Transferring Your Money to Spain
Using your bank to transfer your money to Spain is not usually the cheapest option. Aside from the £25-£35 transfer fee, when the money is converted from pounds into euros, banks earn extra money from the currency exchange. The exchange rate they will use to convert your money is different for each bank, and will not usually be very competitive. This can make a big difference in the amount of euros you receive in Spain from your original amount in pounds.
For example, if your bank converts your £100,000 into euros, you could receive anywhere between €142,000 and €152,000 depending on the exchange rate the bank uses. Some banks are even unable (or unwilling) to tell you beforehand how much the transferred amount will convert to!
The good news is that there are companies that specialise in transferring money abroad from the UK. By specialising they are able to convert money at better rates than UK banks, meaning that you get more of your money! They don't charge you any commission, just a flat £15 transfer fee.
Make sure that any company you use to transfer money is a reputable UK registered and regulated company so you can be sure that your money
Want to know more? Give us a call or email us for an exact quote on transferring your money abroad and compare it to your bank. Remember, it's your money - not the bank's !