Makig Large Transfers from an N, S and I savings account to Purchase a Property in Spain

Leodogger

We need to make a large transfer of money from our N, S and I Direct Saver in the UK to pay by international transfer to pay for a property in Spain.   I note that N, S and I do allow International Transfers as long as you register with them for this account.   What I need to know is, is it best to transfer from them to the Spanish owner using N, S and I exchange rates or transfer the money bit at a time to my Wise Account to use their exchange rates which seem competitive to buy our house?

eskbanker

'Best' in what way?  You're effectively comparing easiest/simplest with cheapest....

Leodogger

I'm just asking which one has the best exchange rates and if there are limits on how much you can send from an N, S and I Direct Saver in one transfer?

ob1kinobi

Sorry that I am not familiar with sending a money transfer directly from an NS & I Direct Saver to an account outside the UK in a foreign currency. If this is not possible and you end up having to withdraw into your nominated account first you might want to consider contacting one of the Money Transfer organisations who are a. Authorised by the Financial Conduct Authority in UK, and b. Have a branch in Spain who are authorised by the Bank of Spain.

There will be several of these Companies operating in UK who you may find are worth talking to, so that you can organise a single large value transfer, if you have concerns over transfer (value) limits employed using your Wise Account, and you might find that they are competitive.

One such company that I have successfully used is Currencies Direct, details below. In my experience the transactions I have put through them have been quick and easy, efficient and highly competitive.

 

Currencies Direct Ltd, One Canada Square, Canary Wharf, London E14 5AA, United Kingdom. Registered in England & Wales, No.: 03041197. Currencies Direct Ltd is authorised by the Financial Conduct Authority as an Electronic Money Institution under the Electronic Money Regulations 2011. Our FCA Firm Reference number is 900669.

 

Currencies Direct Spain, E.D.E., S.L., Avenida del Mediterráneo, 341, 04638 Mojácar, Almería, Spain. Registered in the Commercial Registry of Almería under the Spanish tax ID number B04897930.

They are authorised by the Bank of Spain as an Electronic Money Institution under Law 21/2011 of 26 July and Royal Decree 778/2012 of 4 May (Registration No: 6716)

Their EU banking transactions appear to be managed through the Spanish entity.

Why not check them, or a similar UK operation, out and see whether they can give you the best market rates available and facilitate a smooth transition for your GBP to EUR transaction ?

Leodogger

ob1kinobi said:

Sorry that I am not familiar with sending a money transfer directly from an NS & I Direct Saver to an account outside the UK in a foreign currency. If this is not possible and you end up having to withdraw into your nominated account first you might want to consider contacting one of the Money Transfer organisations who are a. Authorised by the Financial Conduct Authority in UK, and b. Have a branch in Spain who are authorised by the Bank of Spain.

There will be several of these Companies operating in UK who you may find are worth talking to, so that you can organise a single large value transfer, if you have concerns over transfer (value) limits employed using your Wise Account, and you might find that they are competitive.

One such company that I have successfully used is Currencies Direct, details below. In my experience the transactions I have put through them have been quick and easy, efficient and highly competitive.

 

Currencies Direct Ltd, One Canada Square, Canary Wharf, London E14 5AA, United Kingdom. Registered in England & Wales, No.: 03041197. Currencies Direct Ltd is authorised by the Financial Conduct Authority as an Electronic Money Institution under the Electronic Money Regulations 2011. Our FCA Firm Reference number is 900669.

 

Currencies Direct Spain, E.D.E., S.L., Avenida del Mediterráneo, 341, 04638 Mojácar, Almería, Spain. Registered in the Commercial Registry of Almería under the Spanish tax ID number B04897930.

They are authorised by the Bank of Spain as an Electronic Money Institution under Law 21/2011 of 26 July and Royal Decree 778/2012 of 4 May (Registration No: 6716)

Their EU banking transactions appear to be managed through the Spanish entity.

Why not check them, or a similar UK operation, out and see whether they can give you the best market rates available and facilitate a smooth transition for your GBP to EUR transaction ?

I have just raised another thread in connection with this subject on the rubbish customer service with the N, S and I savings account because I have set up an account with Currencies Direct, as such a large amount of money is involved and as Currencies Direct pointed out, there is no individual management of large transfers with Wise if for instance the money goes astray, so I considered it best to use Currencies Direct even though I will lose about 1300 euros in not using Wise.    I am having problems sorting out access to my N, S and I and when I can get that sorted, it should be fairly easy as NS and I said I could transfer more or less very large amounts provided it is to an account with my/our name on it.   So it should be straight forward - hopefully !

Swipe

If you have another UK bank account with a high street bank, I strongly recommend to transfer via there instead of directly from NS&I. If something goes wrong with the NS&I money transfer, it's going to be a complete disaster unpicking it all.

jimjames

Leodogger said:

ob1kinobi said:

Sorry that I am not familiar with sending a money transfer directly from an NS & I Direct Saver to an account outside the UK in a foreign currency. If this is not possible and you end up having to withdraw into your nominated account first you might want to consider contacting one of the Money Transfer organisations who are a. Authorised by the Financial Conduct Authority in UK, and b. Have a branch in Spain who are authorised by the Bank of Spain.

There will be several of these Companies operating in UK who you may find are worth talking to, so that you can organise a single large value transfer, if you have concerns over transfer (value) limits employed using your Wise Account, and you might find that they are competitive.

One such company that I have successfully used is Currencies Direct, details below. In my experience the transactions I have put through them have been quick and easy, efficient and highly competitive.

as Currencies Direct pointed out, there is no individual management of large transfers with Wise if for instance the money goes astray, so I considered it best to use Currencies Direct even though I will lose about 1300 euros in not using Wise.   

You could say "they would say that wouldn't they", certainly for £1300 they can easily pay for a member of staff to monitor a transaction but if it's automated there should be very little need to manage each one individually.

Leodogger

Swipe said:

If you have another UK bank account with a high street bank, I strongly recommend to transfer via there instead of directly from NS&I. If something goes wrong with the NS&I money transfer, it's going to be a complete disaster unpicking it all.

Why?   I would have thought that N, S &I was a reputable savings account and that it would be safe to transfer from there as much as any other UK bank account.

Hoenir

Leodogger said:

Swipe said:

If you have another UK bank account with a high street bank, I strongly recommend to transfer via there instead of directly from NS&I. If something goes wrong with the NS&I money transfer, it's going to be a complete disaster unpicking it all.

Why?   I would have thought that N, S &I was a reputable savings account and that it would be safe to transfer from there as much as any other UK bank account.

NSI isn't a bank per se. 

boingy

The person recommending Currencies Direct has only made two posts on this forum and they both recommended Currencies Direct. Make up your own mind.

Swipe

Leodogger said:

Swipe said:

If you have another UK bank account with a high street bank, I strongly recommend to transfer via there instead of directly from NS&I. If something goes wrong with the NS&I money transfer, it's going to be a complete disaster unpicking it all.

Why?   I would have thought that N, S &I was a reputable savings account and that it would be safe to transfer from there as much as any other UK bank account.

Yes, it may well be safe but what if something goes wrong? They are notorious for taking weeks or even months resolving some issues. At least you'd get a decent level of customer service with a high street bank.