Currencies Direct is a UK based company with 16 physical branches across Spain. Currencies Direct is authorised by Bank of Spain and enables you to issue currency transfers in more tan 60 currencies in a simple, reliable and swift way. Introduce the amount to transfer to another currency account and they will suggest a better exchange rate than your traditional Bank with no maintance or transfer fees More details
Transferwise is a UK based financial services company authorised by the FCA. It was founded by two Estonians who lived in London and needed to send money to Estonia. Given the high costs and delays of high street banks, they decided that there had to be a different way to make foreign currency transfers. And they found it. More details
Remitly is a digital money transfer platform focused on helping immigrant communities around the world send money to loved ones. The company makes the process of sending money internationally faster, easier, more transparent, and less costly, by eliminating the forms, codes, agents, extra time and fees typical of the traditional, century-old money transfer process. The deep savings without brick and mortar operations and transfer agents is passed on to customers in the way of lower fees and more fair exchange rates, helping their money stretch further for their loved ones who may desperately need it. More details
Why use a money transfer service?
Sending money abroad (dollars, pounds, etc.) to or from a bank account abroad can be a very expensive process in time and money, since banks are not accustomed to work in competition. Most banks offer uninteresting currency exchange rates and also charge you commissions. This will make the final amount in currency that is sent or received abroad very uninteresting.
Now you can get around these unnecessary fees by making your currency transfers with an authorized money transfer sender. These are companies, generally based in the United Kingdom, that specialize in finding the best money transfer rates for their clients, at a much more favorable exchange rate for the payer and the recipient of the transfer.
Currency transfers are for you:
Currency transfers are not for you:
Therefore, you do not have to fear advancing your money to transfer to an account of these companies. They work like this for years, and having segregated accounts, there is no risk of losing your money. Each client that makes transfers has a separate account number from the rest, at a local bank. This process is the same, but conversely, if it is you who receives funds in foreign currency from abroad.
Let’s see a step-by-step example by sending 10,000 euros to a bank account in the United Kingdom (pounds).
The company agrees to an exchange rate with you online or by phone and if you keep going, you will be assigned an agent who will accompany you throughout the process. Then you will make a transfer of 10,000 euros from your bank account in Spain to the conpany’s bank account in Spain (in euros).
The transfer company will transfer your euros to pounds at the exchange rate established with you to an account of the same company in an English bank. And from there, the company Will do a pound bank transfer from their account to your recipient´s account in the UK.
In addition, in the travel money business, a paper currency (euros or GBPs) is delivered, and another currency (dollars) is received by hand, also in cash, which is generally used for your own use and enjoyment at the destination. While currency transfers do not move “paper” but are movements of bank account balances expressed in two different currencies (your Euros account in Spain versus the Canadian dollars account of your child studying in Canada, for example).
Remember that asking for a quote for a currency exchange on a bank transfer abroad does not commit or force you to anything, and it is free. It will only take you time to fill in some fields on a web form of each transfer provider.
Keep in mind, however, that if the amount to be sent is extraordinarily high, for reasons of prevention of money laundering you may be asked to provide proof of the origin of your funds.
Anyone above legal age and with an identity document in Spain (DNI or NIE) may send money abroad. Some transfer companies may ask you to upload your scanned ID documents in jpg, pdf, etc. or even a picture of you taken from your mobile phone or webcam. If the amount to be sent is extraordinarily high, due to legal requirements to prevent money laundering, you may be asked to provide proof of the origin of your funds.