I have just sold my flat in Spain. New regulations for rentals have made life difficult and we can’t use it ourselves because of illness. How do you suggest we transfer the money back to the UK? There seem to be huge charges from the banks and I wonder if there is a better way of doing this? BC, Teignmouth, Devon
You don’t want to rely on your bank, as you may find you get a terrible exchange rate that will reduce the amount you receive by hundreds – if not thousands – of pounds.
Specialist brokers tend to offer the best rates. In your shoes, we would look at HiFX, FairFX or Caxton FX, contact them all and compare rates, then lock in to an agreed rate on a certain day.
And don’t be talked into using a broker you have never heard of – particularly when changing significant sums, it is simply not worth the risk. One tip is to send a small sum to the account in the UK, and once that has gone through successfully, send the rest.
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