# Experience in transfering money from UK to Spain?



## andymichael (Jul 2, 2012)

I have looked at a few similar threads but not seen any as conclusive as I'd like or up to date.

I hate talking about money but this question leaves no option  I need to transfer around 12,000 from the UK to Spain for my move to the Estepona area next month. Has anyone had experience or have good knowledge of the best way to do this?

From reading and researching I see HiFX among others offer the best rates, I think. Is it a simple question of transfering your money to them and then they deposit it in an account in Spain? If so I guess I will need a spanish bank account before I do this...

I bank with Barclays so at a guess I suppose they will offer poor rates compared to HiFX etc, however I know there is a Barclays bank in Estepona town centre, would this help in anyway?

I am about as clued up with banks as I am with algorithms so help is very much appreciated!


----------



## donz (May 5, 2010)

I personally used these guys when we made our move and also had to transfer large lump sums

Buy Currency | Best Rates of Foreign Currency Exchange - Axia FX

Had a great rate for us a couple of years back and were extremely efficient.


----------



## jp1 (Jun 11, 2011)

I have been transferring money to Spain for around 10 years.

This new way of transferring came onto the market around 2 years ago. There is no other method cheaper than this. In addition you are in control. It is the best there is for immediate (ie not fixing a rate for a future transfer) transfers

CurrencyFair - Peer to Peer Foreign Exchange | CurrencyFair


----------



## 111KAB (Aug 3, 2012)

I am unsure about mainland bank accounts but in Mallorca Barclays seem to offer the best deal for current accounts. I am with Bankia and their costs seem to increase on a fairly regular basis due to their 'problems' whereas Barclays (out here) have a fixed 2€ a month management/operational charge. No such thing as free banking but at 24€ per annum (assuming in credit) Barlays appear the cheapest outfit > in Mallorca!


----------



## baldilocks (Mar 7, 2010)

My bank in UK is/was Barclays and I transferred several large sums to one of the local Cajas when we were buying the house and also when we had the balance from selling our flat. Good service at a reasonable cost (they are YOUR bank, after all)

Barclays in Spain may not be the same as Barclays UK but you should be able to use a bit of leverage. Have also used a curency transfer service but found it not worth the trouble. Now I keep an account in UK to receive a few small pensions that I have and that pays for stuff from Amazon and any other UK supplier.


----------



## xgarb (May 6, 2011)

VoiceCash - International Money Transfer and Prepaid Credit Cards might work for you.

I use them to transfer ~500€ for bill payments every now and then. Possibly they are more suited to smaller amounts.


----------



## 90199 (Mar 21, 2010)

I use Smart 

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

Very efficient, no commission over 3000 and a far better rate than the greedy banks.


----------



## 90199 (Mar 21, 2010)

And with the same company, today I transferred a large sum they gave me a €1.25 exchange rate.


----------



## CapnBilly (Jun 7, 2011)

I also use Currencyfair every month. On Tuesday I exchanged £1200 into euros at 5 pips below the market ( market was 1.2545 and I got 1.2540). After the transfer commission of €3 the net rate was 1.2515. Funds were in my account yesterday.


----------



## andymichael (Jul 2, 2012)

Thanks for all the comments guys.

So if I use currency fair etc do I need a bank in Spain? Or is everything managed online?


----------



## 90199 (Mar 21, 2010)

andymichael said:


> Thanks for all the comments guys.
> 
> So if I use currency fair etc do I need a bank in Spain? Or is everything managed online?


Yes you will need a Spanish account for the money to be transferred into, I would sound out a couple of companies that transfer money. Next time I need to transfer I shall get a quote from Currencyfair and the one I am using Smart, to see if I can squeeze a bit more out of them.

Regarding bank; I use Caixa, they do not charge me for depositing the transfer, some do charge.


----------



## ruefguet (Dec 8, 2011)

andymichael said:


> Thanks for all the comments guys.
> 
> So if I use currency fair etc do I need a bank in Spain? Or is everything managed online?


When you set up on Currency Fair you have to set up both the accounts that you send money from and the accounts that you send money to. You can leave your funds at CurrencyFair until you decide where or when to exchange and send them. You will need the IBAN and Swift/BIC of your account and bank.


----------



## CapnBilly (Jun 7, 2011)

You can send your sterling via faster payments ( normally takes about 2 hours). You can only deal when you have the funds in your account. I normally deal the same day and transfer out.


----------



## CapnBilly (Jun 7, 2011)

Hepa said:


> Next time I need to transfer I shall get a quote from Currencyfair and the one I am using Smart, to see if I can squeeze a bit more out of them..


You don.t really get quotes from Currencyfair. The prices are shown for the amounts people want to exchange. You either accept the available rates, wait and watch, or post the rate you.re looking for, and wait to see if its matched ( you can adjust or cancel at any time). You get the same rate whether you're exchanging £10 or £10,000 providing there's a match.


----------



## ruefguet (Dec 8, 2011)

CapnBilly said:


> You don.t really get quotes from Currencyfair. The prices are shown for the amounts people want to exchange. You either accept the available rates, wait and watch, or post the rate you.re looking for, and wait to see if its matched ( you can adjust or cancel at any time). You get the same rate whether you're exchanging £10 or £10,000 providing there's a match.


There are two options with CurrencyFair, one is to try and match with someone at a rate you are looking for or the other is to accept the instant rate they offer. So far I have exchanged funds only using the instant quote. I have been very happy with the rates offered and the service.


----------



## CapnBilly (Jun 7, 2011)

ruefguet said:


> There are two options with CurrencyFair, one is to try and match with someone at a rate you are looking for or the other is to accept the instant rate they offer. So far I have exchanged funds only using the instant quote. I have been very happy with the rates offered and the service.


Err, isn't that what I said


----------

