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To transfer from Spain or UK

To transfer from Spain or UK

Postby nigelandkath » Thu Feb 16, 2023 6:38 pm

For those in the know financially I am looking for a bit of advice.
This is regarding a payment for a car purchase around 20000 eur.
Currently the money is in our UK bank (SMILE)
The dealer said we could simply use our uk debit card to make the purchase as a bank transfer in Euros.
The alternative is to transfer the funds via WISE and then using our Spanish Caixa card to buy the car.

Question being which way is better value to us on any given day.

What I believe is that SMILE will charge us a 3% transfer charge then the bank rate
La Caixa would charge us nothing to use our debit card but WISE obviously charges a percentage to transfer the funds from our UK bank to our Spanish bank, so would that be the way to go.
I would welcome a more knowledgable viewpoint than my own.
Thanks
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Re: To transfer from Spain or UK

Postby marcliff » Thu Feb 16, 2023 6:50 pm

I transferred direct from my UK bank to the car dealer. No charges and the rate was very competitive.
Simply used the car dealer IBAN. The limit was 10,000 per day with no charge so sent 2 payments across.
In both cases the money was in the car dealer account the following day.

The UK bank simply asked if I wanted the payment in pounds or euros. I picked euros (of course) and they showed me the exchange rate before asking me to confirm.

Also did that when we got our new kitchen.
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Re: To transfer from Spain or UK

Postby nigelandkath » Fri Feb 17, 2023 9:25 am

Thanks Marcliff, very interesting. Sounds like the dealer knows best.
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Re: To transfer from Spain or UK

Postby pjdkca » Fri Feb 17, 2023 12:59 pm

Just by way of comparison I've put in the amount you want to transfer into the Wise app.
As of today to transfer €20000 will mean a £17883.29 payment
The Wise fee was £73.22 (as part of the total and not in addition to the £17883.29)
Exchange rate £1 to €1.2296
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Re: To transfer from Spain or UK

Postby billogs » Fri Feb 17, 2023 2:23 pm

I used wise to transfer directly to the car dealer when I bought a car a couple of years ago. Did it there and then in the office and drove away with it. I transfered €16000 and it cost me €47 euros at the time to do it. Transfer from my UK bank to wise was free
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Re: To transfer from Spain or UK

Postby marcliff » Fri Feb 17, 2023 2:34 pm

pjdkca wrote:Just by way of comparison I've put in the amount you want to transfer into the Wise app.
As of today to transfer €20000 will mean a £17883.29 payment
The Wise fee was £73.22 (as part of the total and not in addition to the £17883.29)
Exchange rate £1 to €1.2296


#
1.1296.
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Re: To transfer from Spain or UK

Postby nigelandkath » Wed Feb 22, 2023 2:26 pm

Thanks for the replies I guess I am still a bit confused. Have to see if it costs to do a bank transfer with caiaxa.
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Re: To transfer from Spain or UK

Postby Chrisdee » Wed Feb 22, 2023 4:11 pm

pjdkca wrote:Exchange rate £1 to €1.2296


You sure, for £1 you got 1.2296 euros?
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