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bank charges for transfers uk to spain - Page 3

monkeynuts

Posted: Sat Feb 20, 2021 11:11pm

monkeynuts

Original Poster

Posts: 59

15 helpful points

Location: La Cala De Mijas

Joined: 14 Jan 2021

Posted: Sat Feb 20, 2021 11:11pm

ianaam wrote on Sat Feb 20, 2021 10:42pm:

Sorry, not sure what d/d is.  It is not a bank so they will not make automatic payments.  One has to initiate each payment.  They advertise themselves as a foreign exchange company.  They make their money on the exchange rate.  But I've checked their exchange rates and th...

...ey are competitive.  Sign up requires a bit of paperwork.  They have to jump through the same hoops as the banks do to meet money laundering restrictions.  But it's not that difficult for the average person just trying to make normal and legal transfers.

Hi Ianaam, sorry. d/d is direct debit. Thanks for additional info, most interesting.

ianaam

Posted: Sat Feb 20, 2021 11:36pm

Posts: 26

4 helpful points

Location: Manilva

Joined: 22 Nov 2019

Posted: Sat Feb 20, 2021 11:36pm

monkeynuts wrote on Sat Feb 20, 2021 11:11pm:

Hi Ianaam, sorry. d/d is direct debit. Thanks for additional info, most interesting.

Money sent via XE.com is directly debited from your bank account.  All you have to do is a one time set up with XE.com (or similar company--I am not a shill for XE).  That set up connects your bank account with XE.  After setup, it takes me about 3 minutes to make a funds transfer in any currency to any bank in the world.

monkeynuts

Posted: Sat Feb 20, 2021 11:48pm

monkeynuts

Original Poster

Posts: 59

15 helpful points

Location: La Cala De Mijas

Joined: 14 Jan 2021

Posted: Sat Feb 20, 2021 11:48pm

ianaam wrote on Sat Feb 20, 2021 11:36pm:

Money sent via XE.com is directly debited from your bank account.  All you have to do is a one time set up with XE.com (or similar company--I am not a shill for XE).  That set up connects your bank account with XE.  After setup, it takes me about 3 minutes to make a funds transfer ...

...in any currency to any bank in the world.

Hi ianaam, many thanks for that most helpful info.Sounds very easy.

Weepenny

Posted: Thu Feb 25, 2021 7:23pm

Posts: 36

11 helpful points

Location: Calahonda

Joined: 3 Jun 2019

Posted: Thu Feb 25, 2021 7:23pm

AndyP wrote on Fri Jan 15, 2021 9:31am:

Would it maybe not make more sense to use Transferwise? I'm not sure who you use for transferring funds right now but my suggestion would be to get yourself the Transferwise app as it circumvents the issues that you have seen, regardless of the rights or wrongs of it. It's a quick solution to you...

...r problem and stops you having to change banks. I've transferred money to my Sabadell account just this morning as it happens. You pay from your UK account into Transferwise but the payment is made from their Spanish bank account into your Spanish account, so it's a domestic transaction with no local fees. The whole process from leaving my account to appearing in my Spanish account took 4.5 seconds. Job done and hassle-free.

I hope the suggestion helps.

Hi

I have now noticed that my bank Bbva are now charging me 21euros per international transfer.

Could you let me know that Transferwise exchange transfers to a Spanish account and then I can move that money over to my Spanish bank without incurring any international charges?

monkeynuts

Posted: Thu Feb 25, 2021 7:56pm

monkeynuts

Original Poster

Posts: 59

15 helpful points

Location: La Cala De Mijas

Joined: 14 Jan 2021

Posted: Thu Feb 25, 2021 7:56pm

Weepenny wrote on Thu Feb 25, 2021 7:23pm:

Hi

I have now noticed that my bank Bbva are now charging me 21euros per international transfer.

Could you let me know that Transferwise exchange transfers to a Spanish account and then I can move that money over to my Spanish bank without incurring any international charges?

Hi, TransferWise will exchange your gbp for euros and then transfer those funds to their own Spanish bank. From there your monies are transferred to your bbva account making it an internal transfer and therefore not subject to transfer charge.

Should bbva be one of the banks applying maintenance charges for managing your account, perhaps consider opening a free account with N26. Can open an N26 Spanish account with an IBAN number and direct debits as well. N26 automatically link TransferWise app with their own.

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Weepenny

Posted: Thu Feb 25, 2021 8:27pm

Posts: 36

11 helpful points

Location: Calahonda

Joined: 3 Jun 2019

Posted: Thu Feb 25, 2021 8:27pm

monkeynuts wrote on Thu Feb 25, 2021 7:56pm:

Hi, TransferWise will exchange your gbp for euros and then transfer those funds to their own Spanish bank. From there your monies are transferred to your bbva account making it an internal transfer and therefore not subject to transfer charge.

Should bbva be one of the banks applying maintenance charges for managing your account, perhaps consider opening a free account with N26. Can open an N26 Spanish account with an IBAN number and direct debits as well. N26 automatically link TransferWise app with their own.
...

...

Perfect, thanks very much for your knowledge👍

monkeynuts

Posted: Thu Feb 25, 2021 9:09pm

monkeynuts

Original Poster

Posts: 59

15 helpful points

Location: La Cala De Mijas

Joined: 14 Jan 2021

Posted: Thu Feb 25, 2021 9:09pm

Weepenny wrote on Thu Feb 25, 2021 8:27pm:

Perfect, thanks very much for your knowledge👍

You are more than welcome. Should you decide to open a N26 account make sure you choose the application for spain as the company do several for different countries.

Hutch66

Posted: Mon Mar 1, 2021 9:50am

Posts: 6

3 helpful points

Location: Sotogrande

Joined: 24 Jan 2017

Posted: Mon Mar 1, 2021 9:50am

Yes, La Caixa charges 15 euros. I questioned this (and other rediculous charges) and in spite of requesting a reply by phone or email I was totally ignored.  Compared to Lloyds in UK where I have no charges and even get small interest on current account, La Caixa has provided poor service at high cost. The annual charge for debit card increased by 30% this year.  I hear that pretty much all Spanish banks have similar practices.  If you find a good one please share.  

Darlojo

Posted: Mon Mar 1, 2021 11:27am

Posts: 60

7 helpful points

Joined: 19 May 2018

Posted: Mon Mar 1, 2021 11:27am

Hi, im a non resident but have an account with Unicaja. I pay €21 per quarter for the joy of having an account with them. Recently also been charged €28 per annum for my debit card. I emailed them to ask if they would charge me to send €'s from my UK account into my Spanish one - they said no as long as it was a SEPA payment. I havn't send any funds over as yet .

monkeynuts

Posted: Mon Mar 1, 2021 4:24pm

monkeynuts

Original Poster

Posts: 59

15 helpful points

Location: La Cala De Mijas

Joined: 14 Jan 2021

Posted: Mon Mar 1, 2021 4:24pm

Hi, I think we are seeing a trend with these Spanish banks. I have opened a standard free account with N26. Virtual visa card is free or €10.00 for a physical card. They deal with direct debits. They give a Spanish IBAN number and all money transfers from the uk are free.

Both private and uk state pensions can be paid directly to N26. ATM with visa and a given number are free withdrawals each month.

Have a look at the Trust Pilot reviews of N26.

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