Tranfering money to Spanish accounts

[mallorcaboy]

I finf it's quite difficult to know the best/cheapest way to send money to my account. I have an account with Sabadell and transfer money in Euros from my Barclays bank. Although Barclays only charge £5 and there is no charge in Mallorca, one suspects that the exchange rate is very low.
Anyone got any tips on getting a better deal?

 

[Bircho]

I finf it's quite difficult to know the best/cheapest way to send money to my account. I have an account with Sabadell and transfer money in Euros from my Barclays bank. Although Barclays only charge £5 and there is no charge in Mallorca, one suspects that the exchange rate is very low.
Anyone got any tips on getting a better deal?

I did a good look round checking all the companies including Moneycorp, Travelex and others. Others may have other suggestions but I found Virgin Money (who use World Money First) to offer best exchange rate and no fees.

 

[Gommar Goffer]

I use Smart Currency - no fees and better rates than the banks

 

[sunnyboy]

I transfer money every month from my account with HSBC in the U.K to Sabadell using Transferwise. They use mid market rates and the fees are very reasonable.

 

[SandySunshine]

We use HiFX - far better rate than the banks. We send a regular amount over - for regular amounts, there is no charge and the rate is better than average bank rates. For lump sums, no charge for amounts over £5000 and the rate is better than the regular transfer rate.

 

[mallorcaboy]

Thanks people

 

[Bekki]

Hifex too for me. Super reliable.

 

[mallorcaboy]

Just opened an account with Hifex. I think I'll transfer an amount through them and my bank at the same time and see how they compare. Thanks

 

[Bircho]

Just for info, I have just got quotes for a £10,000 transfer this is the exchange rates offered:

Hifex - €1.1606
Money Corp - €1.1305
Virgin - €1.1695

 

[supamac]

Transferwise is excellent - safe, great rates and very quick.

 

[its cd]

You can also use HiFx via John Lewis money

 

[mallorcaboy]

Just for info, I have just got quotes for a £10,000 transfer this is the exchange rates offered:

Hifex - €1.1606
Money Corp - €1.1305
Virgin - €1.1695

Is my maths wrong? This looks like a differnce of £890 on a transfer of £10,000

 

[Bircho]

Is my maths wrong? This looks like a differnce of £890 on a transfer of £10,000

Nope you are correct

Just a few cents makes a huge difference on those sorts of amounts. You know how they make their money now!

 

[Family Ordonez]

I use TransferWise, always super fast and efficient, good rates too - 1.18.4 last week

 

[Bircho]

I use TransferWise, always super fast and efficient, good rates too - 1.18.4 last week

Rate for last week was running at above 1.18 for most of the week. At one stage midweek if you had timed it right you may have got just under 1.19.

Suggestion - if you need to get money across do it before the end of March - bit of profit taking going on at moment ahead of Clause 50 being enacted.

 

[mallorcaboy]

Has anyone used AFEX Direct to transfer?

 

[Rockape]

No I haven't but thought I'd mention the app that is taking the travel money world by storm: revolut.com

Its been highly recommended to me by a Banking friend.

 

[Magic Hat]

If you're going to use Revolut, probably worth having a wee look on Trustpilot, particularly with regard to their customer service should anything go wrong.