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Exchange rates update frequently and the pricing shown in the comparison tables is indicative only
and based on a first time transfer for a new customer signing up via FXcompared. The pricing does not
reflect any special rates individual customers may be offered by a provider, either on sign up or rates
for any repeat transfers. FXcompared is not an FX trading platform and should not be used to inform any
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The information presented in the review is accurate as of the date of the review.
Check with the providers directly for the most current information.
FXcompared does the research to help you compare international money transfer providers from around the globe.
There are no exchange controls in the UK for the pound sterling (GBP), and transferring money to the UK and sending money from the UK is very easy
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Being a member of the single currency eurozone, Spain does not employ currency controls and has completely deregulated all individual and business transactions between residents and non-residents
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There are no restrictions when transferring money from the UK to Spain, both countries being members of the EU. The UK has become a popular destination for Spaniards, particularly younger people, seeking employment opportunities given their home country’s economic weakness. Spain, meanwhile, has long been a popular destination for UK retirees. There are up to an estimated one million British expats in Spain. This may all change as the Brexit process draws closer to being completed. At the moment, there is a lot of uncertainty in place, and no one really knows how expats are going to be impacted by the ending of freedom of movement.
Top 11 Money Transfer Providers
Latest prices for transferring money from UK to Spain
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
Britishand Spanish citizens are free to relocate to the other country, whether forwork or retirement, and do not need a resident or a work permit. If you are movingto Spain, you should obtain a foreign identity number, Número de Identidad deExtranjero (NIE), and a residency card, Tarjeta de Residencia (TR), withinthree months of arriving. This has been slimlined by membership with the EU but,as previously mentioned, could be under threat with the current Brexitnegotiations.
Buying property in Spain
The number of Spanish domestic properties bought by British nationals rose in 2012 by 3.5% to 4,148, though this is still far from the peak of more than 17,000 in 2007. The strengthening of the pound since 2013 and continued weakness in the Spanish property market may see interest continue to grow. After Brexit, the value of the pound falling combined with uncertainty regarding residency has led to British investment in Spanish property falling away.
It is difficult to get a mortgage in the UK against a foreign property, so any mortgage will likely come from a Spanish lender. There are specialist brokers in the UK that focus on overseas property purchases. Whether borrowing or buying outright, it is essential to budget for buying costs, such as a mortgage and lawyers’ fees, taxes and insurance – around 10% of the purchase price is generally advised for Spain. Securing such expert property, legal and tax advice is absolutely essential before making any overseas money transfer. The British government has a dedicated website offering advice onbuying property in Spain.
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with Moneycorp
Top 11 Money Transfer Providers continued...
RationalFX
Est. 2005
Established in 2005, RationalFX helps individuals and businesses achieve significant savings on international payments
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.
Spain has become one of the most popular retirement destinations for expats from the UK, with some 57,000 retirees settling there (out of 808,000 British expats in total) as of 2012, according to the UK’s Department of Work and Pensions and the Institute of Public Policy Research. Some estimates put the number of British expats at around one million. 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 value 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.
Taxation
WithBritain and Spain having a double taxation agreement, people do not pay tax onthe same income in both countries. In accordance with Spanish and internationallaw, all residents in Spain, both nationals and non-nationals, are obligated todeclare assets held outside Spain. Assets may include bank accounts,securities, rights, insurance, annuities, property, etc. The Spanish governmentrequires all residents to file an annual declaration of overseas assets by 31March each year. This agreement has been come to via the EU. This may not stillbe in place if the UK finally leaves the EU.
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with Moneycorp
Frequently Asked Questions
Are the money transfer companies shown above safe to use?
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.
How long does an international money transfer take?
The speed of delivery will depend on where the money is being from and to and how
you are sending and receiving the money. Transfers sent using bank to bank transfers
can depend 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.
How do I use FXcompared?
First review the comparison results (such as for a table above) for a given amount
of money sending from UK to Spain. Then select a provider based on
factors such as price, speed, their rating and click the green button to be taken to
their 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.
What payments methods can I use to send money overseas?
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.
What if the price shown above isn’t exactly what I am offered when I try to transfer money?
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.
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
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or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action
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