Today, I have one small wallet-saving piece of advice I’d like to share with anyone that stumbles across this blog. I sometimes get asked what is the best way to transfer money from the US to Spain, or vice versa, or just about transferring money in general. In 2013 I heard about a service called Transferwise, which is an online transfer service that charges minimal fees for transfers… I’m talking huge savings if you’ve been considering doing the transfer through your actual bank.
Many people who read this blog are future and current Auxiliares de Conversación moving to Spain for the first time from the USA. If you’ve been saving all summer and you get here and want to transfer money to your newly opened bank account, Transferwise is a great option. It would also be handy if your parents want to transfer you some money for a birthday or Christmas gift throughout the year but aren’t sure how to best go about it. If you’re transferring from USD (US Dollars), the fees are really small. A flat $3 for any transfer up to $300. If you want to transfer up to $5,000 the fee is 1%, and anything over $5,000 is 0.7%. This also works at the end of the year when you want to transfer any money you’ve saved back home to your American account. The fees are even lower going from Euros to Dollars (0.5%!). Let me also add that you can transfer money from many other countries, not just the US and Spain!
I’ve used Transferwise multiple times and what I like best about it is that you can pay the transfer from your debit card. How it works is that you “pay” Transferwise the amount you want to transfer (let’s say $1,000). Transferwise then converts your money at the current market rate, and sends the money to the target bank account. During each step they email you so you know what’s going on with your cash, and they also have great customer service which I used the first time I made a transfer and they were really responsive and helpful.
Basically, you go to the Transferwise website (click here!), create your account and click “Send Money”. From there, you’ll be guided through entering the amounts and the currencies you’re transferring to and from, your personal details, the recipient’s personal details (you can use the bank info or an email address), and then you upload they money a.k.a. pay it with your debit card. They also give you an estimated date of the money’s arrival (when I’ve used it it’s been about 2-3 business days) which for me has been accurate.
It’s as simple as that! And hey, BONUS! If you use my referral link (this link, the one included a few times in this post), you get a free first transfer for any amount up to £500 (which as of Feb. 17, 2016 is $715)! If three people use my referral link (meaning they sign up and complete a transfer), I also get a bonus as well, so it’s kind of a win-win!
So what do you think? Does this sound easy enough? If you have any questions or concerns or hesitations, feel free to leave me a comment and I’ll definitely get back to you ASAP! Don’t forget to use the link below for a free first transfer!