Transfer EU

[paulrenda]

Hello everyone,

What is the best way to transfer money to Portugal and Spain? My suppliers are located there and I will need to be transferring money on a monthly basis. I've checked my business account and they are charging £15 for each transfer which is ridiculous.

1) Is there a cheaper solution?
2) Can I use my personal account to make business payments? What will the tax man think?

Cheers,
Paul

 

[YrHenOgledd]

Open a EUR business bank account in a SEPA country, e.g. Ireland, and use that.

 

[paulrenda]

I'd still need to transfer money from my British account to that SEPA account? So I would still be charged, no?

 

[skinz]

I have used this company, check it out. I think you will be surprised

transferwise.c*m/u/4a0e7

Sorry replace the star with o,

 

[paulrenda]

Thanks skinz. Seems legit according to trustpilot.c*.uk.

 

[Lentinus]

xetrade part of xe.com, I've used them for about 14 years, must have sent over 1M to various places. When set up it is quick, simple, cheap (free to europe) and the FX rates are damn good.

 

[YrHenOgledd]

I'd still need to transfer money from my British account to that SEPA account? So I would still be charged, no?

Obviously. But you get to choose when and how often you transfer money to it. So you transfer a lump sum every once in a while to cover a bunch of payments.

Any payments you then make to your suppliers from the SEPA account are going to be free.