RM Sotheby’s to auction off classic car collection
RM Sotheby's will soon present a selection of collectible cars at the Villa Erba auction on 20 May.
By Joe Baker | Monday, April 24, 2023
| Provider | Amount Received | Fee | Exchange Rate | Speed | ||
|---|---|---|---|---|---|---|
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Moneycorp | EUR €11,257.85 | No Fee | 1.1258 | 1-3 days | more... |
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OFX (UK) | EUR €11,267.00 | No Fee | 1.1267 | Not specified | more... |
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Currencies Direct | EUR €11,453.54 | No Fee | 1.1454 | 1-3 days | more... |
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It’s no secret that Spain is a popular destination for UK retirees, offering expats a warmer climate and sandy beaches that draw in the masses. Likewise, the UK became a popular destination for Spaniards, particularly younger people seeking employment opportunities after economic turmoil, and the number of Spanish nationals moving to Britain climbed in the last decade. With the labour reform in Spain looking promising though, much needed stability in the labour market looks to be on the horizon.
When it comes to sending money, there are no restrictions when transferring money to Spain from the UK. See the latest exchange rates and find the best currency transfer service here at FXcompared.
One-off payments | Regular payments | Great rates | Safeguarded customer funds
OFX (previously UKForex in the UK), provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates
Great exchange rates | Specialist services | No added fees, 24/7 transfers | Safe and secure
Excellent exchange rates | No transfer fees | Thousands of 5 star reviews
Great rates | One-off payments | Regular transfers | E-Money Institution | No fees for FXcompared customers
Introduced in Spain in 1999, the euro (EUR) replaced the peseta to become the national currency of Spain, along with many other EU countries. Second only to the US dollar, the EUR is one of the most highly traded currencies in the world. The EUR/GBP is a major currency pair, available to trade at all major forex brokers around the world, and is one of the most frequently traded pairs on global forex markets.
Issued by the Bank of England, the GBP is the national currency of the UK and a number of UK overseas territories. Generally speaking, it’s easy to transfer money from UK to Spain, and vice-versa for those that wish to send money to Spain from the UK. Importantly, various methods are available to those wishing to convert their money from GBP to EUR.
Money can be sent by bank transfer from the UK to Spain, with the currency conversion included as part of the transaction, but this isn’t always the best way to transfer money to Spain. Do your research, as it may be quicker and cheaper to use a money transfer service instead.
The UK and Spain are close allies and trading partners, and prior to Brexit there was complete freedom of movement between the two countries as part of the EU. And although there are now changes following the UK's departure from the EU, Spain remains one of the UK’s largest trading partners.
A key country for trade, Spain is one of the top 10 destinations for British exports, and there’s plenty of cross-border movement between the UK and Spain in terms of business travel and tourism, as well as international students and expats travelling back and forth.
Evidence of this strong trade relationship is shown in the volume of trade between the UK and Spain, with the UK exporting almost $11.2bn in goods and services to Spain in 2021 and importing even more at over $21.7bn.
Good news for UK citizens who have appropriate visas to reside in Spain, as they can open a Spanish bank account with relative ease, although they will need to present various paperwork and obtain a Número de Identidad de Extranjero (NIE) number, which is essentially an identification number.
Once this has been arranged, money can then easily be sent via bank transfer. This can be highly convenient, especially with so many UK citizens in Spain to retire, buy property or study long-term.
As a result of Brexit, the process of banking in Spain as a UK citizen may potentially become harder, with extra conditions being placed on UK citizens who want to open a bank account in Spain. Check with your current bank to see whether you can open a bank account with your bank in Spain, as since foregoing their right to trade under EU banking rules, your preferred bank may not allow you to open an account in Spain.
Usefully, major UK credit cards are generally accepted throughout Spain, and it is possible to use a credit or debit card to transfer money from UK to Spain if you use a third-party transfer agency that accepts such cards as payment. In most areas, it will be possible to withdraw money from a bank or ATM in Spain with a UK credit or debit card, which means you will convert GBP to EUR as part of the transaction. Many cards levy fees for international transactions, however, and further fees for foreign cash withdrawals, so this can be a very expensive way of transferring GBP to EUR, and definitely isn’t the best long-term solution.
Currency exchange specialists ranking No.1 on Trustpilot for the past two years
The Western Union Company is a financial services and communications company based in the United States.
Banks are the most expensive way to do an international money transfer, the quotes from the providers above show you the typical savings that can be made. All providers on FXcompared.com are regulated in the UK by the FCA, in the USA by FinCEN, In Canada SSC and Australia, ASIC.
We check all rates regularly and this quote is an actual quote of the average from UK banks for this month. It includes all major and small banks. Lloyds, Barclays, HSBC, Santander, NatWest, RBS, Coutts, Handelsbanken, Metro bank and more - tracked every month. We obtain our rates via our IMTI platform.
