We frequently field questions about exchanging and sending or receiving money, and here are some answers to common questions we get:

  • Q: I checked the rate on Google, why isn't your rate the same?
    • A: The rate you see on Google, or Bloomberg, or anywhere else on the internet is the Spot rate on the interbank market. It is not a real rate - the actual Buy and Sell rates are slightly above and below the rate you see quoted.  It is the weighted average of bids and offers by banks and other large market players for positions of 5 million USD or more. So, unless you are exchanging that sort of an amount, you can see why the rate is not the same.
  • Q: What is your commission on each foreign exchange transaction?
    • A: Unlike many of our competitors, we pride ourselves on not charging any commissions or applying any hidden fees on foreign exchange.  We do, of course, have to make a living and we do this by applying a spread over market rates. This spread differs from currency to currency and we guarantee that our rates will always be fair and competitive whether the market is up or down.
  • Q: I got a much better rate a few days ago somewhere else, can you match it?
    • A: The currency market fluctuates every minute Monday to Saturday, our rates feed off a live system that guarantees fair rates at any given time. For this reason, a rate a few days ago may be significantly different from the rate today.
  • Q: I got a better rate in another country, can you improve your rates?
    • A: We are aware of our local competition and try to always offer competitive rates. We cannot, however, monitor competitors in other countries, cities or even distant competitors within the city. We can only promise to offer consistently competitive rates where we operate.
  • Q: I would like to exchange a large amount of money, can you give me a better rate?
    • A: YES, of course we can. For amounts over 500 USD or equivalent we can almost always offer you a better rate, even if you don't ask for it.
  • Q: Why is your rate so much better than your competitors?
    • A: We run our company with a What-You-See-Is-What-You-Get attitude.  We publish our basic rates as required by law and make it easy for you to know how much you get for your currency. If your currency is not listed, come in and ask.  We will always tell you exactly how much you will receive, with no hidden fees.
  • Q: A family member sent me some money to pick up, what ID do I need?
    • A: Usually only one piece of valid photo ID is required; however, you may be asked for a second piece of valid Identification -a driver's license, valid passport visa, residence card, etc- especially if you are not a resident of Spain, depending on the amount of money you are receiving.
  • Q: I didn't bring my ID, can I still send or receive money?
    • The short answer is, no. The Bank of Spain and current Spanish Law requires any person sending or receiving money to provide valid identification.
  • Q: I would like to send (or receive) money, what main ID do I need?
    • A: Spanish citizens may only use their DNI. A Spanish passport cannot be accepted.
    • A: Foreign citizens whether residents or not in Spain may use their Passport, Residence Card, other Official ID - it must always be valid photo ID.
  • Q: Why does it take so long to send/receive money?
    • A: We understand you might be pressed for time and thank you for your patience. Our employees are all well-trained and do their best to serve you as quickly as possible.  Please understand, however, that we are not actually RIA, MoneyGram or WesternUnion. We are agents for them and depend 100% on their systems which, as any system, can be subject to delays and technical issues at times. In particular, if it is the first time you send or receive money with any of these companies, we will need to create a new profile for you and that always takes a little extra time.