| Provider | Amount Received | Fee | Exchange Rate | Speed | ||
|---|---|---|---|---|---|---|
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TorFX | EUR €10,943.66 | No Fee | 1.0944 | 1-3 days | more... |
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OFX (UK) | EUR €10,899.66 | No Fee | 1.09 | 1-3 days | more... |
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Currencies Direct | EUR €10,943.66 | No Fee | 1.0944 | 1-3 days | more... |
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.
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.
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 on buying property in Spain.
The Personal Payments team at Western Union Business Solutions look after the overseas currency requirements for private individuals.
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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.
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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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.
