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Transferring money to/from Spain with TransferWise

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Transferring money to/from Spain with TransferWise

Post by Tim Cullis on Tue Mar 17, 2015 6:53 pm

There's a number of companies you can use to transfer large sums of money to Spain when buying a property, but another problem is when you want to top up your Spanish account with relatively smaller amounts.

We used TransferWise recently and I can thoroughly recommend it. Easy to use, there's an iPhone/Android app as well as the website, money transfers the same day if initiated early enough. And best of all the exchange rate used is the mid-market rate that is halfway between the buying and selling rates used by most agents. All you need to pay is 0.5% commission.

What's fascinating is how it works behind the scenes. In most cases there's no actual transfer of money across borders. What the company does is to match up the totals of sums moving in one direction with the totals of sums moving in the other direction and does most transfers within the country.

We felt very happy with the funding behind the company which includes Richard Branson. You can read more about the process at wikipedia: [You must be registered and logged in to see this link.]

As of today, if you transfer £1000 to Spain you will receive €1385: [You must be registered and logged in to see this link.]
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Thanks

Post by janisntony on Wed Mar 18, 2015 10:30 am

Thanks Tim for sharing this useful info.

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Re: Transferring money to/from Spain with TransferWise

Post by Dave on Mon Sep 21, 2015 10:08 pm

I know who I wouldn't use.... [You must be registered and logged in to see this link.]

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Re: Transferring money to/from Spain with TransferWise

Post by rammstein on Tue Sep 22, 2015 11:31 am

Just to add another option:

We have always used Moneycorp. Rates are good, they charge £5 to transfer funds to Spain and it usually arrives within 2 days. (You can pay £9 for express transfer).

Can all be done easily online or you get a dedicated person to speak to when you open an account if you prefer to talk to a human. We have used them countless times and never had any issues.
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Re: Transferring money to/from Spain with TransferWise

Post by Tim Cullis on Tue Sep 22, 2015 1:29 pm

Next time you do this it would be interesting if you could compare the end funds you receive from Moneycorp against Transferwise.
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Re: Transferring money to/from Spain with TransferWise

Post by miron on Thu Sep 24, 2015 12:13 am

We use Currencies Direct and there's no charges. No complaints, quick transfer.

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Re: Transferring money to/from Spain with TransferWise

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