How to transfer money from UK to Spanish Bank

FYI
Just had an email today saying Wise Transfer has increased fees from UK to Europe (from 26 April)
ie Transfer 3000 pounds Stirling into Euros
was 10.66 pounds now 12.45 pounds

Jabberwocky wrote:FYI
Just had an email today saying Wise Transfer has increased fees from UK to Europe (from 26 April)
ie Transfer 3000 pounds Stirling into Euros
was 10.66 pounds now 12.45 pounds

I had the same message. The transfer fees rise on 18 June from 0.35% to 0.41%.

It matters not what their fees are quoted as, but how many euros you end up with in your Spanish account. Wise will always tell you before you make the transfer and up to now, they have consistently given more euros per GBP than other FX companies that we have used. You can check at every transfer, before you make it.

Yes, their rationale is:

"1. We’ve implemented additional verification checks to keep your money protected.

2. Markets have been more volatile, which makes it more expensive for us to buy and sell currencies.

3. The negative interest rates in the Eurozone mean it costs us more money to hold larger amounts of EUR for our customers."

Wise has always been transparent with its customers. Fees are important, but obviously it is the net effect that matters most.

We use Currencies Direct. Go into their office transfer money from UK account with debit card to our Spanish account. All done in minutes, good exchange rates and no commission or transfer fees.