangements from the UK end or Spanish end? (Although banks in Spain don't seem all that helpful or prompt...).

We're both a bit green about foreign exchange so very grateful for any help/advice on this. Thx in advance.

Zorz_2

With that kind of amount, the exchange rate is negotiable, but don't expect anything dramatically better than the bank's official rates. There are also specialised, FOREX companies that offer better rates than banks, but unfortunately I haven't got any experience with them.

There is not much he can do from here, the payment will be "initiated" by the spanish bank. The only issue is choosing between "sending GBP" (that is, the spanish bank makes the conversion EUR->GBP and the UK bank receives pounds) or "sending EUR" (spanish bank sends EUR which will be converted into GBP here on arrival). Typically UK banks seem to charge about 6-10 pounds to incoming payments in GBP.

After the new payment rules were recently implemented, a "sending EUR" option (which is called a SEPA payment) may be cheaper, but I'm not sure about this. Surprisingly, I have found that UK banks provide very little information on foreign transaction. For instance, they don't even publicize their daily exchange rates online!

Either way, you will need the IBAN and BIC code of the receiving account.

Goodadvice75

Hi Zorz,

Many thanks for your reply which is very helpful. I've tried Tor FX and its rates seem slightly better than the high street ones and the procedure fairly simple, so may go with them, but still researching.

I hadn't heard of the SEPA payments to which you refer but will also look into these - it's good to consider as many options as possible so he can hopefully get the best deal, even though rates generally are pretty poor.

Thx again for taking the time to reply.

knightstyle

We have used Currencies Direct several times to transfer money to and from France, very pleased with them. The only problem is that your money is not covered by any government failsafe system. So if the company goes bust you will loose your money, unlikely I know but because of this consider splitting the money into two or three transactions. Use a long established company and if the exchange rate looks too good run away!

RetiredInThailand

If you compare the negotiated ("booked") rates given by the big banks there is very little difference, if any, with the FX dealers. The banks never publish the booked rates; you have to ask them for a quote.

As for FX dealers going belly-up, it happened recently enough and some people lost a lot.

https://forums.moneysavingexpert.com/discussion/2773324

For large sums I would always use a bank.

Mikhail

try that: http://currencyfair.com/

jacgal

Has anyone had a any dealings with:-
personal-fx.co.uk

I have just sold my property and need to get money back to the UK.

This company has been recommended to me by an estate agent here in Tenerife, but I would be interested to hear from anyone who has used them. Good and/or bad experiences!

Thanks.