Best way to exchange money to buy in Spain - Page 2

I think its best to use a money exchange specialist.

Be prepared though- once you apply to their web site its like gnats- everyone wants you.

Ive joined three and when I come to change money I look for the best offer.

They also offer some fancy options like preparing to exchange if rates go favourable. And other options. But I don't like complexity. I just like the money.

Hi Phil and Sara,

We used UKForex, and we were able to ask questions on a phone line as well as do it all online. They make no charge for transferring the money, and we could specify a rate that we would change at - for example we could say we want to change when the rate becomes £1=€1.12 - you can decide that or you can just change at the rate available that day.  There are other companies too, so depending on how much you want to change, you might want to check on the rates they are giving.  But this one was definitely far better than using our UK bank account. 

NB we were never bothered by hem - they just gave tremendous support.

If you need to take cash, again, you can get much better rates than your bank gives.  In London, there are a number of exchange places near Victoria station, and because there are so many, the competition is fierce! One example is Change-Link.

Good luck, and hopefully other members will suggest other ways of sending money where it is possible to get even better rates!

Katy

I am currently using gcen but have looked at the currency account. Is the 0.5 % definitely the only fee you pay ??? If so it looks like I would be better using them if it guarantees the live rate 

I would recommend Transfer Wise. They give you the mid market rate on the day. If you want to hedge the rate then the other companies could be the better option.

What ever deal you you strike with a broker you can always check the cost with Transfer Wise on their app. I find their charges are the best on the market.

Transfers to Spain from the UK take less than 24 hours and you are in control.

Regards

Paul

So I take it mid market rate is not the live rate on the website. i.e today is 1.14 against the euro so you get nearer 1.12 ??

If I changed £500.00 at this moment I would get €578.85 in my bank. Via Transfer Wise. 

Regards Alan

I got 1.434 while transferring £1000 this morning cost £4.69 money now in Santander bank.

Hope that helps.

Regards

Paul

Sorry fat fingers €568.65

Yes that is correct.

Regards Paul

Sorry if I have replied before but cannot see it on the forum.

The rate you would get is 1.1434 euros to the pound.

If you were to sell euros to your bank today the rate would be probably circa 1.16 euros to the pound. If you wanted to buy euros it would probably be circa 1.12 to the pound. The mid market rate is what the banks will buy and sell to each other at.

You would then have bank charges to transfer the funds. The brokers make their income on the difference between what they buy at and what they sell it to you.

Hope this helps.

Paul