Spain’s IberCaja charges around 5.0% margin or exchange rate for bank money transfers from the euro to UK pounds, private brokers offer a much better deal. Making a transfer to or from Spain using IberCaja services could potentially lose thousands of euros due to the poor FX margin rate offered. Example:
|BANK NAME / FX BROKER||EXCHANGE RATE||EUR/GBP & GBP/EUR||MORE DETAILS|
|CURRENCIES DIRECT||0.7 to 1.0%||£0.862 to £0.865||FREE QUOTE|
|0.7 to 1.0%||€1.136 to €1.14||FREE QUOTE|
Euro Transfer currency exchange rates are automatically updated daily (Monday to Friday) at 09:00 GMT.
*Note: A lower FX Rate will give a better exchange rate when transferring money to/from euro. The recommended foreign exchange companies listed on our website can save you money and time with your international currency transfer requirements.
If you are transferring funds from a European bank to your IberCaja account, you can easily find the overseas bank foreign exchange rates by entering the bank name in the search box below:
1: High street banks will charge an additional commission fee when sending money abroad into another currency. Private brokers offer commission free currency transfers for all transactions that meet their minimum transfer amount.
2: International money transfers sent via IberCaja could take longer to arrive than using a private broker, and unless you pay a premium, most high street banks will take from 3 to 7 days for your funds to arrive at the destination bank. Private foreign exchange companies typically complete the transaction between 1 to 3 days.