MONEY EXCHANGE RATES-UPDATE

As I posted on a similar thread....

When getting quotes for currency exchange you really need to forget about rates and fees and just look at what sum you will receive in the new currency. IMHO you will not get a better deal than one of Transferwise, Currency Fair, or OFX. Just have all of them open on your browser, or app on your phone, and compare the three side by side and decide on the best result.
175 GBP for a transfer of 50,000 GPB is only .0035% and so if the exchange rate is better than other FX companies you will still be quids in, so don´t get hung up on the fees or exchange rate just compare the bottom lines.

Espanabums wrote:As I posted on a similar thread....

When getting quotes for currency exchange you really need to forget about rates and fees and just look at what sum you will receive in the new currency. IMHO you will not get a better deal than one of Transferwise, Currency Fair, or OFX. Just have all of them open on your browser, or app on your phone, and compare the three side by side and decide on the best result.
175 GBP for a transfer of 50,000 GPB is only .0035% and so if the exchange rate is better than other FX companies you will still be quids in, so don´t get hung up on the fees or exchange rate just compare the bottom lines.

valenciasman wrote:paulr I have used Santander for over 5 years, no charges. You get commercial rate. In that time I have advised countless people about this.

You keep saying that, valenciasman, but you don't give any information about what the "Commercial rate" is that you're getting, or provide a link to Santander's website, so that we can compare for ourselves.

Transferwise: www.transferwise.com - as I type, the live exchange rate is 1.1421. Transfer £1,000, minus the transfer fee of £4.29, gives an actual exchange rate of 1.1372, so that's Eu 1,137.20 in your Spanish bank account within 24 hours.

So where can we see this beating "Commercial rate" you keep going on about?

I transferred £1000 from UK using Transferwise today and it was in Sabadell account 2 hours later
This is what I got



Hello

1,136.40 EUR is on its way to. The money should be in their bank account by today, November 1.

Here’s a summary of that transfer. And if you need a proper receipt, you can download it from your TransferWise account.

Transfer details
Amount:1,136.40 EURRate:1.1413TransferWise fee:4.29 GBP

Thanks,

The TransferWise Team

Paulr, commercial rate is what is quoted by yourself and various site e.g.currencynews, presently 1.14085. Tourist rate is usually a few points less. You stay with transferswise, I will use santander. Everybody happy.

I'm still confused!

Santander do seem to charge, unless I'm missing something!

http://www.santander.co.uk/uk/international-payments

???

najizan123 wrote:I'm still confused!

Santander do seem to charge, unless I'm missing something!

http://www.santander.co.uk/uk/international-payments

???

I bank with Santander UK and I have only done an international transfer once and got charged £25 for the privilege. Needless to say I now use Transferwise.

The original question was;
I recently requested help and advice on the best companies for money exchange from the UK to Euro.
No amount was quoted.

I use a way with Santander where there is no charge or commission.

valenciasman wrote:The original question was;
I recently requested help and advice on the best companies for money exchange from the UK to Euro.
No amount was quoted.

I use a way with Santander where there is no charge or commission.

Can you not disclose how to do this? Not much point saying you can get the cheapest rate but if no-one else can we can only go by what is commonly available.

i use my first direct account, if you use online there is no direct charge, but i guess the exchange rate will be the main thing that is different.