Money transfer/ exchange - Banking and finances in Turre - Turre forum - Costa de Almería forum in the Almeria province of Spain
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Money transfer/ exchange

Posted: Mon Oct 8, 2018 11:06am
9 replies165 views10 members subscribed
karenhillman

Posts: 12

1 helpful points

Location: Turre

Joined: 7 Sep 2018

Can anyone recommend a money exchange organisation which offers good rates and is reliable and trustworthy?  We're relocating to Turre and will need to transfer the equity in our UK home to purchase our new Spanish home. Also can anyone advise if there is a way to avoid non residency management fees via our bank when we transfer the money?  Thank you

BobL

Posted: Mon Oct 8, 2018 1:30pm

BobL

Super helpful member

Posts: 2170

1225 helpful points

Location: Mojacar

Joined: 18 Aug 2016

Posted: Mon Oct 8, 2018 1:30pm

Hi,

Years ago we used to transfer monthly via GCEN ( Global Currency Exchange Network ). They absorbed the fees. Then one month the.money arrived, no problem until a week later when over 300€ disappeared from the account with La .Caixa. We contacted GCEN they sent us a fax which we took to the Bank & the money was refunded plus a number of totally spurious excuses. Why we now most of our Banking Offshore with just enough in for Utilities, etc.

You could check with Transferwise as well.

If anything Spanish Banks are the worse ever.

Best Wishes,

Bob and Sandra

Mojacar Playa & Puerto Lumbreras

Tony and Sue

Posted: Mon Oct 8, 2018 3:20pm

Tony and Sue

Helpful member

Posts: 74

61 helpful points

Location: Albox

Joined: 6 May 2017

Posted: Mon Oct 8, 2018 3:20pm

I have recently used the following company https://www.xe.com/ a couple of times having set up a free account with them.

When you are ready to transfer they quote you a current rate and show the amount they will transfer and this includes all fees. If you accept the deal then you can pay them by bank transfer and they initiate the funds transfer in euro, this appeared in our Spanish account next day. Th.e whole process is visible in their website.

We tried the service with a small amount to see how it worked and then a bigger amount, hope to transfer proceeds of our house sale via them once our completion happens.

Tony & Sue Peachey

Rob20B

Posted: Mon Oct 8, 2018 3:23pm

Rob20B

Helpful member

Posts: 604

462 helpful points

Location: Los Gallardos

Joined: 12 Aug 2016

Posted: Mon Oct 8, 2018 3:23pm

For the main large amount transfers we used Currencies Direct to transfer the money from our UK bank account to Currencies Direct in the UK, the money then arrived in our lawyer's account the next day. They have an office on Mojacar Playa and their website is at https://www.currenciesdirect.com/en. 

For day-to-living expenses my UK banking is now with Transferwise for everything (I was pleased to get rid of the RBS account) and it takes just a few hours to transfer funds to our Sabadell account. They have a good app their website is at https://transferwise.com/

Both are good. Just don't use your uk bank account (unless it's Transferwise) to transfer direct to an account in Spain, it will cost you more, the rate will be worse and usually take longer.

Rob
Los Gallardos/Palomares

John Diane

Posted: Mon Feb 4, 2019 4:13pm

Posts: 2

1 helpful points

Location: Turre

Joined: 1 Jun 2017

Posted: Mon Feb 4, 2019 4:13pm

We have used all the currency dealers and have found TransferWise the best one by far, money transferred same day if not the next day, offer the best rates, Never had any problems.

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Kevster

Posted: Wed Feb 6, 2019 4:05pm

Posts: 73

21 helpful points

Location: Chirivel

Joined: 4 Oct 2016

Posted: Wed Feb 6, 2019 4:05pm

Currencies direct are very good I used them when I purchased our villa but since then I also use a Revolut account which gives the actual inter bankrate which none of the others do.  Its an online bank account and you can keep money in sterling and euros as you like.  You can also use the card as a normal debit card to make payments and transfer money to other people etc.  Google Revolut, read up on it and download the app if you want to open an account, all very straight forward.

Hope thats helpful.   

Kevin

Karenc

Posted: Thu Feb 7, 2019 8:43am

Karenc

Helpful member

Posts: 133

54 helpful points

Location: Huércal-Overa

Joined: 24 Oct 2017

Posted: Thu Feb 7, 2019 8:43am

Currencies direct lost our money, eventually found it but didn't know where it had gone... I haven't used a company since but I believe gcen are very good and offer special rates as thry transfer in lump sums rather than small amounts.. very nice people on mojacar playa.... 

Champ

Posted: Fri Feb 8, 2019 12:15pm

Champ

Helpful member

Posts: 107

62 helpful points

Location: Huércal-Overa

Joined: 19 Jun 2018

Posted: Fri Feb 8, 2019 12:15pm

I use TransferWise app on my mobile - excellent exchange rates and extremely useful for paying euro rent - I have sterling and euro IBAN account with them.

Lyn77

Posted: Fri Feb 8, 2019 1:20pm

Lyn77

Helpful member

Posts: 608

367 helpful points

Location: Vera Playa

Joined: 25 Feb 2017

Posted: Fri Feb 8, 2019 1:20pm

I also use TransferWise  best rates I could find when sending birthday present to grandchildren abroad. 

Sharon62

Posted: Fri Feb 8, 2019 4:04pm

Posts: 26

8 helpful points

Location: La Alfoquia

Joined: 22 Feb 2018

Posted: Fri Feb 8, 2019 4:04pm

We have used torfx on several occasions they have always been very good , we transferred from our Bank in the Uk to them & they sent the funds for the purchase of our property to our solicitor on the day we requested they have also transferred funds to our Spanish Bank we wait until the exchange rate goes up then buy some Euros from them very easy to do but a bit stressful when you make that first transfer. 

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