1) Better exchange rates: You could save up to 3.5% on a transaction, as specialist firms typically offer better rates of exchange than the high street banks. This is because, as well as operating with much lower margins, they have access to the live currency markets, so you can benefit from their up-to-the-second access – which can help, for example if the rate picks up during the day. Banks tend to fix their rate of the day each morning, and at a less competitive level, to cover their bigger overheads and any market movements. 3.5% might not sound much, but when talking about a £150,000 transfer for a property it’s a saving of up to £5,000, which could be spent better elsewhere.
2) A currency specialist can also usually ensure you do not encounter any bank charges when your money is received in Spain. Using the wrong type of transfer through your bank could result in “receiving charges” in Spain of either a flat fee, or around 0.5% of the amount transferred.