Transfer of 10k Euros from Spain (La Caixa "Resident" Account) to UK

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07 Aug 2013 9:08 AM by Beatha Star rating. 2 posts Send private message

Hi Folks, 

Please can anyone recommend the most cost-effective way to transfer around 10-12,000 Euros from a Spanish bank (La Caixa) to the UK. I have a resident/NIE-validated account with IBAN/BIC codes. Transferring money directly from La Caixa into a UK bank would incur unfavorable rates and commission. La Caixa's rate for SEPA payments with full data identification is 0.40% of the transaction amount. I have a Barclays Euro Account too.

There seem to be two main options: 

PAYPAL 

Paypal say: "As a buyer, we will not charge you to use PayPal unless it involves currency conversion” so this should be:

La Caixa (incurring payment for SEPA) -> Paypal account in euros -> Barclays Euro Account in UK -> Currency Club (or similar) to transfer euros to GBP.  

10,000 euros La Caixa – 40 euros (La Caixa SEPA payment comission) = 9,960 euros converted into GBP via Currency Club Buy Back service: £8,369.75 

OR 

TRANSFERWISE 

10,000 euros - 40 euro commission = 9,960 converted by Transferwise = £8,486. 

Are these calculations correct? 

Another site recommends using an app such as Azimo, O2 Wallet or Barclay's Pingit or a P2P/Peer-to-Peer site like Currency Fair but I don’t know anything about these options. 

Your advice and/or suggestions would be much appreciated!





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07 Aug 2013 7:16 PM by Jarvi Star rating in Halifax UK and Sucin.... 756 posts Send private message

Tranferwise is the best one. I have used them to transfer money to Spain many times.





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07 Aug 2013 11:01 PM by joe1949 Star rating in Manchester. 61 posts Send private message

I am about to repatriate my euros to ££. I am planning on using Currencies Direct who link into La Caixa & don't charge any fees to handle the transaction but still get a good FX rate..I could do without the stupid Governor of the Bank of England sending the £ higher with his utterances -jerk..

So far currencies Direct have been very professional & helpful....





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08 Aug 2013 8:50 AM by kathyslad Star rating. 329 posts Send private message

I've been using Currencyfair for about 2 years with no problems at all. You have to transfer your funds to your account with them, and you can only deal when the funds are in your acount. I normally transfer in sterling by faster payments, when I think the rate is about right, do a deal and transfer my euros out. Normally they arrive in Spain the next day. €3 commission (I think its £3 for sterling). I have occasionally left the funds over the weekend when the rate has moved too much). 

I bought some last week at 1.1475, when the market rate was 1.145. The rates are displayed and you can just take one, or you can post the rate you want, and it goes onto the list and when somebody matches it, the deal is done. I posted the rate I wanted, and it was matched about an hour later.You can change the rate at anytime.

 


This message was last edited by kathyslad on 08/08/2013.



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08 Aug 2013 9:23 PM by fazarelli Star rating. 282 posts Send private message

Beatha,

 

Before you go any further, i'd like to point out to you that 0.40% of €10,000 = €400, NOT €40!





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09 Aug 2013 2:41 AM by neddie Star rating. 9 posts Send private message

 google fxcompared and try it.





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09 Aug 2013 9:00 AM by fazarelli Star rating. 282 posts Send private message

Oops sorry bethea, my mistake, you were right, or is 40 euro!

Anyway, 40 euro to move 10k is a pretty good rate. I doubt you'll get a better rate, I mean it's gotta cost you something.



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09 Aug 2013 10:57 AM by Beatha Star rating. 2 posts Send private message

Yikes! Thanks for your confirmation, fazarelli nearly had me stepping on a plane to bring the whole lot back in a bag...





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