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Hi I am purchasing a property in Spain. I am from Ireland and hence no currency exchange will be required. I am trying to find which bank(in spain) I can setup an account with, such that I can wire over the money from Ireland at the least expense. Most banks I have seen so far charge in and round 0.5% just to receive the money and something similiar to write draft to pay for apartment. I was wondering if I could just bring a draft from ireland or does the notary/builder not accept this. Any help extremely appreciated Thanks
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Hi Josephotoole,
We use the Halifax; we have an account in the UK and one in Spain. This allows us to transfer money from one account to the other with no charges.
But I’m not sure if the Halifax has a branch in Ireland.
Sping..
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I find Solbank efficient and they have a good online system which is easy to use
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Nobody plans to fail, many fail to plan, sadly the result is the same.
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Hi,
I also live in ireland and will need to transfer money pretty soon can anyone help with the cheapest and best way to do that.
Thanks Helen.
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Hi Helen,
Joseph and I been discussing this in the Mar Y Sol board also. It might provide you with some information.
http://www.eyeonspain.com/Secure/MsgBrdsPosts.aspx?thread=1551&dev=M99&name=Mar%20y%20Sol
I'm waiting for the Halifax bank to confirm that they do not charge for receiving funds of €50,000 or less which is a requirement under present EU regulations.
If the purpose of the transfer is to have money in Spain to complete on a purchase it is worth noting that Halifax do charge a rate of 0.20% of the face value for any bankers draft (aparently the prefered method of payment for completion) they issue from your current account. I do not know of rates from other banks.
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Hi All,
I live in the UK, but have an Irish bank account. I was going to pay some of my payments to my solicitor and mortgage payments into my Sol Bank account using a euro cheque.
Can anyone tell me if I will be charged any fees for this, either in Ireland or Spain. Also would I be better opening an account in Spain that does not charge for this. If so, which banks. Are there any charges transferring money from one Spanish bank to another.
Cheers
Westport
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Hi Westport.
If you transfer funds by cheque, even if in euro, you will probably be charged at both ends as there is no central cheque clearing system within the EU.
Bank transfers are different. More details here
http://www.eccdublin.ie/topics/banking.html
My take on this is the following:
- Cross-border bank transfers within the Eurozone will cost no more than a domestic transfer once the following conditions are met:-
- The limit per transaction cannot exceed €50,000
- Transfer charges must be declared as 'OUR'. Meaning the sender declares that he is liable for all charges.
- You must have the International Bank Account Number (IBAN) and Bank Identifier Code (BIC) of the beneficiary.
If anyone can agree or disagree?????
I tried searching Solbank's website for a list of their charges but had no luck, if anyone has a link to these could they post it please?
Most Spanish banks charge for inter-bank transfers. Halifax charge 0.05% if the bank is in the same town and 0.20% if outside the town.
regards
gunnerfitzy
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When we first bought our apartment in Spain. We tried to lodge a Euro Bankers Draft (which is the equivalent to cash here) drawn on the Bank of Ireland into our Halifax account in Spain and were told it could take up to a month to clear which seems absolutely ridiculous. We ended up bring it back home and changing it into cash (euro)
This message was last edited by sunnyside on 1/19/2007.
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Hi There all.
I have done a number of transfers from Ireland to spain in the last year and I have been ripped off by the Spanish bank on every occasion. We used A.I B bank Ireland and they were brilliant and only charged us approx 10 euro to transfer the money , but the receiving bank in Spain , which is where we have our account (B.b.V.A) took hundreds of euro out of the money we sent , I think it was 400 euro they charged us.
I have been in touch with the regulators both in Ireland and Spain and the rule regarding the 50,000 does not apply to the Spanish banks. I have checked it out and even though a Spanish bank is according to E.U regulations to charge only the same ammount to accept/transfer money from another E.U country the same as it would for a domestic transfer it does not work out like that. According to the small print the bank in spain charges a % to its domestic customers and so it is by this means that they are able to charge a % also of the money you transfer.
We have added up the cost to transfer money From Ireland to Spain and the Irish A.i.B , who were brilliant anly charged us in total approx 30 euro while the Spanish
B.B.v.A charged us in the region of approx 1,000 in transfer fees for the same ammount and we may as well be knocking our head against the wall trying to justify it.
The Spanish banks , well I can only speak for our one anyway ! will try and squeeze any euro out of you that they can and any E.U regulation will be avoided by way of small print.... well that is my opinion and experience anyway!!
Good luck to anyone transferring money there!!
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Hi how much do sol bank charge over 50,000 thanks
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Hi Sharonw
I phoned my local Sol Bank near Fuengirola, and they told me they do charge a small amount for an electronic transfer, even though this is from a euro account in Ireland. I think the charge was 0.3% of the amount transferred.
Westport
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My 2 cents or 1.2pence worth!!
In my experience the easiest and cheapest way to transfer funds either way is to go into your bank -in the uk for example and do an ETT to your Spanish bank account, (not sure exactly) but if the amount is over 6000GBP you will get the commercial rate anyway. Ask to send pounds and elect to pay the charges at the UK end (there will then be no charges to receive at the Spanish end) Do not ask to buy euro´s as the bank will not only give you a poor exchange rate but will also charge an unecessary commission. You will find the ETT will take no more than 2 - 4 working days and will arrive at the actual exchange rate of the day without anything skimmed off the top. It also works the same when transferring from Spain to UK, no need to buy pounds just send euros and elect to pay at the sending end. I have never used any other method in 7 years and no organisation currency specialis or bank can offer me a better way. No forms to fill in just nice, simple and cheap.
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Hi Gillespie,
Just one question really, I realise I might sound thick, but , what is an ETT? Acronyms only work if you know what they stand for and this one has me beat.
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ahhhhhh the mist clears, ( I had not thought of using 'telegraphic' , such an old fashioned word, never so much as crossed my mind)(conjures up such images as wireless telegraphy and other new fangled ideas)(banks huh! always with their finger on the pul se)
thanks for that Smiley
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This message was last edited by JeansSis on 5/17/2007.
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Oh very amusing JeansSis  
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This message was last edited by JeansSis on 5/17/2007.
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