La Mata, on the Costa Blanca in Spain La Mata, on the Costa Blanca in Spain

La Mata Information

Giving information for La Mata since 1998

Transferring money from the UK to Spain and transferring money from Spain to the UK

Whether you’re buying a property in Spain, or just wanting to get the best exchange rate for your spending money while on holiday, here is some advice to make the most of your money.

Firstly, when you’re going on holiday, the worst place to exchange money is at the airport, so don’t leave it until the last minute. The easiest way to obtain your currency abroad is to check with your UK bank to see how much they charge for overseas withdrawals using a debit card, sometimes it’s very little and you will get the business rate from an ATM. It’s very important to remember, always choose to be charged in the local currency of the country you're in. If at a Spanish ATM always take the money in Euros, if you let the machine do your currency conversion you will get a much lower rate.

If you need to transfer money to an account abroad then you should always compare online currency exchange companies. You can get an instant quote from these companies and be able to compare them easily. Their rates do vary, so it’s certainly worth comparing.

If you’re buying a property abroad and have to transfer a substantial amount in the future, then you can contact online currency exchange companies and they can advise you more. They can set up a ‘forward contract’ where the rate is guaranteed for a certain period of time. This will give you peace of mind while you’re waiting to complete the transaction. You will always get a better deal by going through a currency exchange company, rather than using your bank. Again, it’s worth getting more than one quote.

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