What's the best way of transferring funds from the UK to use in Tenerife?

[rfos2]

Hi Guys,
what's the best way of transferring funds from uk to use in Tenerife? I have been told that Smartfx
is the best way to transfer funds for property purchase, but I am thinking more about every day expenses,
any information would be gratefully received.:tiphat:

[YOUNG GOLFER]

Sorry don't have the answer..but a little bump might give another member a chance to reply.

[lesbroz]

Are the funds just for a holiday or for a long term stay, as the answers will probably be different depending on the circumstances.

[deepdivejunkie]

I have a friend who lives in the UK, but has an apartment here too. When he is here, he swears by Currencies4u. Transfers to his bank account here are virtually immediate with very good rates. Check them out

http://www.currencies4you.com/

[rfos2]

Hi,
a long term stay, will be buying in January.

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Hi,
thanks for that any info most welcome.

[lesbroz]

Hi,
a long term stay, will be buying in January.

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Hi,
thanks for that any info most welcome.

We bank with Lloyds in the UK and in Tenerife. Free to transfer money from one account to the other. This also includes the Halifax and Royal Bank of Scotland.

[boredinscotland]

Is the Loyds/Halifax whatever it was called still open in Torviscas?

[Westminster]

With a Lloyds a/c in the UK, transfers to the local Lloyds in Fanabe take about 4 days, no charge.
Transfers into euros are commission free for amounts £2000+ good exchange rate usually same as commercial rate, not tourist.
I am very happy with my a/c Manager at Lloyds here.

[boredinscotland]

Is that the branch down from Mareverde in shopping centre?

[Westminster]

Islas Canarias

C.C. Fañabé Plaza Planta 2. Locales 332-333 Postal Code 38670 - Costa Adeje

This is the address of Lloyds Bank in the Fanabe Shopping Center, 2nd Floor

[TOPGUN77]

Hi Guys,
what's the best way of transferring funds from uk to use in Tenerife? I have been told that Smartfx
is the best way to transfer funds for property purchase, but I am thinking more about every day expenses,
any information would be gratefully received.:tiphat:
I use FC Exchange but its a gamble every day as the rates vary,i was lucky when I purchased my property I got 1.1850 then it dropped to 113.50 in a week

[RichardPrince]

the best known are MoneyGram and Western Union - are fine if you need to get a reasonably small amount of money abroad in a desperate hurry.

[rfos2]

Thanks for that, my next question is my only reservation about making the move permanent, although what ever we decide we will be buying a property in January because if we don't then I will not be able to afford to retire in the uk. I will be 65 in January and my wife is 63, how worried should we be about health care?

[iceclimber]

Hi, been using https://www.transferwise.com/for some time for transferring my private pension over. takes 2 days and their rates are much better than most. check tem out

[kathml]

Used various currency exchange firms when buying new apartment earlier this year got much better rates than any bank would quote even my own bank in the UK admitted they wouldn't use the bank to transfer money

Used various firms to move money to be on safe side all were excellent

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You can also buy money ahead if you want to fix a good rate

[Taylor]

I have been using World First for a year now online transfer to my World first account, good rates and money is virtually transfered within hours of World First receiving it. Good Rates no commission in transfers over I think 1500.00 GBP. You can also lock a rate in if you should choose to do so. Hassle free and totally reccomend them

[Peanuts]

It depends how much risk you want to take when transfering monies. See if the company is regulated by the Financial Services Authority (FSA). At least you have peace of mind that if they do a runner and you have some kind of come back.

I think Moneycorp is regulated , see http://travelmoney.telegraph.co.uk/Security-of-client-funds/c

[BobMac]

There's a new kid on the block for money transfer - Transferwise (https://www.facebook.com/transferwise?fref=ts)

[keytofreedom]

There's a new kid on the block for money transfer - Transferwise (https://www.facebook.com/transferwise?fref=ts)

Yes Transferwise seems to be one of the best options out there. I've been using it for some time and hard to image how much I've lost using my Citibank plus account for multicurrency transfers because of the rip-off exchange rate they offer.
So it's best to open an EUR account here in Spain in any bank and use Transferwise to transfer funds from your UK account. The funds are in your EUR account the next day. First transfer is free for up to £3000 using this link (https://transferwise.com/u/8de0).
Transferwise (https://transferwise.com/u/8de0)offers the best exchange rates I've ever seen, because it uses user-to-user conversion.

Besides it offers a great partnership program, so for anyone, who signs up via this link (https://transferwise.com/u/8de0) and makes a transfer of more than £200, I will send £10 back to your UK account. So you not only get a free transfer, but earn £10 cashback and use the best market rate available.

PM me for more details.

[KirstyJay]

Smart currency exchange does this via the forum admin for regular payments such as pensions etc as far as I know, and I have also used currencyfair for smaller amounts.

[admin]

Smart currency exchange does this via the forum admin for regular payments such as pensions etc as far as I know

That's correct. You can find the articles with information here :

http://www.tenerifeforum.org/tenerife-forum/content.php?159-Selling-Property-Abroad-%96-how-to-save-money
http://www.tenerifeforum.org/tenerife-forum/content.php?158-Advice-for-transferring-money-from-UK-for-pensions-or-regular-payments-abroad

[Hepa]

I have used Smart, they do not charge commission on any amount over 3000 GBP, and the larger the amount the better the exchange rate.

[Jabba43]

https://transferwise.com/

[kathml]

Normally I use 2 HIFX and world first get a quote from both its amazing how even their rates vary would check what rate National Savings are giving as they are not renowned for their genorousity

[bennoa1]

I use Foreign Currencies Direct and have done for some time. Used the bank initially bu the rate was poor and they used an intermediary who also charge commission (which they do not tell you) so only did that twice then found other options. Phone them up make the deal, transfer the money to their account and its in my TF account the same day.
Usually get around a cent less than interbank but only doing £1,500 at a time now. They also do forward rates so you can agree a rate but speak to them if you want to do this.
Luckily I sent some out 2 days ago and got just under 1.27.