# Currency Exchange



## Winmode (Mar 7, 2014)

I've been living in Europe now for over a year and I'm living in Spain. I retired in the US and my retirement is paid to me in USD. I'm trying to find the best way to exchange money between USD and EUR. I used Send Money Abroad Online | CurrencyFair P2P International Money Transfers a few times but they changed countries, and now it's more expensive to use.
Is anyone else changing a currency to EUR? Anyone have any suggestions?
Thanks!
Morgan


----------



## 90199 (Mar 21, 2010)

Try these people in London, I,m sure they will be able to advise. I use them, no problems good rates


Foreign Money & Currency Exchange Services, Euro Exchange, UK Currency Converter :: SmartCurrencyExchange.com


----------



## baldilocks (Mar 7, 2010)

Winmode said:


> I've been living in Europe now for over a year and I'm living in Spain. I retired in the US and my retirement is paid to me in USD. I'm trying to find the best way to exchange money between USD and EUR. I used Send Money Abroad Online | CurrencyFair P2P International Money Transfers a few times but they changed countries, and now it's more expensive to use.
> Is anyone else changing a currency to EUR? Anyone have any suggestions?
> Thanks!
> Morgan


Will they not pay you direct into a Spanish bank account? That is the way we Brits get our pensions, we get the best rate and it is in our accounts on the same day as it would be in UK


----------



## snikpoh (Nov 19, 2007)

Winmode said:


> I've been living in Europe now for over a year and I'm living in Spain. I retired in the US and my retirement is paid to me in USD. I'm trying to find the best way to exchange money between USD and EUR. I used Send Money Abroad Online | CurrencyFair P2P International Money Transfers a few times but they changed countries, and now it's more expensive to use.
> Is anyone else changing a currency to EUR? Anyone have any suggestions?
> Thanks!
> Morgan


Maybe it's because the money is coming from America but I use CurrencyFair all the time. 

To my knowledge they haven't moved and the charges are still as low as they have ever been (no increase to my knowledge).


----------



## Lynn R (Feb 21, 2014)

snikpoh said:


> Maybe it's because the money is coming from America but I use CurrencyFair all the time.
> 
> To my knowledge they haven't moved and the charges are still as low as they have ever been (no increase to my knowledge).


Me too. For standard transfers from GBP to euros they charge a flat fee of €3, I don't know if the charges are different if transferring from US dollars.


----------



## Winmode (Mar 7, 2014)

Thanks for the replies. I don't have a bank account in spain yet because the bank that I want to use requires me to have a NIE.
My pension is coming from Alabama... they're kinda stuck in the past. I assume they would be surprised that Spain is developed enough to have banks. Ugh, Alabama... 
Aside from my opinion, that's a great idea and worth asking baldilocks. 
I'll check into trying currencyfair.com again.
Do any of you feel it's best to transfer many small amounts or a one time large amount?


----------



## snikpoh (Nov 19, 2007)

You shouldn't need an NIE to open a non-resident account in Spain. However, some (not many) banks are now asking for one. Have you tried other banks?

I would transfer larger amounts then you are more in control of the exchange rate (IMHO).


----------



## baldilocks (Mar 7, 2010)

Winmode said:


> Thanks for the replies. I don't have a bank account in spain yet because the bank that I want to use requires me to have a NIE.
> My pension is coming from Alabama... they're kinda stuck in the past. I assume they would be surprised that Spain is developed enough to have banks. Ugh, Alabama...
> Aside from my opinion, that's a great idea and worth asking baldilocks.
> I'll check into trying currencyfair.com again.
> Do any of you feel it's best to transfer many small amounts or a one time large amount?


I must admit that, having experienced the incompetence of banks in America, I do wonder how they became to be one of the most powerful nations in the world. 

Transferring a large amount will attract the attention of the authorities (money-laundering, et al) and even more so if you make several large transfers. Transferring in smaller amounts means you get, possibly, a poorer exchange rate and, again, might attract the attention of authorities (are these wages or other income that ought to be subject to income taxation?) Plus , of course, you have to consider the transfer fees which could be nil if you transfer a large amount but if, say you transfer in smaller amounts (say 1k) could be in the order of 40-50 USD each time which works out expensive.

w.r.t. a NIE, if you are near a Spanish Consulate/Embassy, you should be able to obtain a non-resident NJIE there.


----------



## snikpoh (Nov 19, 2007)

baldilocks said:


> w.r.t. a NIE, if you are near a Spanish Consulate/Embassy, you should be able to obtain a non-resident NJIE there.


[rhetorical] What's a non-resident NIE??? They don't exist! [/rhetorical]


Yes, you can get an NIE from your local consulate without too much effort (in theory) but as you live in Spain this is not appropriate.

Just go to your local extranjeria (normally associated with the National Police Station), fill in form EX15 (ISTR)


----------



## baldilocks (Mar 7, 2010)

snikpoh said:


> [rhetorical] What's a non-resident NIE??? They don't exist! [/rhetorical]
> 
> 
> Yes, you can get an NIE from your local consulate without too much effort (in theory) but as you live in Spain this is not appropriate.
> ...


A non-resident NIE gives you a piece of white paper that is valid for only 90 days after which it has to be renewed.


----------



## kalohi (May 6, 2012)

How much money are you talking about? Can't you just use your ATM card and withdraw the money you need - at least until you can open a bank account? 

I have to say I'm confused because you say you live here but don't have a NIE. And that you've been in Europe for a year now. Are you in the process of getting your Spanish residency papers, or are you here on a Schengen/tourist visa? If you have applied for Spanish residency, once you get it you will be given a NIE and then you'll be able to open a bank account and do financial transactions with no problems. However, if you're here on a Schengen visa then it sounds like you've overstayed, as the limit is 90 days. You'd need to go back to the States to get a different type of visa in order to live here.


----------



## Winmode (Mar 7, 2014)

I didn't think that all the details were pertinent. I have an american and an Irish passport. I lived the last year in Dublin and I've been here in Spain since August. 
I have an appointment to get my NIE 11/11.
All that I need to provide is proof of comprehensive medical insurance and How I'm supporting myself. 
I'm looking into Santis as a provider for medical insurance. There's a great post around here about that btw.
I just wanted some suggestions as what other people use to transfer money. I am currently using an ATM from my account in the US, but it's turning out to be more expansive than necessary. I have an account in Ireland and used currencyfair to transfer money there. Since I used them last, they changed their fees and honestly I haven't taken a look at them recently. 
I'm interested in transfering as much as possible, but still staying under the 10kUSD limit before taxes become more complicated. 
I want to use ING, because they have the least fees for the things that I use as well as online banking, or so I've been told. They require me to have an NIE before they'll allow me to open a bank account.


----------

