I have a Halifax UK bank account and a Halifax Espana bank account. I used to transfer money using their system of 'no charge' for the transfer...... Yeah right!!!
Maybe there is no charge for moving the money but they don't tell you that they don't use the same exchange rates as the current ones. For example XE.com currently states that 1,000 euros equals £868.67 @ 1.15119euro to the £1. However, If I transferred money through Halifax UK to Halifax ES through their 'NO CHARGE FOR THE TRANSFER', system the rate they would use is 1,000euros equals £915.75 @ 1.0920. A clear difference of £47.08...... That's nearly 5% of the total!!!...... My properties haven't risen by that much over the last year!!!......
Anyway, you may not be charged for the 'actual' exchange process but you are murdered on the exchange 'rate' they offer as opposed to the real rate of the time......
That is why I would HIGHLY RECOMMEND USING TRANSFERWISE.
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