Anyone know what the most efficient way of sending cash to Spain is?
I'm now working in Spain and living in the land of sun and [i]actual[/i] mountains.
one of my colleagues once mentioned Citibank do a clever product, basically one bank account, but with several different currency accounts attached to it. So you have a GBP, EUR, USD etc account that you just move money around between... not sure what it's called or what sort of rates you get, but may be a good solution for you?
quick look on their website reveals this: [url= http://www.citibank.co.uk/personal/banking/international/deposits.htm?merchant=citi ]foreign currency deposit account[/url]
That citi bank account looks too good to be true; and the ATM is on the same block as my place in Malaga!
I'll have to investigate that FairFX thing too!
Just checked the Citybank web-site and it says this:
You must be resident in the UK to open a Citibank Current or Deposit Account.
I use my English credit card over here for all major purchases in Spain and then settle each month using an English bank account. Exchange rates using this method are usually very competitive.
Get me a cheap ticket, and offer you all my pocket space for a good rate...
paypal esp?
If you visit the Money Saving Expert and search under Travel Money there are loads of useful tips, as well as a calculator that gets updated daily so you can enter the amount you want to exchange and it'll tell you the best FX (Foreign Exchange) broker to use on that day.
If the CitiBank thing doesn't work out it may be worth speaking to Santander - they own Abbey and Alliance & Leicester in the UK and are a Spanish bank, so owning banks at both ends of the transaction they should be able to do something.
One word of warning though - Spanish Banks are a fee-based business model (not free banking like here the UK) so they charge for receiving money from other banks/branches!?! So if you look to open an account in Spain make sure you know the fee scale - it's more important on a current account there than the interest rate.
Flamejob,
Tonight just passed a Barclays bank here in Fuengirola. Poster outside said "free transfers from England". May be worth following up.
think I saw an ad today for O2 money or somesuch? does a similar thing to the Citibank account I think...
@alan I'd rather ride up the megavalanche course on a fixie than bank with those snakes! (PS when you're in Malaga give me a buzz!)
I hate all this tax and exchange business... it's all such a faff.
Mrs Flamejob is paid in Germany and me in the UK, but we live in Malaga. Paah.
I've got accounts with Barclayswealth and they do indeed do free transfers, you get slightly shafted on the exchange rate but, what are you going to do the cash has to be converted at somepoint
Just a thought - have you asked your respective employers if they'd pay you in Euros?
Just a thought - have you asked your respective employers if they'd pay you in Euros?
Mrs Flamejob is paid in € and I in £.
It should really be a fail-safe, so na matter which currency went south we would be okay.
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