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One off money transfers

Mr A Lancastre, transferring money to his son in Spain.

1. Introduction

I live in Bridge of Allan near Stirling in Scotland and my Son is studying at University in Madrid. As all parents are well aware, University can be an expensive time. My son has rent, fee’s, bills and living expense’s to pay and as he claims he has little time to work due to the intense studying he is doing, I have to send him money to support him financially.

2. Advice to others

My main advice is simply that there is a better alternative to your Bank. When I first started sending money over to my son I thought the bank would be the easiest option as the money was going straight from my bank in the UK to his bank in Spain. However after a year I started becoming frustrated at always having to pay a transaction fee, so I started looking at alternative ways of sending my son money.I wanted to continue to send my money in a safe and secure way but I was sure I could get a better deal. I came across several foreign currency specialists and realised that not only do they not charge for the transaction, but they gave me a better rate of exchange-ultimately giving me more money, which my son was extremely happy about!

3. The money transfer

I decided to use No1 Currency due to the fact that when i called, i was speaking directly to an experienced foreign currency specialist and not just a person on a sales desk. I was amazed at the exchange rates No1 Currency could get me, much better than the bank and when you are exchanging large amounts it makes a massive difference.

4. How No1 Currency Helped

No1 Currency was great from the start. They were able to discuss with me where the rate had been, what has been affecting its movements and they provided me with information on how to protect myself against currency fluctuation. The transfer itself was as quick as the bank, however No1 Currency provided me with paper and electronic conformation, allowing myself to reflect on a completely stress free experience!