Money-saving tip when depositing a Bankers Draft/Cheque in Spain
Thursday, June 19, 2008 @ 5:12 PM
We all know that Spanish banks are some of the most profitable banks in the world. However, for those of you who are in the process of selling your home or those who are about to deposit a Banker's Draft from the proceeds of the sale, take note:
When you deposit a bankers draft in Spain, the bank you deposit it in will probably charge you a commission on the deposit. Sometimes this may be a flat fee, but often this can range from 0.1% to 1% of the value of the cheque you plan to deposit! So on a cheque of 200000 Euros, it is not uncommon for a bank to charge you 500 Euros or even 1000 Euros for deposting the money with them!!!!! That's a lot of money!!!
The problem is that in the excitement of the sale, many sellers are excited about receiving the cheque. After the completion, they run to the bank, deposit the cheque, and wait for the funds to clear. Only when they really check their bank statement a couple of weeks or months later do they then realise they have been charged a bundle for deposting their own money!!!
The Naked Agent Tip: Before you deposit the Banker's Draft, ask the bank how much they will charge you for the deposit. Negotiate with them until you are happy with figure (banks will rarely go to zero, so be a little realistic but be firm). This tip alone could save you a upto a few hundred euros. Every penny counts.
Hasta luego