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More pounds for euros

Posted: Wed Mar 29, 2023 5:39pm
8 replies184 views6 members subscribed
Ash3624

Posts: 9

Location: Marbella

Joined: 8 Sep 2021

Best way to transfer funds from Spain to England. Which method gives more pound to the euro.

Holaitsdavid

Posted: Wed Mar 29, 2023 6:45pm

Holaitsdavid

Very helpful member

Posts: 1447

542 helpful points

Location: Mijas Costa

Joined: 30 Mar 2021

Posted: Wed Mar 29, 2023 6:45pm

Use Wise 

https://wise.com/

Rob60

Posted: Wed Mar 29, 2023 10:42pm

Posts: 5

Joined: 19 Nov 2021

Posted: Wed Mar 29, 2023 10:42pm

I second that wise is the best way 

Alex147

Posted: Tue Apr 4, 2023 2:48am

Posts: 57

14 helpful points

Location: Benalmadena

Joined: 30 Dec 2022

Posted: Tue Apr 4, 2023 2:48am

3rd for Wise

Jeffers

Posted: Wed Apr 5, 2023 10:20am

Posts: 161

39 helpful points

Location: La Cala De Mijas

Joined: 14 Mar 2021

Posted: Wed Apr 5, 2023 10:20am

Alex147 wrote on Tue Apr 4, 2023 2:48am:

3rd for Wise

How did Wise compare to their competitors?

Are the proceeds from the Spanish property sale taxable when you put them into a UK bank?

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Rob60

Posted: Wed Apr 5, 2023 11:19am

Posts: 5

Joined: 19 Nov 2021

Posted: Wed Apr 5, 2023 11:19am

Jeffers wrote on Wed Apr 5, 2023 10:20am:

How did Wise compare to their competitors?

Are the proceeds from the Spanish property sale taxable when you put them into a UK bank?

Hi

I sold a property in Tenerife put money in as euros with wise and waited for favorable rate to exchange to pounds. 

I did this in increments wise is simple and straight forward to use there was a limit on how much you can keep in account for long periods of time.

If you sold a property through estate agent the tax due should have been taken off at point of sale.

I also have Revolut but wise works better for me any fees charged by wise you can see are at point of sale so no hidden charges which are nominal.

Just get the app and see for yourself.

Jeffers

Posted: Wed Apr 5, 2023 11:23am

Posts: 161

39 helpful points

Location: La Cala De Mijas

Joined: 14 Mar 2021

Posted: Wed Apr 5, 2023 11:23am

Rob60 wrote on Wed Apr 5, 2023 11:19am:

Hi

I sold a property in Tenerife put money in as euros with wise and waited for favorable rate to exchange to pounds. 

I did this in increments wise is simple and straight forward to use there was a limit on how much you can keep in account for long periods of time.

If you sold a property through estate agent the tax due should have been taken off at point of sale.

I also have Revolut but wise works better for me any fees charged by wise you can see are at point of sale so no hidden charges which are nominal.

Just get the app and see for yourself.

Hi,

I have a Wise account, I need to check the point you raised that Wise will charge for keeping a large amount of euros in a Wise account.

I still need to understand what if any tax claim HMRC may make.

Jeffers

Posted: Wed Apr 5, 2023 11:26am

Posts: 161

39 helpful points

Location: La Cala De Mijas

Joined: 14 Mar 2021

Posted: Wed Apr 5, 2023 11:26am

Rob60 wrote on Wed Apr 5, 2023 11:19am:

Hi

I sold a property in Tenerife put money in as euros with wise and waited for favorable rate to exchange to pounds. 

I did this in increments wise is simple and straight forward to use there was a limit on how much you can keep in account for long periods of time.

If you sold a property through estate agent the tax due should have been taken off at point of sale.

I also have Revolut but wise works better for me any fees charged by wise you can see are at point of sale so no hidden charges which are nominal.

Just get the app and see for yourself.

Just found Wise saying that they don't charge for keeping large amount of euro in a Wise account.

Maybe Wise changed the rule.
https://wise.com/help/articles/2978082/what-fee-am-i-charged-to-hold-large-amounts-of-eur

Rob60

Posted: Wed Apr 5, 2023 12:08pm

Posts: 5

Joined: 19 Nov 2021

Posted: Wed Apr 5, 2023 12:08pm

Jeffers wrote on Wed Apr 5, 2023 11:26am:

Just found Wise saying that they don't charge for keeping large amount of euro in a Wise account.

Maybe Wise changed the rule.
https://wise.com/help/articles/2978082/what-fee-am-i-charged-to-hold-large-amounts-of-eur

Every persons finances are different if I was you I would phone and ask Wise to make sure that’s what I did 

They should answer between 08:00 -16:00.  +44 203 974 1320

As for hmrc I bought a place in trabuco sent remainder to uk through wise no tax taken so far.

It depends on amounts i sup

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