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View Full Version : Finance Which is the best way to send funds to the UK from Tenerife?



twotees
10-08-2014, 13:47
What is the best way of getting funds from Tenerife to uk? Bank transfer or bankers draft? Which would you advise for a large sum?

garlicbread
10-08-2014, 19:57
Would you be sending EUROS from Tenerife to be deposited as Sterling in the UK?

twotees
10-08-2014, 20:06
Yes. I am resident in uk and am (hopefully) selling my apartment. The estate agent had said the balance will be paid into my Spanish bank account but then I am stuck with paying 2 lots of bank charges. I thought a bankers draft would be better as I will only pay 1 lot of charges, when I pay it in to the uk bank . Am I wrong though ??

delderek
10-08-2014, 21:16
Spanish banks charge a fortune for paying in a draft. If it is transferred it will be only a nominal fee. But the transfer to UK will cost possibly 1 per cent plus currency exchange costs. If you pay a foreign draft into a uk bank it will also cost a lot of money, as it has to be returned to Spain for "negotiation". If of course it is a sterling buyer then the draft will be on a uk bank, and charges will be nominal to pay into your own account.

twotees
10-08-2014, 21:25
So it is better to have it paid into Spanish bank account and then transfer to uk? It is not an English buyer.

delderek
10-08-2014, 22:16
So it is better to have it paid into Spanish bank account and then transfer to uk? It is not an English buyer.
Check the figures with your banks. But yes I think it would be the cheapest.

bulldog
11-08-2014, 13:04
google,moneycorp see if they do it

Iulia- Catalina
11-08-2014, 15:27
I have a similar problem with the banks, regarding foreign currency. What I did was open a Euro account in that country, and so I had access to 2 accounts, without paying all the unnecessary fees.

languagefan
11-08-2014, 15:30
I have used FCG for mass transfers on a number of occasions and double checked their reputation and reliability with several UK financial authorities beforehand. They are extremely professional, reliable and punctual. You agree a rate with them on the very day of agreeing a deal, and transfer the amount in Euro to a Euro account, and rcv the equivalent in in your UK account. Their rates are much much better than horrible rates that banks give.
http://www.foremostcurrencygroup.co.uk

garlicbread
11-08-2014, 16:37
I have used FCG for mass transfers on a number of occasions and double checked their reputation and reliability with several UK financial authorities beforehand. They are extremely professional, reliable and punctual. You agree a rate with them on the very day of agreeing a deal, and transfer the amount in Euro to a Euro account, and rcv the equivalent in in your UK account. Their rates are much much better than horrible rates that banks give.
http://www.foremostcurrencygroup.co.uk

Can't argue with languagefan but if you want a really competitive deal look at all these (plus any others) and choose the best deal, I've used them all in the 11 years I've lived in Tenerife

http://www.currencies4you.com/
http://www.currenciesdirect.com/en/es
https://www.ukforex.co.uk/customer-rates
https://www.currencyfair.com/

Stoney
11-08-2014, 20:10
Don't know if its possible but why not ask your Tenerife Estate Agent and Solicitors to agree a price in Sterling and if thats possible then get the buyer to pay you in a Sterling Bankers Draft.

twotees
12-08-2014, 08:27
Thanks everyone

Christien
28-08-2014, 09:07
Well, it actually depends on your own circumstances. If you want to transfer money from Tenerife to the UK, you need to remember that the charges and costs will be variable depending on the service you use. Banks will impose transfer fees for each transfer on top of the existing currency exchange rates. It means you will need to spend extra cash every time you attempt the transfer. Money sending bureaus also operate along the same guidelines. They charge around 15% of your transaction value. You can use either ways.

bulldog
28-08-2014, 10:49
Well, it actually depends on your own circumstances. If you want to transfer money from Tenerife to the UK, you need to remember that the charges and costs will be variable depending on the service you use. Banks will impose transfer fees for each transfer on top of the existing currency exchange rates. It means you will need to spend extra cash every time you attempt the transfer. Money sending bureaus also operate along the same guidelines. They charge around 15% of your transaction value. You can use either ways.
So you are saying if you send 100K back to the U.K. it will cost you 15K I think you,ve got some sums wrong there

timmylish
28-08-2014, 12:44
Pray tell me that its no-where near to 15%!
I am an interested party but for a reverse transaction. Basically both ways will be much the same, I hope.

Ricman
28-08-2014, 13:06
Have used a company called HiFX recently & they have been excellent, even when Barclays UK screwed up once again. They kept us informed every morning by text about the progress & effectively the sterling had become euros & available to use in Los Cristianos in 1 day - at the very best exchange rate. No problems & everything done online.
Ten out of ten.