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09 Aug 2013 10:57 AM:

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



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

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07 Aug 2013 9:08 AM:

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!



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

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