View Full Version : What's the best exchange rate available from Spanish banks at the moment?

12-07-2011, 21:56
Does anyone know which bank has the best rate available at the moment in Tenerife?
It will be a for a substantial amount.

12-07-2011, 22:24
Dont use a bank - use a currency broker. I put a transfer through last week and the margin (difference between official and the brokerŽs rate) was tiny, about 0.6 Euro cents or something. Much better than youŽll get from a bank.

12-07-2011, 22:29
Hi folks thanks for the replies.
I think i might have put the wrong description on the heading, sorry my fault,
I should have put interest rate not exchange rate, Thank you Uptowngirl for the pointer.

12-07-2011, 22:39
Ahh! Big difference then!!!
Whoever you end up depositing with, dont tie your money up in anything as Euribor rates are rising so savings rates should follow suit.

12-07-2011, 22:53
Surely you have to be tied in for a minimum of a year to get the best deal????

12-07-2011, 22:58
The longer the term, the higher the rate but you have to weigh this up against switching to better rates as the come on to the market. You dont want to be tied in for too long when rates are rising and you want to be tied in for as long as possible when rates are falling.

12-07-2011, 23:03
Understood, Thanks CIM