Question
I currently use GC to transfer money to a Spanish bank account but their exchange rate is quite low. Any recommendations for other reputable money transfer companies would be appreciated.
Answers
These are the answers of some Facebook group members:
“You have to compare the exchange rate and the fees. Wise has a good exchange rate but fees. My USA bank has no fee but the exchange rate is about 4% worse. In the end the result is very similar. Wise would save me a few hundred dollars for a large transfer. I’m still looking for something better but I’m not sure it exists.”
“Agree on wise. I used them when I transferred funds for house purchase. Yes there is a fee but even taking that in to account much better in my opinion that currency companies. And you can chose when to do the transfer of when you are happy with the rate.”
“Best rates with no fees is Revolut (as long as it is not a weekend when FX market is closed) next best with fees (but nothing in it to be honest) is Wise. Both are likely better than anything else unless you are talking big valid FX contracts”
“Wise is good into bank account, however if you want to use a visa debit card here I found crypto.com unbeatable true inter bank rates no charges and between 2-5% back have used for a year and it’s simply unbeatable”
“I use Revolut . No charges and the exchange rate is same as the rate of the day.”
“Check Spainguru’s blog Alternatives to a traditional Spanish bank account and money transfer services, there’s a nice selection of money transfer services”
