After purchasing a dream property in Spain you will regularly need to send currency to your Spanish bank account to pay for bills, which will cost you money. Here’s how I started to save money on my currency transfers.
Like many other owners here at Condado de Alhama I don’t live or earn money in Spain full time yet my bills all need to be paid from a Spanish bank account. So I need to transfer money abroad on a regular basis and having a fast, safe and reliable service is very important. I recently discovered Transferwise, a service that makes sending money abroad fairer, cheaper and easier.
I’ve previously been using other transfer services and was happy with their service but although my current choice of provider, HiFX, had started to offer free transfers I noticed their exchange rate was very poor. That’s when I looked around and I discovered Transferwise.
Although I usually transfer thousands to cover the annual bills and costs of running my Spanish property I decided to transfer just £500 to see how fast and reliable the Transferwise service was. Because I was transferring over £200 pounds and up to £500 my transfer qualified for a free transaction for my first time using the service, so I was saving money straight away.
The exchange rate offered was much better than I’d ever got previously. That’s because Transferwise match the days mid-market rate – the mid-point between buy and sell rates on global currency markets and the only rate used by Google and Reuters. This is a much fairer rate for you and more money goes into your bank account instead of being used to pay fees.
Banks and other providers often have hidden charges or give a reduced rate to make a profit. That’s exactly what I discovered when I needed to transfer money recently. Compared to my previous provider I was able to save over £25 on the improved exchange rate offered by Transferwise plus I saved a few pounds for the free transfer!
It’s easy to transfer money abroad
I completed the transfer on my mobile device using the Transerwise app which was quick and easy to do. The app provides a record of all your transactions and details about the recipient so you can quickly see a history of your transaction.
My first transaction with Transferwise was a complete success. The money reached my Spanish bank account the next day, I saved money on the transfer and got a much better exchange rate than I expected. I’m delighted to have found Transferwise and only too happy to tell others about the service to start saving money too.
If you need to transfer money abroad soon give Transferwise a try, it costs nothing to sign up and you can get a free transfer. Sign up to Transferwise.