Idiot guide to transferring Euros back to GBPs needed!

Sorry if this has been asked before, I've searched through previous topics, but there isn't anything that quite matches my question.

I'm hoping to sell my home here in Spain.

I understand that I will physical be given a bankers draft for the net sale proceeds.

I have a BBVA bank account.

So, do I have to pay the bankers draft into my BBVA account, then give BBVA an IBAN number for a euro account which I will need to set up with Wise?

Does anyone know if BBVA charge for performing this euro to euro account transfer - I'm asking as I've read that the Wise euro account is Belgium based, and whilst being the same currency, may be a problem?

Putting that to one side, once the funds are in my Wise euro account, I then request Wise to convert the euros to GBPs, and then in turn ask them to transfer the GBPs into my UK bank account?...phew!

Will this be more cost effective for me, rather than using the Currency Exchange Companies that Spanish Estate Agents seem to be pushing?

Am I right in thinking that as long as BBVA do not charge to transfer to the Wise euro account, I'll only incur one fee when Wise convert Euros to GBPs?

Apologies if the above is a bit muddled, I've got in a right tizwas trying to think it through!

In the Past I've used a currency exchange company called A Place in the Sun Currency. The way I see it you would pay the bankers draft into your Spanish account. Then contact a currency exchange company, tell them how much in euros you want to exchange. They'll give you a figure in pounds and if you're happy with that you transfer the funds to them electronically and they transfer the pounds electronically to your UK bank account.

From what I understand, now is a good time to be converting euros to pounds due to a weak pound.

I have done this recently. You are basically correct regarding the Wise process. I just transferred the money from BBVA to my Wise euro account using the BBVA app. Whether BBVA charge you or not will depend which account you have with them. Mine is a fee-free account so I was not charged. The fact that Wise uses a Belgian IBAN is irrelevant. My only fee was from Wise for the euro to sterling conversion. I always think Wise give the best deal, but if you want to be sure you'd have to do some more homework comparing the various options.

Don't use a currency exchange provider you will get ripped off. Use Wise, its not difficult and their conversion charges are good and you'll get better exchange rate.
All my opinion before anybody replies and yes we did the opposite way round when purchasing our property in June.

Thank you all so much! Your help is much appreciated and has helped put my mind at rest.

My BBVA account is fee free, so hopefully I'll only incur the one transaction fee with Wise.

BBVA for whatever reason blocked my access via their app a while ago, so now I'm accessing through their website.
There's a daily limit of, I think, 15.000 euros for transfers, so I'll have to do the transfer to a Wise euro account over a few days...that's not a problem (well, unless BBVA make it a problem!)

Sundaze wrote:Thank you all so much! Your help is much appreciated and has helped put my mind at rest.

My BBVA account is fee free, so hopefully I'll only incur the one transaction fee with Wise.

BBVA for whatever reason blocked my access via their app a while ago, so now I'm accessing through their website.
There's a daily limit of, I think, 15.000 euros for transfers, so I'll have to do the transfer to a Wise euro account over a few days...that's not a problem (well, unless BBVA make it a problem!)

The limit on my BBVA account is per transaction not per day, so you should also be able to do several €15k transfers on the same day.

Thanks Paul,

I read it as being a daily limit, not a transaction limit, so hopefully I'll be able to transfer the funds in one go...if my nerve holds!

I use Pay Pal xoom. Low charge and quick transfer. Easy to use site when set up