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Exchanging Currency £s to €s help please!

Posted: Fri Mar 29, 2019 11:30am
9 replies237 views8 members subscribed
Josiezep68

Posts: 16

3 helpful points

Location: Arboleas

Joined: 11 Feb 2018

Hola Everyone

We're currently looking to permanently relocate to Spain in the next few months. We are looking to secure our pounds sterling against all the political upheaval shall we call it, and we were considering getting a Forward Contract with someone like Smart Exchange Currency or A Place In The Sun Currency. I was wondering if any of you lovely peeps have had any experience with anything like this and if you can offer any guidance in this area? Muchos gracias & cheers! Jo & Steve from Sheffield 

RAYSMITH1

Posted: Fri Mar 29, 2019 1:13pm

Posts: 32

18 helpful points

Location: Roquetas de Mar

Joined: 1 Mar 2016

Posted: Fri Mar 29, 2019 1:13pm

Hi,

We used Smart currency  with no problems at all very professional and helpful.

Regards

Ray & Kath Smith

Josiezep68

Posted: Fri Mar 29, 2019 2:55pm

Josiezep68

Original Poster

Posts: 16

3 helpful points

Location: Arboleas

Joined: 11 Feb 2018

Posted: Fri Mar 29, 2019 2:55pm

Thank you for that, it's a lot of money to transfer to a company that we don't know! 

Kevster

Posted: Fri Mar 29, 2019 8:49pm

Posts: 73

21 helpful points

Location: Chirivel

Joined: 4 Oct 2016

Posted: Fri Mar 29, 2019 8:49pm

Look at opening a Revolut account.  You get the actual interbank exchange rate.

JaneSW

Posted: Sat Mar 30, 2019 7:03am

JaneSW

Helpful member

Posts: 97

53 helpful points

Location: Taberno

Joined: 8 Feb 2018

Posted: Sat Mar 30, 2019 7:03am

Hi.. Yes,... It is nerve wracking to transfer big sums of money... Ours was in a TORFX for 6 months and then in a Bankinter account for 8 months. First house purchase fell through and then 2nd house took a year to get sorted paperwork wise. 

Checking our balance online became a sport 😂 only regret is that we did not make any interest on it. 

Good luck with everything! 

Kind Regards 

Jane 

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Kevster

Posted: Sat Mar 30, 2019 8:26am

Posts: 73

21 helpful points

Location: Chirivel

Joined: 4 Oct 2016

Posted: Sat Mar 30, 2019 8:26am

That’s the benefit of a Revolut account you can keep money in several currencies and transfer easily back and forth if delays happen. You can actually make money just swapping from sterling to euros and back again when the rates change. Which happens a lot at the moment with this brexit lark.  And you always get the actual interbank rate. 

Michelle

Posted: Sat Mar 30, 2019 10:34am

Posts: 75

32 helpful points

Location: Purchena

Joined: 16 Feb 2017

Posted: Sat Mar 30, 2019 10:34am

Hi, we use Magna Financial for our money transfers. Great rates compared to Smart Currency and others. Always a deal to be done. Very quick and easy transfers. 

Zurgena Dean

Posted: Wed Apr 3, 2019 11:54am

Posts: 6

1 helpful points

Location: Zúrgena

Joined: 18 Feb 2019

Posted: Wed Apr 3, 2019 11:54am

Hi Josie. We were in exactly the same position a few weeks ago. I researched TORFX, Currencies Direct, A place in the sun currency, GCEN, Magna Financial and a few others (I'm great with maths and love getting a better deal). You will have realised by now that it is not easy! Nobody seems to give you the forward price unless you call them and as the rate is constantly changing it makes it hard to get a comparable figure from multiple companies (by the time you finish one call and call the next company the rate has changed.) I ruled out Magna Financial as they don't have physical offices and I was not comfortable giving all my money to an online company. The differences in rates between A place in the Sun, GCEN, TORFX & Currencies direct was minimal. I ended up going with Currencies direct and have, just last week, got a forward contract for   £100,000 for 9 months and it was VERY easy. You just pay a 10% deposit. Very helpful on the phone and of course, they have physical offices and are more well known. What I did work out (roughly) is that the forward rate for 1 year is approximately 0.94cents less than the spot rate. So, if today's spot rate is 1.1568 the forward contract would be around 1.1474 (1.1568 minus 0.0094). Hope this helps. Dean

tnticesp

Posted: Sat Apr 6, 2019 10:14pm

Posts: 17

6 helpful points

Location: Albox

Joined: 20 Feb 2019

Posted: Sat Apr 6, 2019 10:14pm

I use transferwise whcih alsop enables me to have an account int he Uk, which I didn´t have

Josiezep68

Posted: Sun Apr 7, 2019 12:10pm

Josiezep68

Original Poster

Posts: 16

3 helpful points

Location: Arboleas

Joined: 11 Feb 2018

Posted: Sun Apr 7, 2019 12:10pm

Thank you everyone for your responses. We have got ourselves sorted and feel more confident about what happens to our money! 

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