By Kaela •
Published: 04 Nov 2020 • 13:13
Money Transfer Provider of the Year 2020
THOSE of us living in Spain often keep bank accounts in the UK in sterling and need to transfer funds between one country and the other for different reasons and different amounts and this is where Currencies Direct is your ideal partner.
For many people, there is an assumption that it is easiest to use your bank to arrange fund transfers, but that’s a fallacy as banks are not the most economic suppliers of foreign currency and you will find that their rates are not the best that can be obtained. They may charge a fee for the service and it can take several days for the transfer to take place.
When one sees a published exchange rate in the papers or online, this typically isn’t the rate that you can buy foreign currency for, it is actually known as the ‘interbank rate’ which is a wholesale rate at which banks (and other large financial institutions) buy and sell currency with each other, so you can only use that as a guide.
Rates are changing all of the time, 24 hours a day which is why it is advisable to trust a dedicated foreign exchange broker (hence the word Forex bandied around) that buys currency in bulk and is, therefore, able to offer its customers highly competitive exchange rates and in 90 per cent of transactions, Currencies Direct makes no service charge and can move money quicker than your bank, especially within Europe.
Some might say that to gain a few cents on a transfer from pounds to euros is neither here nor there, but imagine that you had £250,000 to spend on a Spanish property. Transferring your funds at a rate of €1.09 would give you just €272,500, however moving your money at a rate of €1.11 (a difference of just two cents) would give you €277,500 – a saving of €5,000!
Currencies Direct has been established in Spain since 1999 and now has 16 branches across the nation with bilingual staff ready to give support and explain the intricacies of foreign money transfer. Once registered you also have the option to move money online or through the Currencies Direct app.
In these days of money laundering, you can’t just transfer funds without first opening an account, but it is a very simple process that will require address, passport and bank details, so that the company is able to demonstrate that it conforms fully with international and national rules and regulations.
All of your information will be stored securely and is never shared with third parties.
Indeed, it is important to know that Currencies Direct are committed to the highest standards to ensure that your funds are safe and also keep your money in segregated accounts.
Currencies Direct’s bank providers do not monitor the funds they place on safeguarding accounts or how they operate these accounts. It is their responsibility to degregate funds.
Whether you are buying or selling a property or transferring pensions, Currencies Direct will help you move money quickly and securely, even if you’re selling up and returning to the UK, etc. Currencies Direct can even assist in obtaining a fee free bankers draft thanks to their exclusive partnership with Caixa Bank.
You have to be doing something right to be named as Money Transfer Provider of the Year in the prestigious 2020 MoneyAge awards, but you really have to be on top of your game to be given that title three times since 2016.
The Currencies Direct business is all about building a relationship with its customers, (private or business) and serving them over a long-term period, so as well as money transfer, they are more than happy to provide support on who to contact with regards to mortgages, opening bank accounts, tax specialists and even developers if you are looking for a property in a particular area.
Join 325,000 people who have saved time and money with Currencies Direct. Find out more about their services by visiting www.currenciesdirect.com/spain
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