Written on: 01/02/2013 by vbomber617
I have a need to occasionally move UK Pounds (£) into a Euro Bank Account in Spain. I have previously used my local bank for this and have been pretty satisfied with their service.
However I came across Travelex and did a price and rate comparison against my normal method. I was pleasantly surprised to see that their standard charge (of £7) was already cheaper than that of my bank.
The news got even better when I compared the rates and there was quite a significant benefit in Travelex favour so I was winning on both fronts.
Setting everything up was pretty straightforward using the same basic data that I already had.
As the money needs to move from my bank account and into Travelex/Forex before going to Spain the settlement takes place 24 hours later and then the money moves immediately to Spain. Through the bank it is a more direct route and does happen instantly but waiting 24 hours is no problem for me when I can save on the overall transaction.
It is a good system and the Customer Service response and communication has been excellent when I have had any queries..