1. Set up a bank account in Málaga.
Before you can transfer money to Málaga, you’ll need to have a bank account there to receive the funds.
Tulipán Relocations can assist you setting up the bank account. Contact us for details.
2. Think carefully before using your UK bank to transfer your money.
Once you have your Spanish bank account, your instinct may be to use your UK bank to transfer your money.
However, you should think carefully before doing this. This is because high street banks rarely offer the best exchange rate.
Instead, if you use a foreign exchange broker to transfer your money, you’ll receive an exchange rate up to 4.0% better.
3. Decide who you want to use to transfer your money.
Next, you’ll need to decide who you want to use to transfer your money. Here are some things to keep in mind:
A. As I mention, you’ll receive a foreign exchange rate up to 4.0% better if you use a foreign exchange broker, compared to a bank.
B. In addition, you’ll also receive specialist service from a foreign exchange broker, such as updates on the exchange rate, not available from a bank.
C. On the other hand, if you use a foreign exchange broker to transfer your money, you’ll likely be dealing with a company you’ve not heard of before.
4. If you decide to use a foreign exchange broker, make sure they’re legitimate.
If you decide to use a foreign exchange broker to transfer your money, you’ll need to spend some time making sure they’re legitimate, so that you know your money’s safe.
To do this, ask them if they’re directly authorised by the Financial Services Authority in the UK.
If they are, it means they adhere to all regulatory and legal requirements, such as holding your funds in what are called “designated client accounts”.
It means you can feel confident your money is safe.
5. Set up an account with your chosen bank or foreign exchange broker.
Lastly, once you’ve chosen who you want to use, you’ll need to set up an account.
To do this, you’ll need the following information:
- The IBAN number of your Spanish bank account. It should be 24 characters long and start with ES.
- Your BIC or SWIFT code.
- The name and address of the receiving bank.
- The beneficiary name (and address if possible.)
Then, once your account is set up, you just need to tell your bank or foreign exchange broker when you’d like to transfer your money!
About the Author
Peter Lavelle is a currency broker at foreign exchange specialist Pure FX. To learn more about the best way to transfer money to Málaga, pay him a visit! He’d be delighted to answer your questions.