Sterling accounts in Spanish banks

Are these a good idea? My Spanish bank offers better interest right now than here in England. My question is how easy is it to transfer funds into my normal euro account and do they charge a fortune for this. Also what kind of exchange rate do they tend to give?

The juicy offers on Sterling are mostly for accounts which tie your rmoney up for a year. Are you prepared / able to do this? Either way, act fast, because I doubt they'll maintian those rates much longer - I'm sure they've been watching the BoE base rate too! As for transferring between £ and € accounts, you should check with your bank. Which bank is it? Maybe they have details on their website?

My bank accounts - including the sterling one [nothing in it yet] are instant access and just over 4% interest. I can tie the money up and at the current Ex rate probly would leave in sterling anyway. I just wondered how easy it was to transfer it to euros as I cannot find any details on the web-site

I imagine it would be easy enough to transfer between accounts, but definitely check with your bank before you do so, because Spanish banks tend to charge hefty fees for even the most straightforward transaction. You may find details in the small print of the paperwork from when you opened the accounts, but it will be easier and quicker just to ask!

Be careful when exchanging via the banks, as you will get hit hard.  A typical transaction is approx £25.  And, from experience, when transacting a substantial amount of £sterling into euros when purchasing a property in Spain, it was stung with a 300euro bank fee!

I would always use an exchange company such as 4X - best rates , no charges.

Hi Scampi

Interesting to watch rates keep changing HERE ON 4X  

Yes - it is a useful site - you can trade on-line and they rae very quick and reliable.