Transferring Euros to the UK

[Duncan S]

Fingers crossed, we have agreed the sale of our property in GA [complete early January] and naturally want to repatriate the proceeds.
It's 15 yrs ago since we had to think about international transfers and things move on. The internet is awash with companies willing to take on this task. The trick is sorting out the chaff.

We are trying to get things in place before the big day.

Has anyone any recent experience of transferring Euros from a Spanish bank to the UK ?

Thanks, in anticipation.

Duncan S

[SteveL]

Duncan

We always use Transferwise from the uk but it works back to the uk as well. Much better rate than the Banks, lower commission and there within a couple of hours. Have a look at the app.

Steve

[Spurs]

Hate to say it but I think from experience of a mate of mine best bet would be to stick it in a bag and drive home to England then open a euros bank account and pay it in and then transfer it  as you need it . I sure it's probably against such the rules but hey i would do it to save a couple of ggggs my mate reckoned he saved £2k

[Corporal Jones]

Blimey taking tens or hundreds of thousands of cash across borders in the current climate is asking for trouble. If stopped it will be seized as suspected proceeds of money laundering, depending on who stops you will be arrested and detained and probably prosecuted. The likelihood of ever seeing your money again who knows if in france trying to prove the origins of your spanish euros going back to the uk best of luck in the years of legal battles.

[Bunny]

I can recommend Currency Fair.  We use them all the time, excellent exchange rate, and very fast transfer to the bank of your choice.

[Aficionado]

On the subject of travelling with the cash:

No need to declare cash coming in to the UK from Spain

https://www.gov.uk/bringing-cash-into-uk

but you would be well advised to travel with watertight documentation as to the source otherwise Victor's comments could come true.

The same watertight documentation will be needed when you try to open a Euro account - anything over 15,000 euros triggers the Money Laundering procedures which means the bank will make you jump through all the hoops before they can accept the deposit.

Whether or not it is worth doing it is hard to say, it would depend on how close to the interbank rate you can get for a euro to sterling transfer; and if you do bring home the euros, you are gambling on the future exchange rates when you want to convert to sterling.

Try Caxton FX for a rate, they are usually very competitive.

[Blue and white stripes]

I have used Currencyfair for a few years but only to move money to Spain. I would certainly see what their rate was like. When I bought my new place I transferred all the money via C/F but only in 10000 euro chunks ensuring the one payment cleared before sending the next. I cost a few extra 3 euros in commission each time but I thought it was worth it as I wasn't at risk for the whole amount. Their exchange rate was way better than the bank's

[BeachLife]

How about this ?

https://www.currencybuyback.com/sell-currency/euros.php

General "buy" rates are poor at banks

Might be a few punters on here who would chance a few grand at 1:40. Most "buy" rates in the mainstream banks are about 1:48 - 1:55

[Tony Gillam]

That's the note rate. Nat West commercial buying rate yesterday was 1.4427. If an amount larger than £20K was involved, it might be slightly better. There was, of course, a significant swing in the exchange rate during the course of the day yesterday. I'd expect the commercial rate to be around 1.415 when the markets open today unless the rate rebounds.

[Duncan S]

Thanks all.

I'll have a look at those suggestions.

[Duncan S]

Update

We sold our property on Med II - Notary last Friday. Bankers draft cleared into Spanish bank on Tuesday.
Arranged transfer to UK bank yesterday morning using Transferwise , as recommended earlier on this forum.
Excellent rate and fees -  money in UK bank this morning.

Happy days.

[John H]

Nice one, good for you, I bet the current exchange rate put a big smile on your face

Best wishes

John


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[Duncan S]

Yes, a pleasant surprise. Eased the pain.

Duncan