Transferring money to my Spanish bank

Hi there,

Last year I decided to transfer funds for my mortgage on a monthly basis in the hope that sterling would gain some ground.

This year,because things have picked up a little I am wondering if to send out a large chunk of money to cover the year.

I am however concerned about banks in Spain - we are hearing pretty worrying stories about the Spanish economy.

I think that the banks in Spain do cover a certain amount of cash in the same way as the UK but as yet I presume this is an untried situation - I am just mindful of all the horror stories one hears about builders and how do we know the banks will be more reliable ?

Any ideas ?

Thank you

Gilly

Hi Gilly

What bank would you be transferring your money to?  It seems to be the smaller cajas that are having the problems, however Santander and BBVA are considered to be very safe (this is worldwide, not just in Spain).  Yes, the banks do cover a certain amount of money as in the UK.  I can't remember how much, however I am sure somebody else on EOS will know!  If not, I will try and find out for you later on.

Regards.

Sue

Hi Gilly - there have been recent mergers of the smaller cajas but I read that all deposits were unaffected by this so no-one lost any money due to these changes.

As Sue said, someone on the forum will be able to provide more information.  One thing to remember though, is never to move more than 50,000€ in one go or they will charge to receive the money!!

Thank you for your replies.

My concern is that I am with one of the smaller banks - they are excellant and I have had amazing free service and help from them.

However, reading what you have said it does make me feel some worry about sending out too much money.

Hi Gilly

This is the link to the official website giving details about safeguarding deposits in Spanish banks.  The limit is 100,000 €, which hopefully will cover your expenses for at least one year!

http://www.fgd.es/en/info_regulacion_dinero1.html

Regards.

Sue

I wouldn't have any money in any of the Cajas to be on the safe side.  I know you are covered by the deposit guarantee in Spain, but how long would you have to wait to get your money back? Weeks? Months? Years?

As suemac says, I would stick to the quality banks - Santander, BBVA and also Barlays - just to be on the safe side.

Does anyone know if there is a fee for Barclays in Spain to receive money. Moneycorp used to absorb the fees for receiving banks but they`ve stopped it now. There`s no fee on Moneycorp side to send money but I`m not sure about Barclays receiving it.