While prior to Brexit, Spanish and British citizens were free to move to either country at will, unfortunately there are now restrictions in place that require anyone looking to relocate to apply for a visa.
In Spain, UK citizens are now subject to the same requirements as other non-EU citizens, such as those from the US or Canada. Those planning to move to Spain must first apply for an appropriate visa, after which they may apply for additional residency documents. Spain also has a specialist visa for those wishing to buy property worth at least €500,000, known as a Golden Visa.
Do your research first to find out which visa works best for you, as whether you plan to work, study, or retire will determine what visa is needed.
Proving that Brexit hasn’t prevented British nationals from purchasing property in Spain, British nationals remain the biggest buyers of Spanish domestic properties.
When it comes to mortgages, it can be difficult to get one in the UK against a foreign property, so any mortgage will more than likely come from a Spanish lender. If you’re interested in learning more, there are specialist brokers in the UK that focus on overseas property purchases.
Whether borrowing or buying outright, it’s essential to budget for buying costs, such as a mortgage and lawyers’ fees, taxes and insurance – up to 14% of the purchase price as generally advised for Spain (depending on the property, location, etc.).
Securing such expert property, legal and tax advice is absolutely essential before making any overseas money transfer, so be sure to speak to an expert before making any big decisions. For further information, the British government has a dedicated website offering advice on buying property in Spain.
Spain has become one of the most popular retirement destinations for expats from the UK, although Brexit and Covid-19 created complications for British citizens hoping to make the move. Following Brexit, retirees wishing to move to Spain to live will need to apply for a visa and be able to demonstrate that they have sufficient funds to be able to live there. Note, if you live in but have never worked in Spain, you must contact the International Pension Centre in the UK in order to claim your UK state pension.
The UK state pension can be paid to a Spanish bank account, but it may be better to receive the money into a UK account and send money to Spain. Given that the British government is not obliged to raise pensions in line with inflation, using a broker may be the best way to make sure that you receive as much as possible. If you become a non-UK resident, you will not pay UK tax on your state pension but may still pay tax in Spain.
With Britain and Spain having a double taxation agreement, people do not pay tax on the same income in both countries. In accordance with Spanish and international law, all residents in Spain, however, both nationals and non-nationals are obligated to declare assets held outside Spain (or face hefty fines).
Assets may include bank accounts, securities, rights, insurance, annuities, property, etc. The Spanish government requires all residents to file an annual declaration of overseas assets by 31 March each year. This agreement is not thought to have been impacted by Brexit.
Many people have made the move to sunny Spain, but just be sure to check your facts first. It’s likely that overseas transfers for deposits, taxes, pensions, study, or to send to family members will be necessary, so be sure to have a system set in place to streamline the process for you. See our reviewed money transfer providers to make things easier for you to send money to Spain.
Spain was the most popular tourist destination for UK citizens in 2019, and the second most popular destination for British ex-pats.
Yes, all the companies are safe and fully-regulated money transfer services. Each are authorised and regulated by the relevant authority such as the Financial Conduct Authority(FCA) in the UK, FinCEN in the US, FinTRAC in Canada or ASIC in Australia.
The speed of delivery will depend on where the money is being transferred from and to and how you are sending and receiving the money. Transfers sent using bank to bank transfers can take anywhere from minutes to days and you should check the time estimates from the relevant provider. Debit and credit card payments sometimes allow for faster transfers for smaller amounts.
First review the comparison results for a given amount of money to be sent from the UK to Spain. Then select a provider based on factors such as price, speed, its rating and click the green button to be taken to its website. From there, you can register and sign up for an account. Once you have done that and the provider has verified your identity to ensure the money can be send safely, you will be ready to transfer money.
The results shown above are typically for bank to bank transfers. It is possible via some providers to pay in your funds for the transfer via cash, debit or credit cards as well, but this is usually reserved for smaller amounts. Some providers also give you different options for how the money will be received — to a bank account (most common), to a debit card, to cash or to a digital or mobile wallet.
There can be a number of reasons why the final price you are offered may be different to that shown in the table above. Exchange rates between two currencies change all the time and is the most common reason. Additionally, some providers offer different pricing depending what method you are using to send funds or how the funds will be received. Others may offer you a premium service for faster payments. In some cases, FXcompared has a special rate with a provider and this is reserved for first time customers who sign up to the provider starting from FXcompared’s website. As prices do change often, be sure to confirm the total cost with the provider before transferring money.
We welcome all suggestions for improvements. Send us an email at support@fxcompared.com.
All the providers listed are regulated by the relevant authority (e.g. the FCA in the UK, FinCEN in the US, ASIC in Australia) and have been vetted by FXcompared.
FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended. FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.