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From the Spain For Pleasure blog
Expats, whether in Spain or anywhere else in the world, need to transfer money abroad all the time. Whether it’s to pay for the mortgage, pay school fees, or help out family members, there are various reasons why transferring your money from abroad back to your home country is sometimes necessary. You may even have to move the remainder of the funds back once you’ve made all your payments. Each time currency is exchanged and transferred across borders it is slashed to pieces by fx fees and markups. If you were to take an amount of money and move it back and forth between two bank accounts at default bank rates it would only take 10 or 20 transfers to be left with nothing. Each time you are transferring money abroad these are the things you need to keep in mind: How much money should the recipient account get based on calculations of the real exchange rate for today? How much money was received in practice? Of the amount missing, how much money did your bank or FX provider charge you in fees and FX markup (the difference between the real exchange rate and the rate in which you buy […]