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Best way to exchange money to buy in Spain

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Posted: Wed Oct 18, 2017 11:36pm
49 replies1092 views26 members subscribed
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Sara1412

Posts: 5

Location: Sorbas

1 helpful posts

Hi, we are coming back out in a few weeks to view some more properties to buy a holiday home in the area. We have a mortgage agreed with a Spanish bank, lawyer arranging NIE etc but were wondering the best way to exchange the money for deposit/taxes etc? Should we go to a money exchange/broker rather than transfer the money directly to the bank? Any advice gratefully received!

Phil and Sara 

Liz1953

Thu Oct 19, 2017 7:57am

Posts: 11

Location: Mojacar

5 helpful posts

Posted: Thu Oct 19, 2017 7:57am

We used currencies direct Michelle Birch she was so helpfull

Tina17

Thu Oct 19, 2017 10:51am

Posts: 18

Location: Oria

9 helpful posts

Posted: Thu Oct 19, 2017 10:51am

Sara1412 wrote:

Hi, we are coming back out in a few weeks to view some more properties to buy a holiday home in the area. We have a mortgage agreed with a Spanish bank, lawyer arranging NIE etc but were wondering the best way to exchange the money for deposit/taxes etc? Should we go to a money exchange/broker rather than transfer the money directly to the bank? Any advice gratefully received!

Phil and Sara 

Hello We have just purchased a property and used Magna Financial.  Osman was excellent at getting the best rates including fixed forward rates to avoid any drops in the exchange rate. Hope this helps.

Tina 

Trish414

Thu Oct 19, 2017 10:55am

Posts: 27

Location: Arboleas

5 helpful posts

Posted: Thu Oct 19, 2017 10:55am

Sara1412 wrote:

Hi, we are coming back out in a few weeks to view some more properties to buy a holiday home in the area. We have a mortgage agreed with a Spanish bank, lawyer arranging NIE etc but were wondering the best way to exchange the money for deposit/taxes etc? Should we go to a money exchange/broker rather than transfer the money directly to the bank? Any advice gratefully received!

Phil and Sara 

Hi we completed on our property last week and used GCEN they were excellent and we saved a lot of money using them.

Claire was our contact I can send you her email if you like 

We were very anxious not having done anything like this before but she was really good keeping us informed every step of the way 

We also used a solicitor called  Maria at Mundi Abogados in Vera she was so nice very professional we gave her power of attorney and she got our NIE numbers for us opened our bank accounts and set direct debits up for us for utilities.

Again she was excellent and kept us informed along each and every step of the way 

We fly out to pick our keys up next month and can't wait.

Good Luck in your search we were very hesitant at the beginning but are so glad we did it.

Regards 

Trish and Mike

Rob20B

Rob20B

Helpful member

Thu Oct 19, 2017 11:00am

Posts: 465

Location: Los Gallardos

315 helpful posts

Posted: Thu Oct 19, 2017 11:00am

We use Currencies Direct and have been very pleased with them. You can transfer to your Spanish Bank account via an app on your phone or via the website. Either it can be by a  bank transfer to them or via a debit card you've registered with them. The former is better for large amounts but the latter is quicker for transferring money over for bills and short trips and will be in your account the following morning. Although I know that some here on the forum do just use their UK bank to transfer directly to their Spanish bank, my experience with investigating sending funds from Santander UK to Banco Sabadell is that I would get a much worse rate and the projected time for crediting the Spanish account is slower.

AW9940

Thu Oct 19, 2017 11:11am

Posts: 9

Location: Mojacar

10 helpful posts

Posted: Thu Oct 19, 2017 11:11am

Sara1412 wrote:

Hi, we are coming back out in a few weeks to view some more properties to buy a holiday home in the area. We have a mortgage agreed with a Spanish bank, lawyer arranging NIE etc but were wondering the best way to exchange the money for deposit/taxes etc? Should we go to a money exchange/broker rather than transfer the money directly to the bank? Any advice gratefully received!

Phil and Sara 

I use an online Company called ‘Transferwise’ quick easy and superb rates. Check them out read their reviews. I have used GCen and Currency Direct I have found this Company the best. Good luck. 

Alan

AndiHH

Fri Oct 20, 2017 10:47am

Posts: 27

Location: Mojacar

3 helpful posts

Posted: Fri Oct 20, 2017 10:47am

Hi, When we bought in Mojacar I used both GCEN and The Currency Account, I thought the Currency Account was better as they take a standard .05% commission but you do get the actual exchange rate at that time, and it's immediate, you just click when the rate becomes what you are happy with.

I also use them for topping up my Spanish Account on a regular basis

KatySJ

Fri Oct 20, 2017 1:08pm

Posts: 15

Location: Mojacar

10 helpful posts

Posted: Fri Oct 20, 2017 1:08pm

Sara1412 wrote:

Hi, we are coming back out in a few weeks to view some more properties to buy a holiday home in the area. We have a mortgage agreed with a Spanish bank, lawyer arranging NIE etc but were wondering the best way to exchange the money for deposit/taxes etc? Should we go to a money exchange/broker rather than transfer the money directly to the bank? Any advice gratefully received!

Phil and Sara 

Hi

When we bought, we used UKForex.  There is no charge (so definitely don't use your bank account), and you can 'book' to send money - for example, you say you want to change the money when it reaches £1= 1.10 Euros. I phoned them to discuss exactly how it all works, and they were very helpful.

It's probably worth checking the rates of all the places recommended here to see which would be best for you.

Good luck!

Katy

Fran

Sun Oct 22, 2017 1:43pm

Posts: 12

Location: Mojacar

8 helpful posts

Posted: Sun Oct 22, 2017 1:43pm

Sara1412 wrote:

Hi, we are coming back out in a few weeks to view some more properties to buy a holiday home in the area. We have a mortgage agreed with a Spanish bank, lawyer arranging NIE etc but were wondering the best way to exchange the money for deposit/taxes etc? Should we go to a money exchange/broker rather than transfer the money directly to the bank? Any advice gratefully received!

Phil and Sara 

Currency direct...vere professional and easy to use. 

Holman

Sun Oct 22, 2017 5:53pm

Posts: 5

Location: Arboleas

4 helpful posts

Posted: Sun Oct 22, 2017 5:53pm

Sara1412 wrote:

Hi, we are coming back out in a few weeks to view some more properties to buy a holiday home in the area. We have a mortgage agreed with a Spanish bank, lawyer arranging NIE etc but were wondering the best way to exchange the money for deposit/taxes etc? Should we go to a money exchange/broker rather than transfer the money directly to the bank? Any advice gratefully received!

Phil and Sara 

XE gave us a better rate than currency direct and simple on line . We saved £4000 over Currency direct on £150 k still using them for smaller transfers 

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