Join the Mojacar forum

My name's Alex and this is my website all about Mojacar in Spain. Register now for free to talk about Banking and finances in Mojacar and much more!

Best Way To Transfer Money - Revolut?

Posted: Fri Feb 19, 2021 3:52pm
chat_bubble23 repliesvisibility1071 viewsadd_alert8 members subscribed

Posts: 92

star42 helpful points

Location: Mojacar

Joined: 5 Mar 2016

Like many I transfer money from UK to my bank in Spain to cover bills - for this I use Currencies Direct who do not charge but give a exchange rate 2 or 3% below the official rate.

I also use a Caxton FX card and again they exchange at 2 or 3% below the official rate.

I have just been looking at Revolut who exchange at the official rate and only charge at 0.5% of the transfer. From their website the system looks a bit complicated with the standard account being free but the plus, premium and metal accounts having a monthly fee. It also looks as if you open a UK bank account with them in order to make the transfers.

Has anyone used Revolut and if so would the standard account be OK for making transfers to Sabadell and does the account have any stipulations such as minimum amounts you have to transfer in each month. I would not intend to close my existing UK bank account.

Sorry this is a boring topic but all I am allowed to do at the moment is pay my bills!

Posted: Fri Feb 19, 2021 3:59pm

Doris

Helpful member

Posts: 320

star320 helpful points

Location: Vera

Joined: 27 Feb 2020

Posted: Fri Feb 19, 2021 3:59pm

TransferWise is by far the best. They always give best rates and only charge £3-69 for every thousand transferred. 

Posted: Sat Feb 20, 2021 8:47am

Posts: 86

star23 helpful points

Location: Mojacar

Joined: 17 May 2017

Posted: Sat Feb 20, 2021 8:47am

Doris wrote on Fri Feb 19, 2021 3:59pm:

TransferWise is by far the best. They always give best rates and only charge £3-69 for every thousand transferred. 

I totally agree with Doris.  I use Transferwise and have saved hundreds of pounds against other currency exchanges.  They have also just reduced their rates for transferring £'s to euros. Their conversion rate is also better than any other exchange I have found.

Posted: Sat Feb 20, 2021 9:42am

LosPardoslady

Helpful member

Posts: 608

star432 helpful points

Location: Vera

Joined: 22 Jun 2019

Posted: Sat Feb 20, 2021 9:42am

Transferwise every time.  Also don't forget that now you also have to consider currencies direct payments from UK to Spanish banks are attracting fairly hefty fees. 

Posted: Sun Feb 21, 2021 2:42pm

Posts: 53

star16 helpful points

Location: Mojacar

Joined: 6 Mar 2020

Posted: Sun Feb 21, 2021 2:42pm

Revolut are brilliant - exchange rates are way better than anyone else and zero charge too - and fast!

Advertisement - posts continue below

Posted: Sun Feb 21, 2021 3:35pm

Doris

Helpful member

Posts: 320

star320 helpful points

Location: Vera

Joined: 27 Feb 2020

Posted: Sun Feb 21, 2021 3:35pm

Today’s exchange rates 5 minutes ago. TransferWise vs revolut. 

Posted: Sun Feb 21, 2021 7:34pm

Posts: 60

star11 helpful points

Joined: 22 Aug 2020

Posted: Sun Feb 21, 2021 7:34pm

Doris wrote on Sun Feb 21, 2021 3:35pm:

Today’s exchange rates 5 minutes ago. TransferWise vs revolut. 

Hi I use my uk bank to transfer to monzo and from that to spain bank account. Brilliant use  my monzo in spain as well and get good rates. Reg

Posted: Mon Feb 22, 2021 7:39am

Posts: 80

star39 helpful points

Location: Íllar

Joined: 28 Jan 2019

Posted: Mon Feb 22, 2021 7:39am

Hi

We have Revolut standard accounts and find them brilliant. Last night we were talking about shifting some from the uk to here and on £25k we were getting a rate of just over 1.14 and the total fee was €138. It us a little bit complicated to get your head around it when you first start, but there’s loads of info online to help you, and once you get your head around it it’s really easy. 
I would really recommend them.

Posted: Mon Feb 22, 2021 9:39am

Doris

Helpful member

Posts: 320

star320 helpful points

Location: Vera

Joined: 27 Feb 2020

Posted: Mon Feb 22, 2021 9:39am

anitacarthew wrote on Mon Feb 22, 2021 7:39am:

Hi

We have Revolut standard accounts and find them brilliant. Last night we were talking about shifting some from the uk to here and on £25k we were getting a rate of just over 1.14 and the total fee was €138. It us a little bit complicated to get your head around it when you first start, but the...

 

Read more...

...re’s loads of info online to help you, and once you get your head around it it’s really easy. 
I would really recommend them.

Total fees when using TransferWise would be 87-39 on 25k

Posted: Mon Feb 22, 2021 10:48am

Posts: 80

star39 helpful points

Location: Íllar

Joined: 28 Jan 2019

Posted: Mon Feb 22, 2021 10:48am

Doris wrote on Mon Feb 22, 2021 9:39am:

Total fees when using TransferWise would be 87-39 on 25k

That’s a no brainer then! 

So the bit where Revolut is good is it works a little differently so maybe transfer wise for larger exchanges over £1000. This is what you can do with Revolut in a nutshell :

you have multiple wallets within the account - sterling, euro, whatever currencies you want

You get a card with the account - essentially a prepaid debit card

You load up your sterling, and it sits in the sterling wallet - if you want, you can exchange some or all of it into another currency - up to €1000 a month without fees

Or ... you can just spend using the card and the exchange automatically happens - again within that €1000 per month without fees

I see that as really useful for when you’re going back and forth (if we’re ever allowed to again!) - you just choose to pay in the currency if the country you’re in and Revolut takes care of the rest

If you’re planning to change money this week hold off till tomorrow as they’re expecting an increase in the exchange rate - and end of July is looking good too ... 

so they’re 2 quite different products and I think it depends on what you’re doing as to which one you use

Sign up for free or login to reply to this topic

Want to reply to this topic? Login or register for free to post your message:

Find more Banking and finances topics from a particular area: