# Transferring funds.



## passiflora (Jun 28, 2012)

How do most of you transfer money from the UK to your Spanish bank? Do you do a transfer between banks or do you use an outside agency?


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## gus-lopez (Jan 4, 2010)

Use Single european Payment Area system ( SEPA) with hsbc . Used to be £9 for up to 10k but I think it is only £4 now. The transfer in to my spanish account arrives within minutes.
For larger amounts it is worth checking with a few transfer companies. what I don't like is the fact that they won't give you a rate unless you are registered,.


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## Madliz (Feb 4, 2011)

Currency Fair is the best I've found, using peer-to-peer transactions for a meagre €3 fee. I just completed a transaction - I transferred the money to them yesterday, saw the prevailing rate was 1.19 but rising, booked for 1.20 and got it today. The money is now on its way here and I'll get a whole load more than using a bank.


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## passiflora (Jun 28, 2012)

Madliz said:


> Currency Fair is the best I've found, using peer-to-peer transactions for a meagre €3 fee. I just completed a transaction - I transferred the money to them yesterday, saw the prevailing rate was 1.19 but rising, booked for 1.20 and got it today. The money is now on its way here and I'll get a whole load more than using a bank.


Well that sounds good to me but what does it mean??? I don't bank on line. Can I do peer to peer if I don't bank online?


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## Madliz (Feb 4, 2011)

passiflora said:


> Well that sounds good to me but what does it mean??? I don't bank on line. Can I do peer to peer if I don't bank online?



I guess you don't need to have online banking as long as you can transfer money to them. Read about them here:

Online Peer-to-Peer Foreign Currency Exchange - CurrencyFair


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## passiflora (Jun 28, 2012)

Madliz said:


> I guess you don't need to have online banking as long as you can transfer money to them. Read about them here:
> 
> Online Peer-to-Peer Foreign Currency Exchange - CurrencyFair


OK. Thanks for this.


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## Alcalaina (Aug 6, 2010)

Madliz said:


> Currency Fair is the best I've found, using peer-to-peer transactions for a meagre €3 fee. I just completed a transaction - I transferred the money to them yesterday, saw the prevailing rate was 1.19 but rising, booked for 1.20 and got it today. The money is now on its way here and I'll get a whole load more than using a bank.


Thaks for the tip. I just used CurrencyFair for the first time (I used to use HIFX) and saved €77. I owe you a drink or two!


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## 90199 (Mar 21, 2010)

There are lots of firms that do far better deals than banks, I use Smart


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## jp1 (Jun 11, 2011)

Got to agree Online Peer-to-Peer Foreign Currency Exchange - CurrencyFair is the best way to transfer money.

I have been using them just over 2 years now.


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## caromac (Nov 16, 2008)

Transferwise are very good too.


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## Armadillo (Mar 18, 2014)

*Money transfer*



passiflora said:


> How do most of you transfer money from the UK to your Spanish bank? Do you do a transfer between banks or do you use an outside agency?


Hi I use moneycorp on line you can transfer the money yourself and it costs nothing. They also give a very good rate. I have been using them for about 2 Years. Before that I got ripped blind by other companies and banks.


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## Madliz (Feb 4, 2011)

Moneycorp charge no commission but the rates they offer are appalling! I swapped to CurrencyFair, where I have some control over the rate and pay them, from memory, €3 as a fee. The last few transfers I've done with them have been at or above the prevailing bank rate. I cannot imagine anyone would beat that! It's a peer-to-peer site, which matches those wanting to buy a certain currency with those wanting to sell. Both parties get far better rates.


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## nwill67 (Sep 27, 2012)

I've always used Currency Fair


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## LesleyL (Apr 18, 2012)

If we are going to be in receipt of two Goverment Pensions (military & Civil Service) am I right in thinking that the company dealing with these pensions (Xperian I think) will pay them direct into your Spanish bank account at a favourable rate?? thanks.


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## 90199 (Mar 21, 2010)

LesleyL said:


> If we are going to be in receipt of two Goverment Pensions (military & Civil Service) am I right in thinking that the company dealing with these pensions (Xperian I think) will pay them direct into your Spanish bank account at a favourable rate?? thanks.


I get my pensions paid into a Uk Account, then when the exchange rates are in my favour I transfer a large amount to my Canary Island account using a currency exchange firm in London.

That way it is I who has control of the pensions, as to when they are transferred not a third party, who has no interest in what the exchange rate is.


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## Aron (Apr 30, 2013)

Hepa said:


> I get my pensions paid into a Uk Account, then when the exchange rates are in my favour I transfer a large amount to my Canary Island account using a currency exchange firm in London.
> 
> That way it is I who has control of the pensions, as to when they are transferred not a third party, who has no interest in what the exchange rate is.


We have our pensions paid directly each month into our Spanish bank account. We get the best rate available at that moment. There are no charges and no worries. It couldn't be simpler. It's a personal choice to which way you do it or how well off you are. We just do what is easiest, and to be honest, I doubt it makes much difference which is your preference.


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## LesleyL (Apr 18, 2012)

Thank you both Hepa & Aron. There is so much to consider, my mind is buzzing all the time with only 4 months to go.


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