Money transfers UK-Spain??

[gitanarosa]

Yeah, I bet I'm in the wrong section and I apologise!! :o However, I would be grateful if anyone could help - we have a poroperty in the south of Spain and may not be able to go over in Dec as planned....if we do not, then we will need to transfer money into our Spanish bank account. :confused:
Can anyone tell me the cheapest way to do this please? We transferred a few years ago and the cost was considerable?
Any advice please? Many thanks in advance, Muchas gracias, Ana xx :thumbs-up:

[Ben]

I recently transfered some money to my Spanish account from Lloyds bank in the UK, and they charged me 20 pounds at the LLoyds end, which wasn't the end of the world. I believe that if you move more than 10,000 pounds it goes up to 30 quid, but I have never been lucky enough to find out! Patagon bank here in Spain did not charge for receiving the money into the account.

[Culebronchris]

We found the cheapest way, rather than using one of the Currencies Direct type firms that operate in the UK (lots of ads in those Living in Spain" type magazines), was to shift the money as sterling to a Spanish sterling deposit account, move it to a Spanish sterling current account near the time you want to do the exchange and then, keeping an eye on the rates, shift it to your Spanish current account.

As Ben says you have to pay a transfer fee around 20 -30 pounds in the UK but the exchange rate is better between the Spanish sterling and the Spanish euro accounts than exchanging the sterling for euros in the UK.

Sorry i just realised that this only works if you are shifting considerable lumps. If you simply need to pay a few household bills try to find someone who lives in Spain but needs a few quid in sterling. They transfer to your Spanish account in euros. You transfer to their UK account in sterling and the banks don't take their cut in commissions and low exchange rates. I do this for a mate. I shift 150€ each month, he shifts 100 pounds for me and we're both happy

[greytop]

Using Lloyds TSB (Jersey) and LaCaixa to transfer £5,000 cost me £16 at the TSB bank and €18.79 at the Spain end as I elect for "split charges" (total about £28.50). That was in January and I got a good exchange rate (1.503)
There may be cheaper ways but watch what their rates are as it may be the charges are "built-in". E.G. if I'd been given a rate of 1.48 & no charges the in-built charge would have been €115 = £77.
Smaller amounts on a regular basis you may be better getting cash via a credit card & paying it into your a/c - but check if your bank charges you for foreign withdrawals as some do, and possibly advise them you are going to be doing it or they may block your card as fraud prevention.
If you transfer large amounts at a time you may also have to fill in some paperwork at the bank as part of their money laundering prevention.
It's a minefield ;D

[gitanarosa]

Thank you all!! Since posting this, I have spoken to a friend who also has a property in Spain and a Spanish bank account....to my amazement, he said that he sends a cheque in UK Pounds to his bank!! (We only pay about £2000 each time!)..just to keep the bank sweet!
I cannot believe that you can do this??! :confused: He does say that it takes about a month before it is changed to Euros and put into his account?!! The bank, he says, charges him a "commercial rate" and not tourist rates and is very reasonable. His bank is not our bank but I may enquire further!! We are with BBVA...I need to find an email address for our branch! :o
Will let you know the outcome, if any!! Hasta luego! Ana x

[djS]

if you got internet backing you can do if for 75cent and a fee from Stg to Euros
you need your IBAN no. for you Uk account and same with you Lacaixa Account

hope not you North Rock account Ha ha ha
jurdy

[Pepino]

I transfer a few hundred pounds across to Spain from the UK each couple of months so and I use a type of transfer called "Tipanet". Apparently, it's a standard thing available for intra-European transfers (not every European country is listed, but most are, and of course Spain is included).

I pay a flat fee of £8 a time (charged by my UK bank) and the receiving bank charges me nothing at all. Like Jurdy says, you'll need to quote your IBAN number, and I also quote my BIC code. Both of these are easily available from your Spanish bank if you don't know what they are.

[djS]

will you doing pound to euros
i do euros to euros and its 75 cents
that internet backing r it 5 euros in the bank and if want it next day 25 euros

with net banking 24 hours and again 75 cent used AIB bank in the uk

http://www.aibgroup.com/servlet/ContentServer?pagename=Great_Britain/GHPGreatBritain

try them and see what happens .... com back to me on that

[deecree]

If anyone is in another country and needs to transfer money to their account there, another possible way, and something I do, is to find a debit/credit card with no foreign-transaction fee in your home country, turn up at the bank in the foreign country and withdraw cash on the card - as a credit card transaction.

[gitanarosa]

Such helpful replies which I will look into! Many thanks!! Ana x ;)