I need to transfer around €1500 to a Spanish bank account. What's the most cost effective way to do it?
Guessing PayPal isn't the best way forward!
Anyone?
Swift is an option but not cheap?
Paypal would get my vote ?
Or can your bank just do an inter country transfer - would do they recommend ?
Find the partner bank of the Spanish bank then just pay in accordingly.
Otherwise get your bank to transfer money to the Spanish bank but you might incur a flat rate charge or percentage but do check with them.
Also ask if your bank is paying a 3rd party bank in order to pay to the Spanish bank and if so you will get another charge.
Whatever ways they are making money ...
Register on currencyfair.com Transfer just a bit more than enough £ to cover 1500€ into your account there. Swap it for Euros at mid-market rate (peer-to-peer), with a 0.15% commission for currencyfair. Transfer it to the Spanish bank for £3. You'll save somewhere about £80 compared to getting your bank to do a foreign transfer.
I've used it, BIL uses it, works well. Can't find anyone on the web who says it's dodgy, and although they are based in Dublin your money is in a UK bank while they have it.
Cheers. I'll have a look at that for the next one.