Best way to exchange money to buy in Spain - Page 3

Hi I've just checked UK Forex, and the rate is 1.1427 to buy Euros. - it really is worth checking, and they are really helpful on the phone - the first time I called, I understood nothing! They also don't charge for doing the transfer.

Incidentally, to buy cash Euros at Link Exchange at Victoria station (for those in the UK going out to Spain) the rate is 1.1315 to buy Euros.

Paul (previous message) has given a really good explanation of how the exchange rate works.  I'd like to add that if you want to see if you are getting a good rate, apart from looking at all the places where you can change, it's also helpful to look at the buying and selling rate - when they are close, you know that the broker is not making such a huge profit - whereas, for example, at the airport, the difference is very big, and they are raking it in!!

Good luck Katy

Hi all

Thanks for all replies, really helpful.

Colleague in work has put me onto Torfx who have rates similar to what most have posted. Definitely pays to shop around  

Hi everyone

Thanks so much for all the advice, really helpful 👍 we’re checking for the best rates now, looked like a minefield but actually is simpler than we thought!

Thanks again

Phil and Sara 

We use Torfx in the uk used them to transfer to USA and now Spain when we bought here last year. Very good and can place funds in hold account with guaranteed rate if you want to.

My contact is Josephine Ottaway always helpful and dealt with them for over 7 years.

Good luck

Hi,

Yes the 0.5% is the only fee, they don't hound you, it's quick to use, you can either go onto your account and transfer money from your bank account (you will need to do this if it's a large amount of money) or set up a transfer using your bank using your Currency Account client number, then when you are happy with the rate, click the button and the exchange is complete.

The rates they offer are usually as near the daily rate as you can get and the standard 0.5% makes it easy to know exactly what you are going to get.

One other thing to be aware of is the charge the bank will try and make for the bankers draft the solicitors will need for completion.

The solicitors in Spain seem to like to have a bank cheque to hand over on completion - I dont know why they cannot transfer monies electronically like they do in uk

Sabadell tried to charge me €300 for this bank cheque !!!!!!!!!!!!!

After a few conversations and my agreeing to take their property insurance they reduced the fee to €75

Perhaps as well to ask about this before you get to completion.

Use an exchange broker. look on line for the 1% deals. There are several.

There have just been numerous messages about sending money - look back through the history (last week)  good luck!

Just checked Transferwise rate 1.1305 commission 0.35% £350.00.

Be careful with brokers if you were to transfer £100,000, 1.00% commission that would have cost you £1000.00 the broker does not need to do many transactions at 1.00% to make a very nice living out of you.

Regards

Paul

Whoever you use, keep an eye on your Spanish legal team, I bought a property in June from an English couple, it cost me three grand to

transfer the money over and cost them three grand to transfer it back to UK the next day because Spanish lawyer did not let us communicate!!