Money Transfer Spain
Buying a property in Spain we can help you save money sending money to Spain and transferring money abroad. If you own a property in Spain and pay bills in another currency we can also help you save money and securely transfer money at the best currency rates.
There are many foreign exchange agents worldwide, from Madrid to Sydney. All over the world, people make international transfers from their current locations to family and friends in other countries, or to fund large purchases or relocation Unfortunately, currency rates from service providers are not always competitive, and in order to mitigate losses people have to be careful with their transactions.
The Currency Situation
Currency rates rise and fall every day. Since the global recession, economic conditions of many countries have been shaky and some are yet to fully recover. Before you conduct any large transfers, ensure that you have planned when you are going to do the transfer to Spain, and the service you are going to use to facilitate the process.
Sending Money to Spain
If you are sending significant sums of money to Spain, it is necessary to time your transaction properly and deal with forex providers who will help increase the value of your deal by minimising losses that stem from exchange rates and onerous fees.
Understanding the Forex Costs when moving money to Spain
You should note that there are two main types of fees applicable when transacting business with foreign exchange companies.
This is a common fee that is usually made known to you by the agent before you complete a transaction. It may also be referred to as a ‘commission fee’. If you are dealing with a high street agent or a conventional retail bank, the fees are usually fixed depending on the total amount you are transferring. Hence the more you spend, the less the fees in relation. For many non-bank forex companies, if you are sending above a certain amount, there will be no charges.
Exchange Rate Mark-up
Be careful of making large money transfers labelled “free-of-charge”. This is because fees have been transferred into a significant margin on the currency exchange rates. As a result, it is necessary to understand the most important part of your international money transfer is how much the margin varies from the interbank exchange rates. The closer it is to interbank rates, the better.
Pro-tip: compare similar exchange rates offered between two trusted forex providers before transacting. You can also try to make a deal. You would be surprised what companies will allow to get your business.
Bank Transfers to Spain
Many people prefer high street bank transfers when they want to send money to Spain. Actually, this is a very expensive option. Banks often add between 3% and 5% margins, therefore £100,000 sent from London to Spain could cost someone up to £5000. So, it is necessary to make sure that your forex provider uses the best margins available. This is where non-bank forex companies are useful.
Non-bank Forex Companies
There are a lot of non-bank foreign exchange agents in the market that can offer you deals with very competitive margins. These non-bank agents generally use margins lower than 1%, which is already 2% - 4% better than traditional bank rates.
They can give these rates because they conduct a lot of transactions and can afford cheaper margins and remain highly profitable. This is a far more suitable option for large financial transactions to Spain.
Other useful transfer options include Western Union or CurrencyDirect, but these are best for smaller amounts of money and convenience.